With property prices booming nationally – something we routinely cover here at The Property Tribune – we have decided to see what buyers have been able to purchase for $500,000 within the metropolitan area for each capital city, including Canberra.
We have sought to provide a diverse range of properties such as apartments, townhouses, units and houses to reflect on purchasing power nationally.
Nationally, the median house price is currently $825,205 with other dwellings at $601,345 – meaning all the properties on this list were sold for below the national median.
This list has been compiled using publicly available data from several real estate and property listing websites to find properties that have been sold so far this year for exactly $500,000.
First up, we have the Top End.
A $500K budget was enough in February to purchase a recently renovated 3-by-1 house on a cul-de-sac in Karama, about 14 kilometres north of the Darwin CBD, near the airport.
Spoiler, this is the only property on the list that comes with a pool.
A few weeks ago, a 2-by-1 apartment on Collins Street in Melbourne’s CBD was purchased for $500K. The 85sqm apartment is located at ‘The Mark’, 325 Collins Street.
Positioned on the corner of the 14th floor, this apartment has a dedicated lift to the floor, according to the original listing.
The apartment consists of two tiny private balconies that are 0.9x12m and 5×0.9m wide respectively.
According to realestate.com.au, the property last sold for $400,000 back in November 2013 – a cool $100,000 gain for the previous owner.
However, car owners will be disappointed -the apartment doesn’t come with a parking spot.
$500k was the purchase price for a tri-storey 3-by-2 townhouse in Mount Gravatt East, about 12 kilometres south of Brisbane’s CBD. The house itself was rather uniquely designed by the original owner, meaning this is the first time the property has been listed.
Another bonus is that the townhouse is located on the corner of the block – therefore, only one neighbour to deal with – and the property comes with a small garden.
A 2-by-2 townhouse in the Panorama development in Wright, 10 kilometres west of Canberra’s CBD, was sold for $500k last month. Built in 2015, the townhouse is spread across three levels with a large courtyard at the front.
There are views of Mt Stromlo and many walking, running and biking trails are located nearby.
One month ago, this 2×1 unit in Carlingford, 22 kilometres north-west of Sydney’s CBD, sold for $500k. The unit is one of 13 in a complex and features a small strip of shops across the road.
The lounge and dining area is combined and leads out to a sun-drenched balcony. Unlike the Collins Street apartment, this unit contains a single parking spot, which is useful considering the M2 motorway is nearby.
Just prior to Perth’s snap lockdown in late January, a 3-by-1 townhouse in Mount Lawley, 4 kilometres north-east of the CBD, was snapped up for $500K.
The terrace-style townhouse is located within a leafy complex of 13. Notably, the bathroom and parts of the bedrooms have been recently renovated.
For $500k you could have got a slice of Adelaide history that is only one block away from Holdfast Bay. This 3-by-1 house was built around the 1850s and was home to Samuel Nelson, a local baker during Glenelg’s earliest days. The building consists of hallmarks from the ear such as a bullnose verandah and wrought iron detailing on the front windows.
The property is significant enough it has been identified as a local heritage place by the City of Holdfast Bay. The house falls under mixed-use meaning the property can be used for offices, consulting rooms and service trade premises.
Last, but not least, $500k got a buyer this 4-by-2 house on a 1242sqm block in Claremont which is 12 kilometres north of Hobart. The 1995-built property features a flexible floorplan with a lounge area that is often filled with natural sunlight.
It is just a 20-minute drive into the Hobart CBD and five minutes to the local major shopping centre. The property itself has views of northern Hobart include the River Derwent. Claremont is also home to the Cadbury Chocolate Factory – one of only three Cadbury chocolate factories in Australia.
So there you go, that is what a half-a-million budget gets you.
Either a tiny 85sqm apartment in Melbourne’s CBD or a 4-by-2 house with river views on a 1242sqm block in Hobart.