In all the brouhaha of soaring house prices and millennials wasting money on smashed avocado, you could be forgiven for thinking there are no bargains left in real estate.
And while it’s true that property in Sydney and Melbourne is far from cheap, it is still technically possible to bag a bargain. That is: a home that is undervalued compared to similar properties in the area, even though it may not be most glamorous residence you’ve ever seen.
In a bid to identify these hidden gems, RealestateVIEW.com.au has crunched the numbers on a range of properties across Australia.
The team generated their own valuation for properties based on a matching algorithm to comparable sales in the area.
If it came back lower than similar properties that had sold recently in the area, it was flagged for further attention.
These properties could be priced lower than expected for a multitude of reasons: they could be fixer uppers or simply undervalued or a combination of both.
It’s important to note this is a guide only and listing prices may be lower than the final sale price.
And to South Australian readers: the data did not identify properties which satisfied the criteria for an undervalued property. Check next month’s edition of Your Property – we’ll run the numbers again for that state in a few weeks.
24 Hope Street, West Footscray
$650,000 – $700,000
West Footscray is a Melbourne suburb on the move. A little more than a decade ago, it was distinctly working class, but these days it’s bearing all of the markers of hipsterdom: beards, tattoo art and a tonne of cool cafes. This two-bedder appears to offer significant value, and is tucked just off Essex Street, one of the main thoroughfares of West Footscray. The kitchen and bathroom need updating, but the house is on a generous block of land and could offer significant capital growth in the long term. Full listing here.
92 Northumberland Road, Pascoe Vale
It’s not unheard of these days for large homes in good condition to sell for $1 million in the northern Melbourne suburb of Pascoe Vale. This older-style home needs renovating, but it’s in a great location: it’s within walking distance of numerous parks and located within the Strathmore College zone. The large new Coles on Gaffney Street is also a short drive away. Furthermore, it’s on a large block so there’s room for extending and there is space for two cars. Full listing here.
89 Longland Street, Redcliffe
All interest over $349,000 Invited
Redcliffe is located 28km north east of Brisbane in the Moreton Bay region and this particular home is just a few blocks from the water. It’s definitely seen better days, but you would be hard pressed to find a four-bedroom property in this location at a similar price point. The lower level is currently being used as a rumpus and dining area, and there is a granny flat out the back with a bathroom. Perfect for those wanting to give an old house a new lease on life. Full listing here.
3/3534 Main Beach Parade, Main Beach
Taking up 225sqm, this three-bedroom, two-bathroom unit is much bigger than most apartments and it’s directly opposite the beach. Located on the ground level of the Norfolk Luxury Beachside Apartments, the unit has two garden courtyards — front and rear — and there are two car parks attached to the unit. Resort facilities include a tennis court and extensive pool deck area. The bedrooms are all generously sized, too. Full listing here.
New South Wales
2/10 Allen Street, Harris Park
If you can look past the messy bedrooms in the listing photos, there is a lot to like about this Harris Park apartment in the western suburbs of Sydney. For starters, it offers two ample-sized bedrooms and a car space in a small block of units. The bathroom needs renovation, but the location is excellent: it’s a seven-minute walk to the station and a short drive to the western motorway, which takes commuters into the CBD. Harris Park, it should be noted, is a little more than 20km from Sydney’s CBD. Full listing here.
24 Belar Avenue, Windale
This neat and tidy three-bedroom home in the Lake Macquarie suburb of Windale needs very little money spent on it, which makes the price extremely attractive. The three bedrooms are light and airy, and are all located in the upstairs section of the split-level home. The large living area opens up to the fenced backyard and there is a second toilet in the laundry. The city of Newcastle is a 25-minute drive away and it’s a 10-minute drive to Charlestown Square shops — one of the region’s major shopping precincts. Full listing here.
20A West Terrace, Maida Vale
Property prices in Perth have dropped in the past couple of years and now is a good time to grab a bargain. Maida Vale is close to Perth (about 20km east), but it still retains a semi-bushland backdrop, although development is starting to occur. Sitting on a 1317sqm block, the home comes with fruit trees, two garden sheds, and a cubby house. There is polished jarrah flooring and raked ceilings inside the home and two large open-plan living areas. There is also a swimming pool. Full listing here.
37 Gosse Circuit, Gunn, NT
Offers over $450,000
Gunn is an inner city suburb of Palmerston, in the Northern Territory, which is within an easy commute of Darwin (23km). Featuring air-conditioning and built-in wardrobes, this family home is well priced for the region and in good nick. There is an open-plan floor plan with two separate living areas, and the home has four bedrooms, two bathrooms, a study and two car spaces. There is also the added bonus of private established gardens and solar hot water. Full listing here.
14/2 Archibald Street, Lyneham, ACT
Good apartments don’t come cheap in Canberra, but this two-bedder on Archibald Street offers promise. Situated in a secure complex, the unit is large and the main bedroom has a huge walk-in robe and ensuite. There are two car spaces and a private wrap-around balcony. The complex features a swimming pool and barbecue facilities. The Lyneham area is a real drawcard, too. It’s close to the CBD, parks, cafes, and a number of sporting facilities. Full listing here.
111 Ronald Street, Devonport,
Situated at the mouth of the Mersey River, the city of Devonport is a popular spot for holiday makers and tree changers. This four-bedroom home is in a great part of Devonport, too — on a quiet street, but close to the beach and shops. There is plenty of parking for the boat or caravan, and there is a workshop on site. There are two living areas and the backyard is huge so it would suit a big family. Full listing here.