Back in 2004, $500,000 was Sydney’s median house price. Today, it’s considered entry level buying at best – and we’re not talking houses, we’re talking mostly apartments.
Image via RealEstateAustralia
In our latest annual McGrath Report, we took on the challenge of working out where young buyers with a budget of $500,000 could afford to buy and what type of property this budget would allow them.
We analysed sales and new listings data from this year only for Sydney, Melbourne and Brisbane on realestate.com.au and we also referred to research published in the July 2015 Residential Report of independent property valuation firm, Herron Todd White.
In Sydney, half a million will buy a studio or one bedroom apartment if you know where to look in the inner and middle rings. In Brisbane, you can buy a three bedroom house in many areas close to the CBD. In Melbourne, $500,000 is enough for a two bedroom apartment or a smaller house in certain suburbs.
No wonder more Sydneysiders are considering a move to the north or south capitals these days.
Here are some examples of what $500,000 will buy you in each city.
SYDNEY
Inner Ring
Studio or 1 bed apartment in Potts Point
12/4 McDonald Street, Potts Point
Studio, 1 bath
Sold May 2015
$500,000
McGrath Edgecliff
Studio or 1 bed apartment in St Leonards
102/38 Albany Street, St Leonards
1 bed, 1 bath
Sold May 2015
$495,000
McGrath Mosman
Middle Ring
1 bed apartment in Queenscliff
6/3 Dowling Street, Queenscliff
1 bed, 1 bath, 1 car
Sold July 2015
$485,000
McGrath Dee Why
2 bed apartment in Bankstown
38/8-12 Hixson Street, Bankstown
2 bed, 1 bath, 2 car
Sold May 2015
$470,000
First National JJ Crawford
Outer Ring
3 bed house in Mount Annan
18 Rose Drive, Mount Annan
3 bed, 1 bath, 1 car house
Sold June 2015
$472,000
McGrath Camden
2 bed apartment in Kirrawee
30/494 President Avenue, Kirrawee
2 bed, 1 bath, 2 car apartment
Sold February 2015
$501,000
McGrath Menai/Illawong
BRISBANE
Inner Ring
3 bed house in Keperra
19 Dawson Parade, Keperra
3 bed, 1 bath, 2 car apartment
Sold January 2015
$460,500
McGrath Ascot
2 bed apartment in West End
2/17 Ganges Street, West End
2 bed, 1 bath, 1 car apartment
Sold February 2015
$470,000
McGrath Ascot
Middle Ring
3 bed house in Wynnum
65 Waterview Avenue, Wynnum
3 bed, 1 bath, 1 car
Sold March 2015
$500,000
McGrath Wynnum/Manly
3 bed house in Runcorn
16 Shapcott Place, Runcorn
3 bed, 1 bath, 1 car
Sold May 2015
$485,000
LJ Hooker Sunnybank Hills
Outer Ring
4 bed house in Parkinson
28 Naracoorte Place, Parkinson
4 bed, 2 bath, 2 car house
Sold January 2015
$470,000
McGrath Bulimba
5 bed house in Petrie
14 Fontenay Court, Petrie
5 bed, 2 bath, 2 car house
Sold May 2015
$460,000
David Deane Strathpine
MELBOURNE
Inner Ring
1 or 2 bed apartment in Hawthorn
7/176 Power Street, Hawthorn
2 bed, 1 bath apartment
Sold June 2015
$462,500
Nelson Alexander
2 bed apartment in Kensington
202/62 Altona Street, Kensington
2 bed, 2 bath apartment
Sold April 2015
$460,000
Pagan Real Estate
Middle Ring
2 or 3 bed house in Reservoir
26 Hickford Street, Reservoir
3 bed, 1 bath house
Sold April 2015
$481,000
Hocking Stuart
2 bed apartment in Highett
2/53 Jackson Road, Highett
2 bed, 1 bath apartment
Sold July 2015
$495,000
Hodges
Outer Ring
3 bed house in Chelsea
14 Orana Crescent, Chelsea
3 bed, 2 bath house
Sold May 2015
$450,000
Hodges
3 bed house in Taylors Lakes
20 Lady Nelson Way, Taylors Lakes
3 bed, 2 bath house
Sold June 2015
$450,500
Barry Plant
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