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  • What $550k can buy you around Australia

    What $550k can buy you around Australia

    With the median house price in Australia sitting around $550,000, we’ve become curious about what this modest price point can get you. Here is a selection of properties from across the country that fit this price point.

    Whether it’s a studio apartment in a major city, a mansion in the outback or a holiday apartment on the coast, here’s what you’ll find for $550k across Australia.

    A unit on the NSW coast

    If you’re looking for something coastal in NSW, you’re going to be hard pushed to find a property larger than two bedrooms in this price range.

    “That’s getting harder to find,” RAMS Illawarra Franchise Principal, Matthew Clark said of the NSW south coast. “There are villas and townhouses in areas like Albion Park, Dapto and Koonawarra in that price range, but it’s hard to find a [larger] house in the Illawarra for that price range.”

    However, if you’re a first home buyer, buying solo or as a couple, you should be able to find plenty of two-bedroom units or homes to meet your needs.

    550k Christian-Mackie 
    Picture: Christian Mackie 

    A price range around $550,000 might just nab you a two-bedder in the Central Coast or Wollongong with the best perks of coastal living, still within commuting distance to Sydney.

    As the rule of thumb goes, your options increase the further away you are from Sydney.

    Data from realestate.com.au shows Bateman’s Bay on the south coast had a median house price of $405,000 toward the end of 2019, and Bolton Point just south of Newcastle was just under $400k.

    A family home near the Adelaide Hills

    Adelaide Hills continues to be hot property for investors and families looking for a well-priced home not too far from the city centre.

    “Crafers West regularly comes up on our site as a most-clicked area. However, Adelaide in general has been seeing some pretty good price growth and given this is one of the strongest regions in Adelaide, there’s potential for capital growth,” realestate.com.au chief economist, Nerida Conisbee, says.

    While areas like Crafers and Stirling are likely out of the question in the $550k price range, there are a few up-and-coming hubs nearby.

    550k Adelaide 
    Picture: Yeti Hunter

    Upper Sturt is one such area, with a median house price of around $545k. Meanwhile, a bit further out is Mount Barker, where a mix of heritage homes and new developments keep the median price around $425k with a promise of growth.

    A two-bedroom house in Hobart

    “Hobart has been the strongest growth area over the past three years in Australia,” Conisbee notes. In fact, according to CoreLogic, the median house price in Hobart is up 50% since 2014.

    With that in mind, you might not get as much bang for your buck within the city limits as you would have had a few years ago.

     550k berichard_Hobart 
    Picture: Berichard

    However, if you’re lucky, you might be able to get a two-bedder in West or South Hobart for $550k. Your chances of finding a larger, family-friendly home with land are better in the northern suburbs of New Town or Moonah, or east in Lindisfarne. You may even find three or four beds for under $400k in these areas, only 10-15 minutes from the city centre.

    Your dream home in regional QLD

    There are plenty of areas in Queensland that offer stunning, large properties for well under $550k. The catch? You just have to go a little inland.

    For instance, Ipswich might not be your first choice if you hail from inner-city roots, but if you want four bedrooms, three bathrooms, polished wooden floorboards, heritage features, a wrap-around verandah and air-con – this Queenslander classic [pictured] is a great sample of what you can get.

     550k QLD 
    Picture: Adz

    Conisbee also notes that some mining towns like Dysart have recently experienced a price surge, plus nearby Moranbah has plenty of four or more bedroom homes well under $500k. However, there is definitely a downside to investing in mining towns.

    “Mining towns in Queensland have gone up a lot, but you do need to be really careful because they can also go down really quickly,” Conisbee warns.

    “You need to be really careful investing in mining towns because they are very project dependent and they can grow like crazy when the projects get up and running and employment grows.”

    A one-bedroom apartment in Melbourne

    Want a house for $550k in Melbourne or Sydney – forget it! However, if space isn’t a priority, you might just be in luck.

    There are plenty of one-bedders in Melbourne’s CBD and inner suburbs to tickle your fancy, and the bonus is that many of them look quite swish!

     550k deborah-cortelazzi_Melbourne 
    Picture: Deborah Cortelazzi

    However, there is a catch to investing in small apartments.

    “It’s still a little risky,” Conisbee cautions.

    “You always have to be a little careful about new developments. There’s not really an oversupply in the Melbourne market but you know how quickly building can get started again, and if projects start to go ahead we’re likely to see the market flatten for apartments in the city.

    Originally published on realestate.com.au as “What $550k can buy you around Australia”.

     

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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.