What property can you buy with $700,000

If you have a lazy $700,000 to spend, what property will you be able to snap up in Australia?

While it may not get you an amazing apartment in Sydney’s sought-after suburb like Elizabeth Bay, you may well be able to buy a “good quality home on a decent-sized block of land” elsewhere in the outer suburbs, says property valuers, Herron Todd White.

Here’s what HWT found out when it asked its housing team to come up with the best residential purchases across the nation on a $700,000 budget.

 NSW

Head out to Western Sydney where $700,000 will get you an attractive unit especially suitable for first home buyers.

An almost new, two-bedroom, two bathroom unit at 101/23 Hassall Street in Parramatta sold for $690,000 in February. The unit was previously sold off-the-plan for $759,000 in 2016.

In Blacktown, you only need $640,000 for a three-bedroom, townhouse at 4/16-20 Kent Street which sold for that price in April this year.

At St Mary’s you will get a house and a granny flat at 21 & 21A Marsden Road which sold for $699,900 in April which HWT says will give you a rental income of $740 per week at a yield of 5.5 per cent.

In Liverpool, in South Western Sydney, you can pick up a three-bedroom, two-bathroom unit at 10/25-27 Castlereagh Street which recently sold for $510,000 in May.

“Compared to Parramatta CBD, it offers very affordable living,” said HWT as Liverpool is considered Sydney’s third city especially with the development of the Western Sydney Airport and the Aerotropolis precinct.

If you are prepared to go further out, $700,000 will get you a “plethora of opportunities” in Mona Vale, Dee Why, Avalon, Manly, Collaroy, Newport and Brookvale, all in the Northern Beaches. For instance, a renovated 1970’s two-bedroom, one-bathroom unit at 8/14 Lismore Avenue, Dee Why sold for $665,000 in late May.

Victoria

HWT says that $700,000 “can go a long way in areas of Melbourne CBD and city fringe suburbs.”

The median unit price for the CBD, Southbank and Docklands were $480,000, $575,000 and $609,000 respectively.

“It is truly a buyer’s and renter’s market for those looking in these areas,” HWT said in its report.

In outer south-eastern suburbs such as Officer, Clyde and Berwick, a brand new house and land package can range from $500,000 to $650,000.

The Australian dream of owning a house and backyard is achievable in the western suburbs. In Mildura, a house at 26 Walnut Avenue, which was recently renovated and includes a pool and garage, was sold for $680,000 in January.

In Warrnambool, a weatherboard house on 2100 sq m allotment at 90 Skene Street, was sold for $650,000 in March. The property does require a lot of renovation work.

Queensland

In Brisbane, HWT suggested that buyers should choose fringe to mid-ring suburbs such as Carina, Wynnum, Gordon Park, Stafford and Kedron where detached dwellings on 405sq m lots are good options.

On the Gold Coast, you can get an older style, three-bedroom house at 56 Surfers Avenue in Mermaid Waters which sold for $615,000 in March. But the brick and tile property needs renovation.

In Mudgeeraba, a single-level, three-bedroom house with double garage at 9 Swanton Drive sold for $613,000 in February while a renovated, three-bedroom, two-bathroom, one-garage house at 29 Rainbow Drive sold for $700,000 in February.

In the Sunshine Coast, HWT said its best to look for an original dwelling along the coastal strip. With a budget of $700,000, look at Caloundra including Shelly Beach, Moffat Beach, Kings Beach, Golden Beach, Battery Hill, Marcoola, Mount Coolum and Coolum Beach.

In Cairns, $700,000 is a reasonable healthy budget to get into the residential market where you can snap up a family home in a good suburb. For the same amount of money, in Douglas, Atherton Tablelands and Cassowary Coast, you will be able to buy “a really nice residential home or a slightly above average rural residential property,” HWT said.

South Australia

With a median house price of $480,000 in Adelaide, $700,000 will go a long way. Well serviced suburbs, five to seven kilometres from the CBD, are considered the best prospects for growth. An updated brick bungalow with three bedrooms, one-bathroom sitting on a 500 sqm allotment at 36 Da Costa Avenue in Prospect sold for $685,000 after an eight-week marketing campaign.

Western Australia

WA is the most affordable state to live in the country according to the latest Real Estate Institute of Australia Affordability report. While Perth’s median house price is $475,000, suburbs such as Coogee located about 30 kms from the CBD and close to the Indian Ocean, are highly sought after with a four-bedroom, two-bathroom, double garage house on a 705sq m block at 4 Longreach Parade selling for $730,000 after being on the market for 24 days.

At Palmyra, about 17 kms south-west from the CBD, a three-bedroom, two bathroom, double garage house sitting on a 435 sqm block at 69A Elvira Street sold for $690,000 in March after a 30-day marketing campaign.

At Roleystone in the Perth Hills, about 27 kms south-east of the CBD, a four-bedroom, two-bathroom and double garage at 35 Rubida Rise sold for $678,000 in January after just seven days on the market.

Northern Territory

A spending budget of $700,000 will get you a variety of residential properties in NT from a three-bedroom unit in the CBD to a four-bedroom modern house in the developing residential area of Muirhead.

As HWT said: “Surely, there is only upside in the Northern Territory – it’s a safe bet.”

Australia Capital Territory

While the local Canberra housing market remains stable, the apartment market has experienced a long period of strong supply and weakening demand.

In Belconnen, north-west of Canberra CBD which surrounds Lake Ginninderra, there are a few options including 1960’s duplex dwellings while in the suburb of Cook, you may be lucky to find a three-bedroom, one bathroom house on a 650 sqm lot. In the suburb of Evatt, your money will go a lot further as you are able to buy a 1970’s renovated, four-bedroom, two-bathroom detached house sitting on a 800 sqm lot.

Tasmania

The northern suburbs of Hobart and Launceston do not generally exceed $700,000, so you have a range of potential properties to buy. In well sought-after locations such as West Moonah, Rosetta, Berriedale and Claremont Estate you could buy a large 200 sq m unit with river views or at least close to the river, shopping and recreational facilities. You could even buy a good quality rural lifestyle property or new units in the outer suburb of Brighton.