Buyers Want More Bang for Their Buck

Rising property prices around Australia has resulted in smart buyers searching for better value in lesser-known suburbs to overcome the affordability challenges.

Buyers wanting more bang for their buck have been looking for better deals in the outer suburbs of the capital cities and in regional areas for properties where they can also get more for their money.

Prices have continued to rise across the residential real estate sector, although the lower end of the market has been experiencing greater growth. Australia still offers many affordable suburbs with entry-level options for first home buyers, downsizers, and investors.

According to a recent PRD Smart Moves Report, Sydney’s median price was $1,474,343 for houses and $854,968 for units. In Melbourne, houses were $934,500 and units $610,327 while Brisbane’s house median was $937,500 and units were $690,000.

There can be better value for money for buyers in Greater Western Sydney where suburbs such as St Marys, Mount Druitt, and Blacktown are seeing ongoing investment in infrastructure. They offer better affordability compared to inner Sydney, plus relatively short commutes via the M4 motorway or T1 Western rail line.

It’s a similar story in the Ipswich corridor south-west of Brisbane. Areas including Redbank Plains, Springfield, and Ripley continue to emerge as growth corridors thanks to new schools, shopping precincts, and transport links. The region’s property prices remain well below Brisbane’s median, making it a popular choice for first home buyers.

If you’re looking to buy a brand-new property, the up-and-coming suburbs on the capital city outskirts frequently have modern off-the-plan projects. Purchasing off-the-plan gives you a chance to lock in a price at today’s market rate, even if construction finishes in a year or two. This can be especially helpful if prices continue to climb.

Brand-new developments tend to feature open-plan living, energy-efficient appliances, and amenities like communal gardens or gyms. New builds are typically under warranty and require less immediate upkeep, saving you repair costs in the early years of ownership.

With further interest rate cuts expected over the rest of the year and more government support for first-home buyers, buying a home could be much cheaper than renting – if you know where to look.

Talk to Bell Partners Finance if you are considering buying property, either as an owner-occupier or an investor, for finance pre-approval.