Affordable Australian real estate under $650K

Affordable Australian Suburbs for Property Investment

When exploring the Australian property market, certain trends emerge, particularly in the segment for properties priced under $650K AUD.

Firstly, there’s a noticeable shift towards satellite cities like Liverpool, Parramatta, and Geelong. These are suburbs located outside the CBD of major cities like Sydney and Melbourne, offering more affordable property prices while still being within a reasonable distance of the city centre. These locations also have the potential for capital growth, making them particularly attractive to those looking to invest within a moderate budget.

Secondly, the post-pandemic era has brought about a significant change in living preferences, with a growing number of Australians preferring apartment living over traditional houses. This trend has created ample opportunities for investors to capitalise on the demand for affordable apartments in emerging suburban hubs.

Buying Property Under $650K in Australia

In cities’ outer suburbs and satellite cities, standalone houses in the $650K price bracket might be older and require some updating, but they often come with the added advantage of larger land sizes. Apartments in this price bracket are typically located in suburban hubs or emerging neighborhoods, offering modern living spaces with access to public transport, shopping, and green spaces.

While it’s possible to find gems in the market, many properties under $650K sacrifice size and location for affordability. However, with careful research and expert advice, it’s still possible to find a suitable property that meets your investment goals.

Thanks to data gleaned from PropTrack, we’ve outlined the top 5 suburbs across the capitals when looking to purchase a property under $650K in Australia.

Top 5 NSW Suburbs to Buy Under $650K

Parramatta

Located only 20km from the CBD, Parramatta offers a mix of high-density apartments and standalone houses, making it an ideal location for investors looking to diversify their portfolios. With a median apartment price of $612K, the area offers affordable properties with convenient access to transport, shopping, and entertainment options.

Liverpool

With a current apartment median price of $465K, Liverpool is a fast-growing suburb in Western Sydney with excellent access to transport and amenities. The area has seen significant development in recent years, making it an attractive prospect for investors looking to purchase under the $650K mark.

Blacktown

Another fast-growing suburb in Greater Western Sydney, Blacktown offers a diverse range of properties under $650K. It’s well-connected to the city via trains and buses, making it an ideal location for commuters. With a current median apartment price of $490,500, Blacktown is a popular choice for first-time buyers and investors alike.

Merrylands

Located 25km from the Sydney CBD, Merrylands is a vibrant and multicultural suburb with a variety of affordable properties. With a current median apartment price of $468,500, it offers excellent value for money and easy access to transport and amenities. The area is also undergoing significant redevelopment, making it an attractive prospect for future capital growth.

Campbelltown

A family-friendly suburb in South-West Sydney, Campbelltown offers a mix of houses and apartments at affordable prices. With a current median apartment price of $512,250, it’s an ideal location for investors looking to enter the market under $650K.

Top 5 VIC Suburbs to Buy Under $650K

Werribee

Located 32km from Melbourne’s CBD, Werribee is a popular choice for families and investors looking for value in their property purchase. With a current median house price of $612,250, Weribee stands out as an affordable option for those looking to buy under $650K. The area offers a range of amenities, including shopping centres, schools, and transport options.

Craigieburn

A growing suburb in Melbourne’s north, Craigieburn offers a mix of modern houses and new developments at affordable prices. This suburb’s median house price of $635,000 represents excellent value for money in the current market, making it an attractive option for first-time investors.

Geelong

Known for its beautiful beaches and vibrant culture, Geelong is a rapidly growing city just 75km from Melbourne. With a current median apartment price just outside the $650K mark ($677,500), it offers affordable options for those looking to invest in a coastal city with excellent potential for future growth.

Frankston

Known for its laid-back lifestyle, Frankston is a seaside suburb 41km from Melbourne’s CBD. With a current median apartment price of $470,000 investors are getting a lot of value for their money in this up-and-coming area.

Narre Warren

Located in Melbourne’s southeast, Narre Warren offers a mix of houses and apartments at affordable prices. With a current median apartment price of $515,000, it presents an excellent opportunity for investors to enter the market under $650K. The area has seen steady growth in recent years and is expected to continue growing in the future.

Top 5 QLD Suburbs to Buy Under $650K

Morayfield

Morayfield is a family-friendly suburb with a current median house price of $629,500. This area offers a range of amenities, including schools and shopping centres, making it an attractive option for families and first-time investors alike.

Annerley

Located just 4km from Brisbane’s CBD, Annerley offers an excellent location for those looking to invest in the city. With a current median apartment price of $545,000, it’s about $100K under the budget of $650K, giving investors plenty of spare capital for renovations or future investments.

Bethania

Bethania is a quiet and family-friendly suburb located 35km from Brisbane’s CBD. With a current median apartment house of $570,000, it presents an affordable option for investors looking for a house rather than an apartment. The area is known for its community atmosphere and access to nature parks, making it an attractive location for families.

Crestmead

Located 35km from Brisbane’s CBD, Crestmead offers a mix of houses and apartments at affordable prices. With a current house price of $580,000, Crestmead is a great option for investors looking for an entry-level property in a growing area.

Springwood

With a current median apartment price of $430,000 it sits comfortably under the $650K budget and offers investors access to a range of amenities including shopping centers and public transport.

Summary

While the Australian real estate market has seen a recent surge in prices, there are still plenty of affordable options available for investors with a budget of $650K or less. The resilience of Australia’s property market, coupled with emerging trends such as satellite cities and apartment living, means that there are many opportunities for investors to secure a strong return on their investment.

Through careful research and expert guidance, investors can uncover hidden gems in suburbs like Parramatta, Liverpool, Werribee, and Morayfield, among others, that offer affordability without compromising on potential for growth.

Let our team at Ironfish guide you in your property investment journey. With our focus on investor education and access to a wide range of high-quality properties across Australia, we can help you build a successful property portfolio. Get in touch with us today to learn more about how we can support you in creating long-term wealth through property.