property ladder

Where you should invest NOW: expert reveals tips for getting on to the property ladder

PHOTO: The western suburbs, a bit closer to the city, is also affordable. Blacktown’s median house price stands at $633,630 and 92.9 per cent homes sold for a profit in this council area, 35km west of Sydney’s city centre. Pictured is a house selling for $650,000

Young Australians hoping to make money on property have plenty of choices in suburbs with prices well below what’s typical.

More than 90 per cent of homes have sold at a profit in these areas of Australia’s biggest cities, yet they still have median values that are affordable enough for middle-income earners.

The options include living by the water or in the bush within commuting distance of a major city centre – with a much lower price tag.

Property newcomers can also fit within a price threshold and qualify for the federal government’s First Home Loan Deposit Scheme, where they only need a five per cent deposit to get a mortgage.

House hunters can also grab a bargain in suburbs neighbouring more expensive and gentrified postcodes.

Bargain suburbs where prices have risen

FAULCONBRIDGE, Blue Mountains: median price $585,167 where 95.9 per cent of homes have sold at a profit

BLACKTOWN, western Sydney: median price of $633,930 where 92.9 per cent of homes have sold at a profit

ALTONA MEADOWS, Melbourne’s west: median price of $611,090 where 98.9 per cent of homes have sold at a profit

REDCLIFFE, Moreton Bay north of Brisbane: median price of $453,418 where 90.7 per cent of homes sold for a profit

Source: CoreLogic Pain and Gain report for the June quarter of 2020 

 

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