Is there a bargain left to be found in the red-hot Australian property market? Can you even buy anything for less than a million dollars? DMARGE hunted down the coolest properties available for under $500k in Australia right now.
Over the past few years, property prices in Australia have gotten pretty outrageous.
First, it was just Sydney where things seemed overheated, but as the pandemic spread across the country into gear, absurd housing prices seemed to spread with it. Even regional Australia wasn’t safe from the speculation bug, with a dilapidated shack in the Blue Mountains fetching over AU$150,000 at auction. Most notably, a shack in Broulee, a remote town on the south coast of NSW, sold for an eye-watering AU$3.25 million, branding it one of the most expensive properties of its kind in the entire world.
To find out whether or not there’s still a bargain to be found, DMARGE went on a hunt to find the coolest properties in Australia that you — if you don’t mind a very long drive — could pick up for under AU$500k.
1 Satelberg St, Morwell Victoria
First on DMARGE’s list of Australia’s coolest properties under AU$500k is this ripper little shack in Morwell, Victoria.
Listed for sale at a very reasonable $300,000, it’s currently one of the cheapest shacks with a full yard in all of Australia, according to realestate.com.au.
At a quick glance, it’s pretty clear that this three-bedroom, one-bathroom shack definitely needs a lick of paint and a host of other renovations. But, with a $300k starting price and a solid-looking structure, it’d be hard to take too much of an issue with that. The home itself sits on a nearly 600m² block and there’s even a covered carport thrown in as well.
The fixer-upper is located in the heart of the rural Gippsland region, in a town called Morwell, which sounds remote but is actually less than 2 hours drive from Melbourne.
5/23 Royal Palm Drive, Warnbro
Second on the list is a smaller property located in the coastal town of Warnbro, which is about an hour south of Perth. According to the online listing, Unit 5 23 Royal Palm Drive comes with three bedrooms, one bathroom and provides real estate investors with a “unique opportunity” to access the growing Perth property market.
To this point, it’s currently being rented out for $320 a week with long-term tenants.
38/11-17 Stanley Street, Townsville City
Number three on this list goes to a very cool apartment in Townsville, Queensland. Decked out with two bedrooms, two bathrooms and access to the complex’s luxury pool facilities, this little unit has a lot to offer.
According to the property listing, offers start from $325,000 and the apartment comes equipped with full air-conditioning (kind of essential in Townsville) and secure underground parking. It’s being marketed as a unique investment opportunity, with the current tenants looking to stay on for as long as possible.
32 Messines St
With offers starting at $300k, 32 Messines St offers up an interesting investment opportunity for those scouring the Queensland real estate market. While the little two-bedroom house may not look like much, it sits on a 835m² block just outside of Toowoomba, just a 2-hour drive from Brisbane.
While it’s currently being rented out for $300 a week on a fixed-term lease until November next year, its managing agent says the land itself, which is zoned as “Low-Medium Density Residential” has plenty of development potential.
15 Pardoe Street, Bucasia, Qld 4750
With an asking price of $375,000, 15 Pardoe St offers a not-so-expensive opportunity for investors looking to nestle in on the coast of Far North Queensland. According to realestate.com.au the three-bedroom property is just minutes away from the beach and a short drive to the local shops.
It comes with a whopping 4 car spaces, full ducted air conditioning, and a 6.5kW solar system to capitalize on that northern QLD sunshine.
Keep in mind that Bucasia, the suburb this modern brick beauty is located in is a twelve-hour drive from Brisbane and a nine-hour drive from Cairns, making it fairly remote. With that said, if an inexpensive slice of peace and quiet is what you’re after you might not have to look much further than 15 Pardoe Street.