It’s no secret that property prices around Australia have skyrocketed over the past decade while wages have stagnated. So is it still possible to buy into the Australian dream and purchase your own home on a budget?
The New Daily took a virtual tour of Australia’s capital cities to find out what $400,000 can buy in today’s property market.
It’s nearly impossible to find a house for under $400,000 in Sydney, where the median house price for the March 2018 quarter was $878,325, according to CoreLogic.
This two-bedroom Lower Macdonald bushland sanctuary sold for $370,000 in January, but it’s quite a commute to Sydney’s CBD. The hamlet village is 78 kilometres from the city, and has a population of just 260 according to 2016 census data.
Other options include a double brick two-bedroom property in the western Sydney suburb of St Marys, 45 kilometres from the CBD, which sold for $380,000 in February, and a three-bedroom townhouse in Campbelltown, sold for $385,000 in March.
When it comes to apartments, an art deco studio residence in Potts Point sold for $370,000 in April, offering city rooftop views in a desirable location close to eateries, the harbour, and and inner-city hot spots.
It is still possible to find a livable house for $400,000 in Melbourne’s outer suburbs, but only just. Melbourne’s median house price for the March quarter was $720,881. This quaint three-bedroom Werribee house, 32 kilometres from the CBD, sold for $395,000 on April 21, while a three-bedroom Melton house set on 589 square metres maxed out the budget at $400,000 on April 23.
Apartments are a better bet for inner-city Melbourne living at a $400,000 price point. Greville Street, Prahran is one of Melbourne’s most renowned streets for shopping, cafes, and nightlife south of the river, and this stylish one-bedroom apartment with balcony is right in the centre of the action, and sold for $369,000 in January.
If you’re a young professional looking to be in the heart of the city, this loft-style apartment with spiral staircase and mezzanine bedroom in the Bank Apartments building on Bourke Street sold for $395,000 in February.
This sixth-floor apartment in the historic Grand Hotel building, built circa 1893, with majestic foyer, Docklands views and amenities including pool, and gym, sold for $382,000.
You’ll get slightly more bang for your buck when it comes to houses in Brisbane. You can even net a decent block of land with a three-bedroom house on it, like this family home in Acacia Ridge, set on 549 square metres and sold for $400,000 on April 23.
The median house price in Brisbane was $491,806 in March. This top-floor two-bedroom apartment in happening Fortitude Valley sold for $399,000 in April.
This 84-square-metre one-bedroom with study and balcony in the heart of downtown Brisbane went for $400,000 in January.
Perth’s median house price for the March quarter was $464,736. For $400,000, you can still expect to find quality three- and four-bedroom family homes within 45 minutes of the city centre.
Located in Dianella, 9 kilometres from Perth’s CBD, this contemporary three-bedroom home was sold for $400,000 in April.
Featuring a renovated kitchen, carport and in-ground pool, this three-bedroom house is close to Perth Airport in High Wycombe. It sold for $385,000 in April.
Positioned on the edge of the CBD, this stylish top-floor loft-style apartment has two bedrooms plus a third bedroom or study, spectacular city views and access to a shared pool. It sold for $350,000 in January.
Adelaide recorded a median house price of $434,629 in the March quarter.
In the leafy, family-oriented suburb of Golden Grove, this three-bedroom sandstone house is about 35 minutes’ drive from Adelaide’s CBD. It sold for $385,000 in April.
This two-bedroom apartment in the centre of trendy North Adelaide sold for $400,000 in April.
Australia’s national capital had a median house price of $591,492 in March quarter.
This two-bedroom house is on a 364 square metre block in Latham, about 20 minutes’ drive from Canberra’s CBD. It sold for $377,500 in February.
Designed by Fender Katsilidis, the architects behind Melbourne’s Eureka Tower, this modern apartment in Acton’s Nishi building sold for $400,000 in March.
Despite recent growth in the housing market, Hobart remains Australia’s most affordable capital city, with a median house price of $423,468 in the March quarter.
It’s tough to nab a house for under $400,000. If there is a bit of wriggle room in your budget, you can snag a gem like this two-bedroom pad in the beachside suburb of Taroona. It sold for $428,000 in February.
There are plenty of great apartment options, like this central Hobart one-bedroom, which sold for $385,000 in March.
Darwin’s median house price clocked in at $429,048 in the March quarter.
In the northern suburb of Anula, this three-bedroom house sold for $360,000 in January.
Walking distance to the CBD, this ground-floor one-bedroom apartment with shared pool sold for $385,000 in March.