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Empower Wealth Blog post by Empower Wealth

Today: Weekend Property — Affordability

Peter Stefanovic: Well The Great Australian Dream of owning your own home is no longer out of reach for many. House prices are starting to come down but also new suburbs are popping up, where you can get a house and land for under $500,000?

Deborah Knight: Incredible deals, really. Joining us with more are The Property Couch podcast hosts Ben Kingsley and Bryce Holdaway. Good morning fellas. Ben let’s go to you first. The median price for a home in Sydney is $914,000 and it is really, the most affordable city in Australia. Is this the reasons many people are moving interstate to try and find better value for money?

Ben: Yeah Deb, it absolutely is. I mean, it’s not rocket science. It’s ultimately a story of better affordability and people having a better quality of life. I mean you know, they’re in congestion and a busy city like Sydney, they’re actually moving on to areas like South East Queensland and also down into investing in Melbourne.

Peter: Alright, so a lot of people moving to Victoria, where can you get an affordable home there. Whereabouts?

Bryce: Yeah, understandably if you want an affordable home you have to move a bit further out from the city. So if you go to the north, you can get to Mickleham. You can get a house and land package for $500,000 or if you go down to the south, there is Cranbourne. There’s an opportunity there for a house and land package. But understandably, you got to go a bit further out to get that affordability. If you come a bit closer in, you want to stay closer to the city. Population is moving in droves into the into the city centre and Docklands and Melbourne CBD. So you can get an apartment there and still remain close to the the capital city job market.

Deb: And what about the Sunshine State, Queensland? Which areas are booming that are still affordable there?

Ben: Yeah, it’s a little bit of a Gold Coast story. So we’ve got Pimpama and also Coomera down in the Gold Coast and also the outer areas of Brisbane. So the suburbs that are in the northern corridor, the external Northern Corridor of Brisbane are certainly of Brisbane are certainly areas that are booming from a population point of view. And then in terms of the city locations, you know the inner city apartment living, you’re talking about South Brisbane as being an area where there’s lots of apartments going up.

Peter: All right, let’s shuffle on to investing in Sydney. What sort of options are available?

Bryce: Well, Sydney’s an interesting one because it’s a bit of a unicorn for a you know $500,000 house in Sydney. But you can go out to Leppington or Riverstone and be able to buy at least the land for that price but lots and lots of population. This is in the Top 50 locations where people are moving in Sydney so they’re obviously feeling the pressure and moving further out. And if they want to go into units, there’s a couple of opportunities for them in Arncliffe or Homebush Bay where they can they can still get an apartment at that price point if they want to still stay closer into the city.

Peter: All right! Still a bag a bargain!

Deb: Exactly, thanks guys. Thanks

Bryce, thank you Ben.

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