There is no doubt that the Sydney and Melbourne property markets are eye-wateringly expensive.
But there are bargains to be found — either in other capital cities across Australia, through purchasing rundown properties in need of a facelift, or even by scouring less-salubrious suburbs that are poised to boom.
The team at RealestateView has been searching for these bargain buys.
They crunched the numbers on a range of properties across Australia and generated their own valuation based on a matching algorithm to comparable sales in the area.
Here are some potential hidden gems they found that seem to offer relative value:
9 Bishop Street, Box Hill, VIC 3128
Price: $1,250,000 – $1,350,000
Box Hill has come a long way in recent decades, and this is the first time in more than 50 years this property has been brought to market. What makes it attractive is its stellar location. It’s a short stroll to Box Hill Central, trains, buses, as well as a number of excellent Melbourne schools. It’s a little dated, but the property is large, offers four bedrooms and rear alley way access. Renovated four-bedroom homes in this area usually command around $1.5 million. Full listing here.
1/1 Black Diamond Place, Bulli, NSW 2516
Price: From $660,000-$690,000
A large villa unit with no common walls is a bit of a dream for unit owners. This Bulli property, in the northern suburb of Wollongong, appears to have a lot going for it. There is a private rear courtyard with patio sitting area coming off the living areas, and the unit is one of only two. Plus, there is ceiling loft storage and a single lock-up garage. But most importantly: the ocean is a short drive down the road. Full listing here.
59 McGilvray Avenue, Morley, WA 6062
Price: $389,000 +
There are some great touches that have been added to this Morley property, 10km north east of the Perth city centre: Jarrah floorboards, air conditioning and a freshly painted interior. The home also has high ceilings and a sunken games room. You can walk to Noranda Palms Shopping Centre and there is a primary school close by. The home sits on a sizable block of 353m2 and offers three bedrooms and one bathroom. Full listing here.
509/72 Altona Street, Kensington, VIC 3031
Price: $420,000 – $460,000
Altona Street is a great place to live in Kensington: it’s in a quiet part of the suburb and is right opposite a park. This two-bedroom apartment appears to offer genuine value for money. It’s on the edge of the CBD and is extremely close to Flemington Racecourse, and a host of great cafes. In addition to two bedrooms, there is a designated study zone and larger-than-average terrace balcony. There is also off-street parking and secure entry and lift access. The kitchen and bathroom are modern, and there is heating throughout. Full listing here.
24 Charles Street, Forest Lodge, NSW 2037
Price: Auction guide $1,250,000
A three-bedroom home in Forest Lodge is a dream proposition for many buyers. The Sydney suburb is situated between Glebe and Annandale and is a mere 4km from the CBD. It’s not a very big suburb, so it doesn’t get as much attention as its neighbours, but if you were to score a terrace in this neck of the woods you would be doing very well. This particular home has plenty of scope for improvement, although it’s still liveable. The Tram Sheds restaurant precinct has also recently opened nearby, and the house is in a one-way street next to Forest Lodge Public School. Plus: it’s extremely roomy. Full listing here.
18 Newman Street, Sunshine, VIC 3020
Located off Ballarat Road on a quiet street, this Sunshine property is in one of the better pockets of the (formerly) working class suburb. Sunshine isn’t what it used to be: cheap properties have been snapped up and it’s getting harder and harder to find a bargain buy. But this large weatherboard on 492.80 square metres offers lots of potential for renovation and capital growth. Full listing here.
Unit 2/48 Dampier Terrace, Broome, WA 6725
The design of this property means that you essentially get two separate apartments for the price of one. There is a large two bedroom and one-bathroom apartment on the first floor, as well as a fully self-contained studio loft on the second floor, with a second bathroom. The studio loft has its own access and stairwell separate to the main apartment so buyers can either move family members or a parent in upstairs, or even rent it out. And it’s a block back from the beach, which is an added bonus. Full listing here.
4 Bradyn Place, Glenmore Park, NSW 2745
Price: $749,000 to $799,000 or auction
Glenmore Park is some 50km west of the Sydney CBD, but this four-bedroom, two-bathroom home still offers value for the right buyer. For starters, it’s on a large block of 745 square metres and there is space for two cars. The block is big enough to add a pool, an extension or a granny flat for the parents so there is value to be unlocked. It’s not too far off the M4 either for those who need to access the CBD, and the Blue Mountains are a short drive away in the other direction. Full listing here.