If you're looking at buying an investment property but don't want to spend over the half-million dollar mark, here's where to buy.
If you're keen on looking interstate or searching for those suburbs yet to boom, we've got you covered.
Daniel Walsh, director of national buyer's agency, Your Property, Your Wealth, believes it pays to think outside the box when shopping around for an investment property. "Contrary to some people’s narrow viewpoint that Sydney and Melbourne are the only markets in Australia, there are myriad locations where investors can secure affordable property," he says.
"Not only do they have median house prices under $500,000 but they are also locations on the rise because of fundamentals such as major infrastructure or population growth,” says Daniel.
Here are his top picks around Australia:
Grovedale, Geelong, Vic
Median house price: $467,000
According to Daniel, the suburbs of Geelong are set to boom, with the local Avalon airport set to become an international port. "I’ve been buying in Geelong for our clients for the best part of three years because of its affordability but also its robust economy and a population that is growing at a faster rate than Melbourne,” he says.
Wyndham Vale, Wyndham, Vic
Median house price: $480,000
You'll find Wyndham about 30km south-west of Melbourne, and it's currently experiencing growth of up to 17 per cent. "It has been experiencing strong market conditions for a while now, courtesy of its affordability," explains Daniel.
Petrie, Moreton Bay, Qld
Median house price: $440,000
With a new university campus due for completion in 2020, Daniel identifies the greater Brisbane suburb of Petrie as an up-and-coming location. "Petrie is also located within Moreton Bay, which is one of Australia’s fastest-growing regions, with its population expected to growth by a staggering 40 per cent over the next 20 years,” he says.
Raceview, Ipswich, Qld
Median house price: $343,000
Another area set to experience large population growth is Raceview. Just three kilometers from the Ipswich town centre, Daniel says the region is expected to grow from 210,000 to 500,000 by 2041 thanks to a $5 billion Defence contract and $340 million Cunningham Highway upgrade improving the commute to Brisbane. “With a median house price of just $343,000 that is achieving gross yields of 5.5 per cent, it’s not hard to see why Raceview is a solid investment option,” he said.
Port Adelaide, Adelaide, SA
Median house price: $350,000
It's only 8km from the city centre, and with a recent government investment of $40 million for a State Government building, homes and attractions, what's not to like? "Port Adelaide is on the cusp of change and smart investors are getting in now to make the most of the uplift,” says Daniel.
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