What type of property does $600,000 buy?
Last month we gave you a snapshot of Australia’s top-performing suburbs: the ones that delivered the highest capital growth over the previous 12 months.
Digging behind the stats, it was heartening to see you can still pick up plenty of gems for affordable prices. Bargain hunters can find promising pickings for under $300,000 if they’re willing to venture outside of expensive capitals, downsize to units, and/or turn their attention to promising regional hot spots.
So I was keen to see what you could pick up for $600,000 and under in some of the country’s current hot spots. Here’s what a random search of real estate sites turned up.
Geelong, Vic
Where is it? Port city 75km south-west of Melbourne. Belmont is one of Geelong’s oldest and most popular suburbs, south of Geelong’s CBD, straddling the Barwon River. Geelong has just been crowned Australia’s top regional performer over the last 12 months by CoreLogic.
What is it? 3br/1br brick house in Belmont on 1044 m²
Sold: 26 May 2018, $565,000
RP Data stats: Geelong median house price: $725,000 (Greater Geelong $483,500)
Change in median price 12 months: 15.8%
North Frankston (Melbourne), Vic
Where is it? Working class suburb rapidly transitioning into a bayside lifestyle suburb. 38km south of Melbourne’s CBD, at the mouth of the Mornington Peninsula.
What is it? 3br/I bath freestanding brick house on 588m²
Sold: $470,000
RP Data stats: North Frankston median house price: $486,000
Change in median price 12 months: 29.6%
north Hobart, Tas
Where is it? Located immediately north of Hobart’s CBD, walking distance to town. The restaurant strip along its main street has grown to be among the city’s most famous foodie spots and it’s home to the historic State Cinema.
What is it? 3 br/2 bath Federation brick house
Asking price: Offers between $530k and $570k
RP Data stats: North Hobart median house price: $680,500
Change in median price 12 months: 32.91%
Nowra, NSW
Where is it? Scenic coastal town, 160km south of Sydney, in the heart of the Shoalhaven region, with a population of 35,000. A short drive away is the thriving tourist centre of Jervis Bay.
What is it? 4br/2 bath freestanding brick house with pool and mountain views on 740m²
Asking price: $549,000
RP Data stats: Nowra median house price: $445,000
Change in median price 12 months: 18%
Dickson (Canberra) ACT
Where is it? Suburb located in the inner north of Canberra, with leafy streets and a major shopping centre. The new light rail will provide a direct link to the CBD (Civic), via Dickson Interchange.
What is it? 2 br/1 bathroom unit
Asking price: $310,000+
RP Data stats: Dickson median unit price: $445,000
Change in median price 12 months: 35.75%
Peregian Beach, Sunshine Coast, Queensland
Where is it? A coastal suburb within easy driving distance of Noosa. It’s one of a number of beach suburbs that make up the Sunshine Coast.
What is it? 132m², 3 br/2 bath townhouse, located 250m to beach.
Asking price: Offers over $450k
RP Data stats: Peregian Beach median unit price: $629,000
Change in median price 12 months: 48%
