Australians looking to spend less than $500,000 on a property should do one of three things: move to Tasmania, move to South Australia or move to Victoria.
That’s according to new data released by realestate.com.au on Monday, which found that while most suburbs with median prices of less than $500,000 were “not great places to live”, there were some bargain suburbs in Australia’s south.
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“Most investors and first home buyers don’t like (or can’t) spending much more than $750k,” realestate.com.au chief economist Nerida Conisbee said.
“Right now, we are seeing very high levels of buyer activity in premium suburbs but with medians for some of these suburbs well above $2 million, they are out of reach for many buyers,” she continued.
“At cheaper price points in most capital cities, we see very low demand – mainly because they are not great places to live. Right now, the suburbs seeing the highest views per listing priced under $500,000 are primarily in Tasmania with Moonah coming in first.”
Moonah, close to Hobart, has a median house price of $435,000 and is realestate.com.au’s most-viewed suburb with a low median price.
That’s followed by O’Halloran Hill in South Australia, where the median price is $402,750.
But Victoria also has a couple of cheap but in-demand suburbs like Newcomb ($425,350) and Ballarat Central ($477,500).
“The cheapest most in demand low cost suburb is Primrose Sands in Tasmania with a median of just $242,000. If you want a beach bargain, were prepared to travel to Tasmania and don’t mind the cold, this may be one worth looking at,” Conisbee said.
Highest views per listing for homes priced under $500,000
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