John McGrath - What $700,000 Buys Across the east Coast of Australia
Working from home is becoming an accepted option for many workers as we continue life with COVID-19.
This is prompting many city dwellers to consider relocating to leafier, more affordable suburban areas of their capital city or regional areas where they can enjoy a better lifestyle.
The great news is the buying power of homeowners in inner city areas is much greater in the middle to outer suburbs and especially strong in popular seachange and treechange regional areas.
A new report from valuations firm, Herron Todd White provides examples of what $700,000 buys in a variety of locations across the East Coast, so let’s do some comparison shopping this week.
What $700,000 buys in Sydney & NSW
- In Western Sydney and the Sutherland Shire, $700,000 buys original houses in prime suburbs and modern two-three bedroom apartments and townhouses. Go further out for renovated houses or house & land packages in new estates on the fringes of Sydney’s west and south
- In the Inner City, Inner West, Lower North Shore and Northern Beaches, $700,000 will buy one or two-bedroom apartments
- On the North Coast, there are older style three-bedroom townhouses 10 minutes from town in Byron Bay and older style houses in Ocean Shores and Mullumbimby at this price point. In Coffs Harbour, there are entry level houses and modern apartments close to the beach
- On the Central Coast are older style houses and modern apartments at The Entrance, Terrigal and Wamberal
- In the Illawarra, $700,000 will buy older style houses in Corrimal and Russell Vale or brand new family homes in West Dapto or Calderwood. There are apartments and townhouses in Thirroul and Bulli; and lots of near-new or new apartments in Wollongong CBD
- In the Southern Highlands, older houses in Moss Vale and Mittagong are a great choice
What $700,000 buys in Melbourne & Victoria
- There are many new apartments in the CBD, Southbank and Docklands in Melbourne’s inner city at this price point. There’s also good apartments in Cheltenham and Oakleigh in the south east, as well as townhouses in northerly areas like Brunswick, Coburg and Northcote
- Family homes for $700,000 can be found in Officer, Clyde and Berwick in the south east or Ringwood, Warrandyte, Doncaster and Mooroolbark in the east. Original houses can be found in Fawkner and Reservoir in the north. Go west for modern new houses on large blocks in Rockbank and Caroline Springs. Beautiful regional areas such as Geelong and Ballarat offer contemporary 4 bedroom houses, as well as charming heritage-style homes, on large lots in prime areas at this price
What $700,000 buys in Brisbane & Queensland
- In Brisbane’s desirable north, you can buy a house on a small block in Gordon Park, Kedron and Stafford or a new three-four bedroom townhouse in Hendra, Wooloowin or Clayfield. To the south are three-bedroom houses in Carina and Carindale
- On the Gold Coast, this budget will buy apartments in Main Beach and original houses or modern townhouses in Mermaid Waters. In Southern Gold Coast, you can afford renovated two-three bedroom duplexes and townhouses in Miami or Burleigh Waters. In the west, there are modern family homes with pools in Pacific Pines, Maudsland or Oxenford
- On the Sunshine Coast, there are freestanding homes in the Caloundra region, including Shelly Beach and Golden Beach; as well as apartments in Noosa Heads and Mooloolaba
- In the Rockhampton region, this money will buy a modern family home with a pool on 4,000 sqm park residential allotment or a renovated Queenslander on a regular size block
- In Townsville, modern two to three bedroom apartments with water views in North Ward or Townsville City and three-four bedroom houses with pools in Belgian Gardens are available
What $700,000 buys in Canberra & the ACT
- In the Belconnen district north-west of Canberra’s CBD, you can buy an entry level older-style three-bedroom house on a 650 sqm block in Cook; a renovated four-bedroom house on 800 sqm in Evatt or a new four bedroom dual occupancy in Flynn
- South of the city in the Tuggeranong region, you can afford a five-bedroom family home in Calwell or Wanniassa
- Closer to town, $700,000 will buy a new two-bedroom apartment with Lake Burley Griffin views in Barton or a three bedroom townhouse in Watson, in the inner north
If $700,000 is your budget, don’t forget to check what government assistance you’re eligible for to help you buy. There’s HomeBuilder and various stamp duty concessions for owner occupiers, as well as First Home Owner Grants and bigger stamp duty breaks for younger buyers. Do your research!
The views expressed in this article are an opinion only and readers should rely on their independent advice in relation to such matters.
This article originally appeared in The Real Estate Conversation (August 10, 2020)