Five under $500,000 - May 29, 2018
Guys. Buying a home is so last century, obviously. But have you even looked at the commercial buildings up for grabs? We've been perusing the listings and there are stacks that have residential tenancy options. They're kinda cheap as chips, too. The great thing about commercial property is it's often more affordable than neighbouring residential alternatives. Sometimes there's potential to edit the space so it delivers a second income, too. Just watch out for the GST, and make sure you're buying something that's legal to live in.
268 Reynard St, Coburg, Melbourne
Maybe you can't afford a home, but you might be able to afford a tiny shopfront. This historic property in Coburg is currently renting at $270 per week. Side note: if the property price isn't advertised, a reverse mortgage calculator can help you work out a value ballpark. For this one you're looking at a mortgage of $1500 per month on a loan of about $255,000 (after deposit). That ain't too shabby. It needs some work, but it's a decent one-bedder with separate kitchen, meals space and bathroom. It's more affordable than the cardboard boxes that developers are flogging nearby and you get some character, too.
Unit 1, 37-39 Wodonga Street, Beverley, South Australia
Just out of Adelaide's CBD in the inner-west you can get a 20-square industrial unit for $330,000. You're going to have to fit it out to make it livable, but it has air-con, eight allocated car parks and all the room to create an interesting converted abode. It's close to the golf course and the beach. You'd be mad not to check it out.
16 Medeas Cove Esplanade, St Helens, Tasmania
This is a fair hike from Launceston, but you get a three-bedroom residential property, plus a commercial site that's currently split into two tenancies, which means it's a place to lay your pretty head and the bonus revenue streams help you sleep even easier. There's room for additional development. The asking price is just $325,000. So with a lick of paint, this shack by the water will be an Airbnb dream come true, too.
6 William Street, Grantham, Queensland
Subject to council approval this spot outside Townsville is up for mixed residential/commercial zoning. In the meantime, open your adorable thrift store, art gallery or cafe. It has shitloads of character, high ceilings, an industrial kitchen, bay windows, 100-year-old timber floors on the entry level and superb concrete floors elsewhere. At $219,000, it's a steal.
2-83 Burns Street, St Andrews, Victoria
This one's next to a pub so that's an excellent start. It's also an easy drive to the Yarra Valley. While it's currently set up as a shop, the heritage weatherboard building is within the 'township zone' which means it's ready for residential or commercial use. It's on a huge title with common ground and there's a bakery out the back. So, for $300,000 it's a tasty find.