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Dwelling prices are regaining their momentum and it might be “extremely” difficult for homebuyers and investors to find an affordable place to buy a property.
Buyers’ agency Adviseable listed five suburbs where homebuyers can snap a property that not only has an affordable price tag of under $550,000 but also has good long-term prospects.
The locations include Armadale in Perth, Darling Heights in Toowoomba, Delacombe in Ballarat, Munno Para in Adelaide, and Crestmead in Logan.
Adviseable property buyer Kate Hill said it is still possible to find even an investment-grade property in these areas.
“It’s tough out there are the moment, with the shallow pool of available properties for sale attracting a lot of attention,” she said.
“But we’ve identified five suburbs across the country that offer opportunities worth exploring, but these are just a few of the promising areas a buyer’s agent can help sniff out,” she said.
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Armadale, Perth (Western Australia)
Median house price: $338,500 | Median unit price: $290,000
Located 30 kilometres southeast of Perth, Armadale is set to benefit from the state government’s investment in its region — in the works is the revamping of the Armadale rail line.
Ms Hill said its median price has remained affordable despite rising by 12.8% for houses and 7.8% for units over the past year.
“Investors can achieve solid gross yields right from the get-go, with the median house rent of $400 per week – up 14.3% year-on-year – offering 6.1%,” she said.
“The situation is just as rosy with units, where the median $377 per week delivers a 6.7% yield.”
Darling Heights, Toowoomba (Queensland)
Median house price: $513,500 | Median unit price: $315,000
Over the past year, Darling Heights recorded a 19.4% increase in median house price.
Ms Hill said Darling Heights is a prime location to snap up a rental property, especially since the near the suburb is the University of Southern Queensland campus.
“A potential landlord could get a decent yield of 4.4% from the median house rent of $440 per week, while the median unit rent of $340 per week delivers a gross yield of 5.6%,” she said.
“As well as the uni campus, Darling Heights is also just a stone’s throw away from the CBD. Its youthful vibe makes it a possible destination for first-home buyers, too.”
Delacombe, Ballarat (Victoria)
Median house price: $540,000
Located on the southwestern outskirts of Ballarat in regional Victoria, Delacombe is currently undergoing a significant transformation, primarily attributed to an ambitious $50m masterplan spearheaded by the state government.
“As part of the Big Housing Build scheme, more than 100 new modern and energy efficient dwellings will be built, sparking the construction of high-quality streets and open public spaces,” Ms Hill said.
“Government agency Homes Victoria intends the masterplan to lay the groundwork for the long-term development of the suburb, benefiting current and future homeowners.”
Delacombe experienced a 6.1% decline in median house price over the past year, largely in line with market trends seen in major regional areas.
“That relatively affordable price tag will see first-home buyers, young families, and investors increasingly prioritise this patch,” Ms Hill said.
Still, rental prices in the area are rising, up 7.9% over the past year.
Munno Parra, Adelaide (South Australia)
Median house price: $390,000
Despite its appeal to homebuyers seeking greenery, Munno Parra’s median house price remained affordable at $390,000. Over the past year, this median house price increased by 15.4%.
“First-home buyers are increasingly flocking to Munno Para because of its sense of community, affordable price tag and a relatively convenient proximity to the CBD via good road connections,” Ms Hill said.
“Investors are sitting up and paying attention, too, with a median house rent of $420 per week offering a gross 5.6% yield.”
Crestmead, Logan (Queensland)
Median house price: $524,000
Crestmead experienced a sharp growth in median house price in recent years.
Ms Hill said Crestmead is nestled within a peaceful pocket of the rapidly growing City of Logan, which is set to see its population balloon from 350,000 currently to 500,000 by 2034.
“It also boasts exceptional connectivity to both Brisbane and the Gold Coast thanks to its proximity to the Logan Motorway and Gateway Motorway interchanges,” she said.
“Among some exciting infrastructure projects is the mega Crestmead Logistics Estate – a $1.5bn project delivering 650,000sqm warehousing, business and manufacturing space.”
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