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  • Building bargains: New homes with bang for buck

    Building bargains: New homes with bang for buck

    There are plenty of bargains to be found when buying a new home, you just need to know what to look for – and where. 

                               

    If you’re looking to enter the property market, buying or building a new home could be an appealing avenue. Data from realestate.com.au has uncovered a wealth of bargains across the nation, with opportunities to buy brand new properties under the median house price.

    Those hunting for homes in NSW or Victoria will be particularly pleased. The largest number of the nation’s new homes under the median price – 47% – are located in these states.

    What’s more, 90% of new listings in Queensland, South Australia and Western Australia are houses (yep, houses, not apartments) going for less than each states’ median house price.

    Buiding bargains state infographic

    To be clear, new homes are properties that have never been owned or lived in by anyone else. This includes new houses and apartments bought off-the-plan.

    Your time to build? This guide shows you how to build your dream home.

    When weighing up the pros and cons of buying a new home, it’s best to look at your finances, says RAMS Franchise Principal Alistair MacIntosh.

    While the cons include potential project delays that can cause interruptions to your settlement and move-in timelines, the main pro is significant savings, especially if you’re a first home buyer.

    “For first home buyers there can be substantial concessions on stamp duty – depending on the state you live in you could also be eligible for the first home owners grant,” Alistair says.

    Furthermore, a new property is not likely to require as much maintenance and appliances should be covered by warranty.

    Convinced to buy new? Taking a deep dive into our data, here’s a few things you should know.

    Look for units in the ACT

    According to the realestate.com.au data, 78% of new properties under the median price in Canberra are units, while 22% are houses. So, if you’re looking to downsize to a brand-new property in the nation’s capital, you’re in luck!

    The median price for a unit in the ACT is sitting at $430,000 and bargains can be found under this figure in suburbs just 20 minutes drive from the CBD. You can nab a two-bedroom apartment in the northern suburb of Gungahlin for under $400,000.

    If you want to be right in the city, you may need to redefine your search to one-bedders.

    Building bargains apartments

    The Embark development in Lyneham is one example of affordable new units in the capital. Picture: realestate.com.au/buy 

    The Embark development in Lyneham is only 3km from the city, next to the trendy suburbs of Braddon and Ainslie. It has one-bedroom units going for $350-400K that are ready for you to move in this year.

    Look for a house in SA, WA or QLD

    A family home you’re after? Consider redefining your property search to include Queensland, South Australia or Western Australia where over 90% of new listings under the median price are houses.

    Your best options are in South Australia, where 96% of bargain new properties are stand-alone houses as opposed to units (4%).

    Building bargains Mt Barker house

    New developments in Mt Barker mean you can nab a spacious home like this one for under $600k. Picture: realestate.com.au/sold 

    One area rife with opportunity is Mount Barker in the Adelaide Hills region. While not yet as sought-after (or pricey!) as neighbouring Stirling, it has plenty of lifestyle perks for families, as well as house prices under the state’s median of $435,000.

    Meanwhile, in Queensland you could land yourself a full four bedrooms in the rapidly developing suburbs 45 minutes south of Brisbane (such as Ellen Grove, Pallara, Doolandella), for much less than the state median house price of $495,000.

    Slightly closer to the city is the Boondall Chase development, which offers a three-bedroom townhouse only 25 minutes north of the CBD for around $430,000. 

     

    Yes, you can get a place in Sydney

    Greater Sydney is ripe for development, with new complexes, precincts and villages popping up all over the joint. However, you might want to keep your eye on the western suburbs, thanks to huge investments in the region’s transport infrastructure.

    With the aim of connecting Sydney’s western suburbs with its CBD and secondary CBD (Parramatta), transport infrastructure is rapidly developing too, including the Parramatta light rail, Metro West underground train line and even Badgerys Creek airport.

    Although you’ll be hard pushed to find a decent-sized house or apartment close to the CBD for under the state’s median property price ($675,000 for houses, $635,000 for units), it’s not totally impossible. You may just need to think small.

     Buiding bargains city apartments

    You may even get a new apartment, if you're lucky. Prices at Sanctuary by Sekisui House in Wentworth Point start at $630,000. Picture: realestate.com.au/buy

    For instance, you could still snag a stylish one-bedder in new developments around Strathfield, Homebush or Parramatta. The Sanctuary development in Wentworth Point is currently offering apartments under the state’s median unit price with proximity to a new lifestyle precinct, a planned light rail stop at your door step and only a stone’s throw from the Parramatta River.

    Sound like a bargain?

    Originally published on realestate.com.au ‘Building bargains: New homes with bang for buck

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    About the author

    • Raymond

      Raymond A Ram is the RAMbassador for RAMS Financial Group. Raymond works with the RAMS team to bring simple, helpful and expert information on home loans and savings accounts to life with his down to earth and cheeky personality. He enjoys seeing everyday Australians turn their dreams of saving for a goal or getting into a home a reality. 

      Growing up in Goulburn, NSW, Raymond was brought up with good old-fashioned Aussie values of hard work and a fair go. It soon became apparent that Raymond wasn't content for the conventional path of grazing, producing the very best wool, and finding a nice sheep to settle down with. So it wasn't long before his passion for performing and his talent as a likeable larrikin shone through - landing him a few roles such as 'RAMlet'. He was even tipped to play RAM-bo at one point but chose to become star of the small screen instead as RAMbassador for RAMS. He now finds this role so much more rewarding.

      Contact your local RAMS Home Loan Centre about your home loan options.

      Raymond A Ram

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  • Disclaimer:

    This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.