Five under $500,000 - April 23, 2019
Generally people are only selling if they have to right now, due to market uncertainty. That means stock is limited. So, while it’s a buyers’ market — a good time for you to have a crack because prices are dropping — there’s not as much available as there was this time last year. It depends on where you are, but overall we can see fewer opportunities. That means the good stuff can still fetch a decent price, simply because there’s not much up for grabs.
You’ll read plenty about the market continuing to drop, but solid first homebuyer incentives in some states are keeping activity at the lower end of the market (less than $600,000) consistent. Unfortunately, we’re competing against our fellow millennials for the best properties in this price bracket. That’s life, though, folks. Here’s some fresh inspo to get you ready to rumble.
115 Brighton Road, Glenelg South, SA
Five stars for this listing clearly targeting millennials: no furniture, just plants and weird art. But if you look beyond this odd styling decision, you’ll find a circa 1900s single-fronted cottage with high ceilings, polished floorboards and ornate fireplaces. It has two bedrooms, two bathrooms and a car park. It’s a couple of blocks from the beach, too. At approximately $500,000, it’s a find. Ask the vendor if they’ll chuck in the plants when you’re negotiating. They clearly have a few to spare.
36 Spring Street, Mount Evelyn, Victoria
Prices may have dropped in the past year, but it’s still pretty hard to find a freestanding home — especially one with a bit of character — for less than half a mill. So, we’re crushing hard on this shack in Mount Evelyn, which is at the base of Melbourne’s Dandenong Ranges. It mightn’t be inner-city, but the Belgrave line will whip you to town in no time. For somewhere between $450,000 and $495,000, you’ll get this timber home with a verandah, three bedrooms and a pretty great outdoor entertaining area. Looks like a winner to us.
4/33 Wells Street, Redfern, NSW
Ah, you know you’re scrolling through Sydney listings when the hero image is a couple of cushions against a wall. Sydney’s been hit hard by price falls, but it’s the top end that’s suffered the most. There’s plenty of interest in “getting in”, so stuff is still happening at entry level. We’re reluctant to suggest studios but this one is interesting in the respect that it’s in the heart of Redfern, has a courtyard and a car park. With a price guide of $450,000, it could be a good first investment. Alternatively, sit tight for another six months and see what unfolds.
20 Spring Gully Road, Quarry Hill, Victoria
You could spend $450,000 on a shoebox in Sydney or you could spend just over $500,000 on this magnificent home near Bendigo in regional Victoria. If you’re a first homebuyer, there’s no stamp duty, but you don’t get the $20,000 regional benefit because it’s not a new build. Still, they don’t knock up new ones like this anymore. It’s on a large 850m2, has four bedrooms, timber floors, new carpet and plenty of parking. Just pack up the family and open a low-key wine bar or cafe in town. You know you want to.
97 Elinga Street, Howrah, Tasmania
The agents for this place near Hobart are marketing it as a fixer-upper, and it is, but it’s not a disaster. The wallpaper is kind of cute and the exposed timber is very on-trend. All you need is a bit of Scandinavian furniture and it’ll be totally retro chic. You get three bedrooms, a functional living area and bloody beautiful water views for $450,000. The reno can wait, sit back and enjoy the serenity.
Want to find out how to buy your first property? Smashed Avocado: How I cracked the property market and you can too, by Nicole Haddow, hits shelves in September. You can pre-order and learn more here.