So you think property investment might be beyond your financial reach? Think again.
While it may be true that your dream home might be off-limits for now, the good news is that, for buyers keen to get a foot into the property investment market, there is still a wide range of suburbs that are ripe for growth – and present positive opportunities to would-be investors looking for property investment possibilities for long-term financial growth.
If you’re prepared to look outside of your home city, Australia’s capitals and regional centres have pockets of affordability that may appeal to your goals – and your budget.
Currently, according to 2015 data from CoreLogic RP Data, some of the lowest median prices for houses can be found in Tasmania.
In fact, Tassie tops the lists of Australia’s most affordable suburbs, with three of the country’s Top 10 of affordable suburbs being found on the Apple Isle state.
On the west coast, it is Zeehan – a small mining town – that presents the best bargain. When the data was released, the median house price was just $88,379.
Melburnians might be surprised to realise that Victoria is also home to many of Australia’s most affordable suburbs – places where median house prices range between $92,560 and $106,167.
When it comes to units, half of the list’s Top 10 featured South Australian suburbs, with the remained split between New South Wales (NSW), Queensland, Western Australia and Victoria.
Feel like a property on the Murray River? Buronga – which is in NSW but just an 11-minute drive from the Victorian regional centre of Mildura – is top of the list for units. There, the median price is a friendly $95,683.
In a recent article raising the issue of affordable house prices, Cameron Kusher – CoreLogic RP Data senior research analyst cited many contributing factors to the overall decrease in home values nationally, including a slowing down of population growth.
Kusher was quoted as saying that while the Adelaide and Hobart markets were set to experience “fairly moderate” levels of growth, other cities, such as Perth and Darwin, were expecting further drops in median values.
Most Affordable Houses in Australia (based on CoreLogic RP Data 2015)
1. Zeehan, TAS– $88,379
2. Rainbow, VIC – $92,560
3. Rosebery, TAS – $93,290
4. Jeparit, VIC – $94,272
5. Queenstown, TAS – $94,464
6. Sea Lake, VIC – $99,946
7. Kaniva, VIC – $102,474
8. Rupanyup, VIC – $102,790
9. Norseman, WA – $103,981
10. Hopetoun, VIC – $106,167
Most Affordable Units In Australia (based on CoreLogic RP Data 2015)
1. Buronga, NSW– $95,683
2. Dawesville, WA – $113,075
3. Berri, SA – $177,044
4. Barmera, SA – $118,680
5. Red Cliffs, VIC – $118,870
6. Evanston, SA – $128,934
7. Deniliquin, NSW – $131,525
8. Deagon, QLD – $133,425
9. Risdon Park, SA – $134,739
10. Port Augusta, SA – $138,011
Even in areas that are seemingly affordable, property investment is an important commitment and it’s smart to undertake your own research – as well as speak to property experts, such as property valuation experts and real estate agents and also mortgage brokers, to get facts and figures about what areas might suit you and your property investment goals.
Affordability is important but investigating the potential growth may also affect your decision about where you start your property investment journey.
If you need advice for an investment home loan, speak to a broker at Lending Specialists. We have a wealth of experience under our belt and a robust network to connect you to the right industry professional for the loan you need.
Happy property hunting!