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Where you can buy a home with $50K

Savvy homebuyers on a tight budget could very well find what they are looking for in these suburbs and they could even bag a bargain.

An exclusive property report has revealed home seekers with savings as low as $50,000 in areas with good growth potential, close to jobs hubs, with transport links and rich in amenities.

Canstar and Hotspotting research firms have named the top suburbs in Sydney, Melbourne, Brisbane and Adelaide where Aussies can score a new home at an affordable price.

SYDNEY BOOM SUBURBS WHERE YOU CAN BUY A HOME WITH $50K

They’re the hidden Sydney suburbs where buying a desirable home on a shoestring is both attainable and a passport to wealth creation.

An exclusive property report has revealed home seekers with savings as low as $50,000 can still bag properties in high-growth suburbs where values are set to rise exponentially.

These areas typically have property prices that are well below other parts of Sydney, but are located close to big job hubs, excellent transport links and rich amenities.

Harris Park is one Sydney suburb savvy homebuyers are looking at.

Improving infrastructure in these suburbs was also expected to push up home values at a faster rate than most of the rest of the market, offering buyers quicker equity gains, according to the Deposit Stars report from comparison group Canstar.

The report, powered with data from researcher Hotspotting, indicated high growth suburbs attainable for those with $50,000 deposits were Liverpool and Wiley Park in the southwest.

Other well-located suburbs offering units attainable with the same deposit were Jamisontown, in the Penrith area, and Regents Park and Harris Park, in the Parramatta area.

Median prices in all five suburbs were under $500,000 – or about 39-46 per cent below the norm in Greater Sydney. This meant first-home buyers were eligible for a raft of government support schemes such as a full exception on stamp duty.

WHERE YOU CAN BUY A HOME IN MELBOURNE WITH $50K

Victorian househunters on a tight budget can still make a move in Melbourne’s property market, with new research highlighting the top suburbs for buyers with deposits as low as $50,000.

Canstar and Hotspotting research firms named 10 suburbs where homes can still be bought for tens of thousands dollars less than the city’s $914,000 median house value and still within an hour of Melbourne’s CBD.

The spotlight is on Epping, Sunbury, Heidelberg West and Seaford — where typical house prices are under $860,000, and buyers can offer a 10 per cent deposit of $86,000 or even less.

Families searching for a home with only $50,000 to spend upfront could snag a property in Melton South, where a typical house is $489,000.

You can get a home in Heidelberg West with $50K.

Hotspotting founder Terry Ryder said it showed it was still possible to purchase a family home with less than a $100,000 deposit in Melbourne, especially as a first-time buyer with access to government assistance.

“You’re better off getting in the market now if you can get in with a 5 or 10 per cent deposit and paying mortgage insurance,” Mr Ryder said.

“If you wait and keep saving until you get 20 per cent, in that time, the market can move, so you’re just playing catch up all the time.”

WHERE YOU CAN BUY A HOME IN QLD WITH $50K

Queensland buyers with $50,000 in savings towards a home deposit can tap into a range of capital city and regional markets poised for strong growth, with top performers recording annual price jumps of up to 40 per cent.

An exclusive analysis revealed suburbs with the best future prospects for buyers with a 10 or 20 per cent deposit of $50,000 or $100,000.

The Canstar report highlights 10 Brisbane and 15 regional Queensland markets, with median property prices from $225,500 in Depot Hill, Rockhampton to $768,000 in Petrie, Moreton Bay. 

Logan is worth looking into.

Brisbane’s inner-city unit market and houses in Ipswich, Moreton Bay and Logan held opportunities for budget-conscious buyers.

Selected suburbs were ranked not only on affordability but also on recent positive growth, rent increases of more than 10 per cent and vacancy rates below 2 per cent.

Each location was then scored for access to infrastructure, such as transport, schools, hospitals and supermarkets.

A $50,000 deposit (10 per cent of the purchase price) opens up options in five Greater Brisbane suburbs, including units in Bowen Hills, Woodridge, and Kippa-Ring, and houses in East Ipswich or Brendale.

With $100,000, buyers could avoid lenders mortgage insurance (LMI) by putting down a 20 per cent deposit.

WHERE YOU CAN BUY A HOME IN SOUTH AUSTRALIA WITH $50K

A new report has revealed the best SA suburbs for those trying to drive their dollar further, and in SA, Adelaide’s northern suburbs have come up trumps again.

Deposit Stars, Canstar’s Australian property market report powered by Hotspotting highlights solid buying opportunities for those with either $50,000 or $100,000 in savings.

And in SA they are predominantly in Adelaide’s affordable northern suburbs.

According to the report, those with $50,000 in savings and buying with a loan-to-value ratio (LVR) of 90 per cent, or a $100,000 deposit and an 80 per cent LVR should look no further than a house in Evanston, in the Gawler council area.

REALESTATE Buying on a budget
Mark and Kylie Porch and their children, Aurora, 6, and Aziel, 4, at their Evanston home. Picture: Dean Martin

Here a house will set you back $480,000, with monthly repayments on a 90 per cent LVR at $2670, and $2313 on a $10,000, 80 per cent LVR.

Elizabeth South houses, with a $450,000 median, were also identified for buyers with either a $50,000 90 LVR deposit, and a $100,000 80 per cent LVR, as were Smithfield Plains houses ($456,000) and units in both Mawson Lakes and Plympton ($438,000 and $418,000 respectively).

WHERE YOU CAN BUY A HOME IN HOBART WITH $50K

Hobart home hunters on a tight budget can get a foot on the property ladder in these areas.

New research from Canstar and Hotspotting has revealed the city’s top suburbs for young buying and prospects for those with a bit more spending power. And all of these suburbs are located within a 17.5km drive from the centre of Hobart.

Aerial, Glenorchy and the northern suburbs
Looking for a good buy? Try Glenorchy

The Deposit Stars report identified suburbs where a $50,000 deposit can still buy a home for up to hundreds of thousands less than Hobart’s typical $700,000s median house price range.

With $50,000 in the bank, houses in Clarendon Vale and Risdon Vale would be sharp purchases with their median prices of $390,000 and $460,000, while Glenorchy, Moonah and Warrane units range from $426,500 to $499,500.

For those with $100,000 saved, houses in Kingston, Howrah, Glenorchy, Lindisfarne and Blackmans Bay were Hotspotting and Canstar’s picks.

However, most median prices in these suburbs are in the mid-$700,000, which could make the recent stamping out of stamp duty — for first-time buyers up to $750,000 — a tight squeeze.

Glenorchy remains well below that line, while Blackmans Bay is far above it.

Source:https://www.realestate.com.au/

Serendib News
Serendib News
Serendib News is a renowned multicultural web portal with a 17-year commitment to providing free, diverse, and multilingual print newspapers, featuring over 1000 published stories that cater to multicultural communities.

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