More than 90 per cent of homes have sold at a profit in these areas of Australia’s biggest cities, yet they still have median values that are affordable enough for middle-income earners.
The options include living by the water or in the bush within commuting distance of a major city centre – with a much lower price tag.
Property newcomers can also fit within a price threshold and qualify for the federal government’s First Home Loan Deposit Scheme, where they only need a five per cent deposit to get a mortgage.
House hunters can also grab a bargain in suburbs neighbouring more expensive and gentrified postcodes.
Nonetheless, first-home buyers have more choice if they are willing to consider a house further away from the city centre.
Sydney, by far Australia’s most expensive property market, has a median house price of $983,262 despite five consecutive months of decline, CoreLogic data showed.
Those who can work from home or don’t mind a long commute to the city, have plenty of choices in the Blue Mountains, 62km west of Sydney, where house prices are well below the $1million mark.
An impressive 95.9 per cent of properties sold for a profit in the June quarter of 2020, CoreLogic’s Pain and Gain report found.
Houses at picturesque Faulconbridge have a median price of $585,167.
For a $640,000, it is possible to buy a 1920s cottage with a colourbond roof and a nice garden near the bush.
The western suburbs, a bit closer to the city, are also affordable.
Blacktown’s median house price stands at $633,630 and 92.9 per cent homes sold for a profit in this council area, 35km west of Sydney’s city centre.
The First Home Loan Deposit Scheme is available for Sydney homes worth up to $700,000.
The western suburbs, a bit closer to the city, is also affordable. Blacktown’s median house price stands at $633,630 and 92.9 per cent homes sold for a profit in this council area, 35km west of Sydney’s city centre. Pictured is a house selling for $650,000
In Melbourne, 98.9 per cent of homes sold for a profit in the Hobsons Bay council area on the western side of Port Phillip Bay.
This is only marginally more than the First Home Loan Deposit Scheme cut-off of $600,000 for Melbourne so it’s worth shopping around.
Altona Meadows, a waterfront suburb 23km from the city centre, is much cheaper than Melbourne’s mid-point price of $780,836.
Those wanting to be closer to the ocean have plenty of choices in the Mornington Peninsula, south-east of Melbourne, where 97.9 per cent of homes have sold for a profit.
Portsea and Sorrento are expensive but neighbouring Rye is relatively cheap with a median price of $658,118 for those who don’t mind commuting 100km to the city.
In Brisbane, the Moreton Bay area in the city’s north, saw 90.7 per cent of homes sell for a profit.
Redcliffe on the water, 41km from the city, has a median price of $453,418 – well below Brisbane’s median price of $559,646 – itself a level within the First Home Loan Deposit Scheme’s $600,000 cut-off for the Queensland capital.
A three-bedroom house was even on the market for $399,000.
Strathpine, 25km north of the city, has a median price of $401,754.
Capital cities have suffered more as a result of the coronavirus shutdowns, by virtue of previously being more reliant on immigration to fuel capital growth.
While suburbs like Williamstown and Altona have gentrified in recent decades, Altona Meadows is still affordable with a median price of $611,090. This waterfront suburb 23km from the city centre is much cheaper than Melbourne’s mid-point price of $780,836. Pictured is a house selling for $630,000
This reflects a broader trend of capital cities under performing relative to regional Australia amid the pandemic,’ the CoreLogic report said.
The government this week announced an extension of the $500million First Home Loan Deposit Scheme.
Instead of stumping up for a 20 per cent deposit, a property newcomer only have to save for a five per cent deposit with taxpayers underwriting the rest.
Another 10,000 places were offered as of Tuesday, whereby recipients have until June 30 next year to build a new home or a newly-built one.
In 2020, the program has helped 20,000 first-home buyers but the first tranche was not restricted to new or newly-built homes.
In Brisbane, the Moreton Bay area in the city’s north, saw 90.7 per cent of homes sell for a profit. Redcliffe on the water, 41km north of the city, has a median price of $453,418 – well below Brisbane’s median price of $559,646. Pictured is a three-bedroom house that was on the market for $399,000
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