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Where can you find a house for sale under $500k?
For those looking to buy their first family home, or upsize to a larger home, a house in some Australian markets can seem impossibly out of reach. Sydney, with its annual median house price growth of +33 per cent, Canberra +36.6 per cent, and Melbourne of +18.6 per cent, can be particularly tough markets to crack.
If you’re on the hunt for a home in these areas but the realities of budgeting for a house deposit and saving for one have dampened your search, then we have some good news.
While challenging, it’s still possible to find a good family home for around $500,000. Often, it’s simply a case of broadening your search area. While there may be very few houses for sale in Sydney under $500,000, for instance, there are still plenty of options in highly liveable outer suburbs or commuter towns.
In this guide, we offer our recommendations for the best suburbs with family houses priced under, or close to, $500,000. We’ll also showcase recently sold properties in these areas that made someone’s dream a reality.
Australia’s capital cities continue to show strong house price growth. CoreLogic data reveals that Sydney, Melbourne, Brisbane, Adelaide, and Perth saw a combined rise of +19.03 per cent over the year to February 2022.
Canberra alone experienced a +23.7 per cent rise in the same period.
This doesn’t mean, however, that all suburbs of a city have uniformly rising prices. Some areas see little growth, while others shoot off into the house price stratosphere.
In Sydney, for example, the Lower North Shore and Inner West typically outperform the city’s average. In terms of price itself, Sydney’s median house price of $1.6m is not matched in every suburb. Emerton, in the city’s west, for example, has a median of just $610,000.
While it would be rare to find a house for sale in Western Sydney for under $500,000, townhouses or 2-bedroom apartments to suit families are still available. At times, it may seem impossible to find a house for sale in NSW under $500,000, but with the help of a Sydney buyer’s agent, hidden gems can be uncovered – particularly in commutable areas such as the Central Coast.
It's a similar story in Victoria. The houses you’ll find for sale under $500,000 in Melbourne are in outer suburbs but well within range of the CBD. By adding an extra half hour to your morning commute, you could upsize from an inner-city apartment to a 4-bedroom house with a yard. A Melbourne buyer’s agent may be able to help you find your dream home within your budget.
Meanwhile, the Gold Coast (with a median house price of $966,000) and Adelaide (with a median of $757,500) still harbour a number of suburbs near their centres where $500,000 homes are on offer.
The upshot is, wherever you are in Australia, there’s still potential to find your next family home in your city of choice for close to or under $500,000.
Our picks for the top 5 suburbs in Sydney and its surround with family homes for under $500,000 are:
Gosford on the NSW Central Coast is increasingly popular with commuters, offering relaxed coastal living within easy reach of the Sydney CBD. As the central administrative hub of the Coast, Gosford boasts a full range of amenities families typically look for, as well as access to numerous beaches, national parks, and local attractions.
Sold by Lalakai Matu and Phil McCord of Raine & Horne Peninsula.
Situated close to the train station, this 3-bedroom apartment makes for a comfortable family home in the heart of the Coast. Close to reputable schools, it’s also within walking distance of Central Coast Stadium and the family-oriented Gosford Waterfront.
Our picks for the top 5 suburbs on the Gold Coast with family houses for under $500,000 are:
A major Gold Coast hub, Helensvale is an attractive suburb with plenty of parklands, public transport, a Westfield shopping centre, and a choice of schools. Helensvale residents are only a short drive from the famous theme parks. Incredibly popular with families for its lifestyle and neighbourhood vibe, houses only take an average of 16 days to sell.
Sold by Jason West and Libby Hewson of One Agency Hewson West – Gold Coast.
Buyers who feel priced out of Helensvale should check out this attractive villa. This recent sale shows it’s possible to find houses for sale on the Gold Coast under $450,000 – and in highly desirable suburbs! Perfect for smaller families, this property is situated close to shops, schools, and transport.
Our picks for the top 5 suburbs in Adelaide with family houses for under $500,000 are:
Hillbank is a family-friendly suburb in Adelaide’s north. At its heart is the extensive Jo Gapper Activity Park with play and sporting facilities, and an off-leash dog area. With a median house price of $451,000, Hillbank offers families the opportunity to find a generously sized house within commuting distance of Adelaide well under $500,000.
Sold by Hayley Beckett of Professionals Salisbury.
Set on a large 824m² block, this 4-bedroom house boasts spacious living spaces, storage, and yard, offering plenty of room for growing families. There’s even enough room out back to add an outdoor entertaining area, shed, or even a swimming pool.
Our picks for the top 5 suburbs in Canberra and its surrounds with family houses for under or close to $500,000 are:
Perennially popular Belconnen offers all the benefits of suburban living with the perks of a major centre. Only 7km north-west of the CBD, shopping, cinemas, schools, parks, and restaurants are all on the doorstep.
Sold by George Vlandis of LJ Hooker Belconnen.
This 3-bedroom, 2-level apartment in Belconnen’s town centre shows family homes can be found in the desirable suburb comfortably below $500k. Close to parks and peaceful Lake Ginninderra, families here would have plenty of options for outdoor recreation.
Our picks for the top 5 suburbs in Melbourne and its surrounds with family homes for under $500,000 are.
Melton South has recently evolved into a prime family friendly Melbourne suburb. Close to good schools in Melbourne, reserves, and major transport links, Melton South offers affordable suburban living only 37km west of the CBD.
Sold by Joe Mavrikos and Mark Mintoff of Ray White Melton.
This superb 5-bedroom house exemplifies the hidden gems on offer in Melton South. Comprising 3 bathrooms, upstairs and downstairs living areas, pergola, there’s even a self-contained unit on the property. Perfect for a teenager’s retreat!
There you have it – a number of suburbs all around Australia where you can buy a family home for under or close to $500k.
Disclaimer: Blogs are written expressly for education purposes and content is based on the opinions of the authors or as otherwise cited. All information is current as at publication release and we take no responsibility for any factors that may change thereafter. Doorsteps Finance Pty Ltd and Doorsteps Solutions Pty Ltd do not accept any liability or responsibility whatsoever to any error or omission or any loss or damage of any kind sustained by a person or entity arising from the use of this information. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances
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Disclaimer: Doorsteps Finance Pty Ltd ACN 648 541 879 (credit representative no.531036) is authorised under Doorsteps Solutions Pty Ltd ACN 654 334 246, Australian Credit Licence 537369. Any credit application made through Doorsteps Finance Pty Ltd is subject to approval, terms and conditions, fees and charges.
Disclaimer: Property reports contain property estimate data and information provided by RP Data Pty Ltd trading as CoreLogic Asia Pacific ABN 57 087 759 171 (CoreLogic) and OpenAgent Pty Ltd, which is general in nature. It is not a professional property valuation or advice to be relied upon. The actual market value of the subject property may differ. We and CoreLogic do not warrant the accuracy, currency or completeness of the data and information to the full extent permitted by law, each excludes all loss or damage howsoever arising (including through negligence) in connection with the information. You rely on the property estimate at your own risk.
