New analysis has revealed five property hotspots located around Australia's southern and eastern states for under $500,000.
“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,” said Daniel Walsh, director of Your Property Your Wealth and buyer’s agent.
“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.
“You don’t have to spend $1 million to make a wise investment decision – in fact, you could buy two properties for that price in these areas and benefit from the market upswing in the future.”
Mr Walsh’s five top property hotspots for under $500,000 are:
First on Mr Walsh’s list was Grovedale, in Victoria’s Geelong area, with a median house price of $467,000.
The Geelong area in particular has been a strong point for Mr Walsh due to its affordability, strong economy and population growth, the speed of which surpasses Melbourne.
He also said that the upcoming Avalon Airport is planned to become an international airport, bringing through 220,000 passengers every year and creating over 200 jobs.
Wyndham Vale, 30 kilometres south-west of Melbourne, is another Victorian suburb experiencing strong conditions according to Mr Walsh with median house price of $480,000.
“In fact, its median house price increased by an impressive 17 per cent over the past year according to CoreLogic,” he said.
The state of Queensland provides property investors with opportunities due to its affordability and major infrastructure programmes, Mr Walsh said.
One such example is a new campus for the University of theCoast in Petrie, which has a median house price of $440,000.
“Construction of the University of the Sunshine Coast’s Petrie campus is under way, which aims to attract 10,000 students in its first year of operation in 2020,” Mr Walsh said.
“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.”
Located in the Ipswich region, Raceview has a median house price of $343,000 and is another suburb located in a growth area, with Mr Walsh expecting to see the population grow from 210,000 to 500,000 by 20141.
Raceview is just three kilometres from the centre of Ipswich, which allows for more centralised access to the benefits of the region’s economy, offering amenities like health care, social assistance, retail trade and manufacturing sectors.
Additionally, a $5 billion-defence contract with Amberley is a significant boost to the region, along with a $340 million upgrade to the Cunningham Highway, cutting down commuting times 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.
Rounding out his top five list was Port Adelaide with a median house price of $350,000, citing it as ‘a location worthy of consideration’, a suburb located eight kilometres away from the central city.
“Recent developments include the $40 million state government building on Nile St, redevelopment of the waterfront precinct to provide homes, as well as plans for a maritime-themed attraction with historic ships,” Mr Walsh said.
“Port Adelaide is on the cusp of change and smart investors are getting in now to make the most of the uplift.