Investment properties priced below $100,000 still exist around Australia, according to a new property report.
There are 37 suburbs within Australia where the median listing price is below $100,000, according to Real Estate Investar’s March Top 50 Cheapest Suburb Report.
This news is a positive considering the relatively low cost of borrowing and larger number of multiple-earner households, according to Real Estate Investar COO Clint Greaves.
“Given the perception that it can be difficult for first homebuyers and investors to enter the market, it is heartening to see that there are still properties available below the 100k threshold,” he said.
Ten of the Top 50 suburbs are in New South Wales, including the cheapest, Chinderah, at $60,000, while four are from Western Australia. The majority, with 15 suburbs reported, are in Victoria.
First time investors looking for positively geared properties should also look to Investar’s March Top 50 Highest Yielding Suburb Report where 23 hotspots have been identified as having gross rental yields of more than 10 per cent.
Moranbah, with a median price of $714,500, reported a gross rental yield of over 16 per cent, at $2,200pw.
These two reports outline some “excellent investment opportunities,” according to Mr Greaves.
“A soft market can often mean more motivated vendors and therefore discounted property delivering immediate equity.
“When combined with the number of suburbs offering potential double-digit returns, this seems to bode well for investors looking to take action in the short term,” Mr Greaves said.
The monthly suburb reports are created using live market sales and rental listing data, and only suburbs with high enough data sample sizes are included.