More bang for your buck: What a capital city budget buys in regional Australia
Daniel Butkovich, Property Journalist
First published 06 March 2024, 01:58 PM
Last updated 18 March 2024, 10:20 AM
Property prices are at record highs in both the capitals and the regions, but a typical home in regional Australia costs almost $200,000 less than one in a capital.
That means a buyer with a budget equal to the median price of a capital city could make their money go a lot further in regional Australia, potentially securing a bigger home with more land, views or water access, or even a home with unique architectural character, depending on where they look.
PropTrack senior economist Angus Moore said buyers seeking affordability and space will find both in the regions.
“Regional areas do tend to offer both more affordable housing and larger homes, and that latter factor has been something buyers have been increasingly looking for," Mr Moore said.
“One of the key trends we saw across the pandemic was buyers putting more value on space.
“If you're working from home a lot more, having that extra bedroom to work in is potentially a lot more valuable to you.
“That means we've seen strong performance in the sorts of areas where you can find those larger homes, particularly outer suburbs of capital cities and regional areas.”
Regional homes you can buy with a capital city budget
Here’s a selection of homes available to buy for about the median value of a home in each capital.
The homes featured are priced close to the house or unit value in each capital, but located in a town or suburb outside the greater metropolitan area of each state or territory.
New South Wales
Sydney Median house value: $1,340,000
While Sydney’s median house value has soared to record highs, prices are about the same in many popular regional towns where treechangers flocked in recent years, helping lift values.
5 Allowrie Street, Jamberoo has flexible zoning allowing both residential and commercial uses, and is priced at $1.2 million. Picture: realestate.com.au/buy
A budget of about $1.3-1.4m purchases a median-priced house in towns like Crescent Head on the mid north coast or Jamberoo on the south coast, where this two-bedroom cottage right in the centre of town is for sale.
In Robertson in the Southern Highlands, this five-bedroom house with a pool on a half-acre block is going to auction with a price guide in line with Sydney's median house value.
52 North Street, Robertson features five bedrooms and a pool on a 2,000sqm block. Picture: realestate.com.au/buy
Selling agent Jonny Tighe of Ray White Bowral says about half the buyers in the area move there from Sydney or the Illawarra.
"The highlands is a very well serviced area, it’s not a traditional country town, we’ve got a great hospital, and great private schools too," he said. "You’re 30-40 minutes to the coast, but you’ve also got the four seasons up here."
This one-hectare property at 14 Narran River Road, King Creek is on the market for about the same price as a house in Sydney. Picture: realestate.com.au/buy
For buyers with something even larger in mind, this semi-rural property in King Creek, near Port Macquarie, features a three-bedroom house and above-garage accommodation on a sprawling one-hectare block.
Sydney Median unit value: $793,000
There are plenty of coastal towns in NSW where a typical house is priced about the same as a Sydney apartment, including Iluka, Urunga, Forster and Tuross Head, but for water views or access, buyers might need to get creative.
This vacant waterfront block at 41 Witonga Drive, Yamba is priced about the same as a typical Sydney unit. Picture: realestate.com.au/buy
This absolute waterfront property in Yamba is for sale for less than Sydney’s median unit price, although you’ll need to build a house on it as it’s a vacant block.
Priced at $760,000, this 600sqm waterfront property in the NSW north coast town tipped to be the next Byron Bay gives buyers the opportunity to build a new home fronting onto the canals of Yamba Quays.
2/148 Edinburgh Street, Coffs Harbour offers ocean views for $849,000 – unheard of in Sydney. Picture: realestate.com.au/buy
Buyers with a little more to spend and looking for a move-in ready home in a regional city on the coast town could look about 90 minutes south, in Coffs Harbour, where this two-bedroom apartment with ocean views is priced at $849,000.
Inland buyers will find more value. In Albury, buyers can purchase this three-bedroom house close to the centre of town for $799,000 – a little more than Sydney’s median unit value.
This three-bedroom brick house at 592 Wyse Street, Albury costs the same as a typical Sydney apartment. Picture: realestate.com.au/buy
Victoria
Melbourne median house price: $909,000
Many towns within commuting distance to Melbourne, including Daylesford, Inverloch and Portarlington, have median house values similar to those in the city, but offer buyers something completely different.
Priced at $890,000, less than a typical Melbourne house, this beach house at Inverloch is only a stone’s throw from the sand and surf.
“You roll out of bed and you’re minutes from walking on the beach or being in the ocean," said real estate agent Fiona McMahon-Hughes who is selling 2 Lohr Avenue, Inverloch.
At only two hours from the city, it would suit a seachanger who still needs to occasionally work in the city, or make an ideal weekender, according to selling agent Fiona McMahon-Hughes of Ray White Inverloch.
"Because Inverloch is in that sweet spot just outside of Melbourne, we have holiday makers but we also have people who live here four days out of the week and the commute back to Melbourne," she said.
In Daylesford, this unique property features three self-contained dwellings, allowing the buyer to rent out part of the property, potentially to help pay off a Melbourne-sized mortgage.
24 Grenville Street, Daylesford is priced similar to Melbourne's median house price, but can pay its way thanks to multiple lettable spaces. Picture: realestate.com.au/buy
Melbourne median unit price: $607,000
A more modest budget of about $600,000 still affords a house in plenty of regional Victorian towns and cities.
This picture-perfect three-bedroom weatherboard cottage in White Hills, a suburb of Bendigo, would make a perfect start for a first-home buyer.
This renovated character cottage at 491 Napier Street, White Hills is only two hours from Melbourne and costs about the same as a typical apartment in the city. Picture: realestate.com.au/buy
Even after a full renovation its price guide of $570,000 to $625,000 puts it on par with a Melbourne unit.
In Warragul, less than 90 minutes east of Melbourne, a budget of $650,000 could afford this mid-century home on an almost-1000sqm block that features a large shed and 6.4kW solar power system.
5 Nobel Street, Warragul costs a little more than a Melbourne unit, but offers much more land than could be found in the city for the same budget. Picture: realestate.com.au/buy
Meanwhile, in Mildura, which is closer to Adelaide than Melbourne, this brick three-bedroom house on a corner block is listed for a little over half a million dollars, making it cheaper than a typical unit in either capital.
927 Fifteenth Street, Mildura offers a freestanding brick house in a major regional city for about half a million dollars. Picture: realestate.com.au/buy
Queensland
Brisbane median house price: $892,000
The price of a typical Brisbane house will buy a property in dozens of suburbs of the Gold Coast and Sunshine Coast, but whether it’s a house or a unit will depend on the suburb, and importantly, how close it is to the water.
11B/33 Thornton Street, Surfers Paradise costs about the same as a Brisbane house, but is cheaper than many similarly-sized Gold Coast apartments with water views. Picture: realestate.com.au/buy
This two-bedroom Surfers Paradise apartment with ocean views is advertised for offers over $900,000, which selling agent Ben Brackenridge of Raine and Horne Surfers Paradise says makes it great value considering its 163sqm floorplan.
“It’s one of the older buildings in Surfers Paradise but it’s tightly held, with 70% owner occupiers,” he said.
This four-bedroom house at 214-220 Gayndah Road, Maryborough West features breathtaking river views. Picture: realestate.com.au/buy
For slightly cheaper at $869,000, this riverfront property in Maryborough West offers water views of a different kind, but in a much larger package including a four-bedroom house with teenage retreat, enclosed patio and solar system.
And for $850,000, buyers can purchase this European-style take on a Queenslander in Cooloola Cove. The solid brick house features a wraparound balcony surrounded by tropical gardens, and is only a short drive from dolphin hotspot Tin Can Bay.
You won't find a property quite like 36 Investigator Avenue, Cooloola Cove anywhere else in the area. Picture: realestate.com.au/buy
Brisbane median unit price: $593,000
The median unit price in Brisbane stretches much further outside the capital. In Gympie, $575,000 will purchase this elevated and updated Queenslander on a spacious 2,752sqm block that’s only a few minutes drive from the centre of town.
For those looking to get their hands dirty, a budget in the ballpark of a Brisbane unit will be enough to buy this 10-hectare hobby farm at Moolboolaman, about 45 minutes west of Bundaberg.
210 Woodswallow Drive, Moolboolaman includes a two-bedroom house and is set up for an agricultural lifestyle for about the price of a Brisbane unit. Picture: realestate.com.au/buy
Tasmania
Hobart median house price: $706,000
For less than Hobart’s median house price, buyers can pick up two properties for the price of one in Penguin on Tasmania’s north coast.
32 Pineleigh Street, Penguin includes two lots for the same price as a typical Hobart house. Picture: realestate.com.au/buy
Listed for $680,000 and spread across two titles, the property offers buyers a potential development opportunity, although that would mean parting with the “delightfully maintained” gardens and large workshop.
About 25 minutes down the road in East Devonport, this 133-year-old four-bedroom house is priced a little higher than Hobart’s median, but its character facade and respectfully-renovated interior would be worth the $750,000 price tag for the right buyer.
32 Wright St, East Devonport is a charming cottage in the largest regional city on Tasmania's northern coast. Picture: realestate.com.au/buy
Treechangers looking to get away from it all could do worse than this off-grid house nestled amongst giant boulders in the hills of Golden Valley.
It’s powered by a solar and battery setup and supplied with water from a mountain stream, but civilisation is still within easy reach at Deloraine, 20 minutes north.
63 Tiers View Road, Golden Valley offers buyers the ultimate bush escape for the same price as a house in Hobart. Picture: realestate.com.au/buy
Hobart median unit price: $545,000
A budget of about half a million dollars buys a typical Hobart apartment, but that kind of money goes a lot further in regional Tasmania.
A unit in Hobart, or a farm outside Launceston? You can buy either one for less than $550,000. Picture: realestate.com.au/buy
This 10-acre farm featuring a two-bedroom house at Holwell, near Launceston, is priced almost the same as a typical Hobart unit at $549,000, and features ornamental gardens surrounded by lush pastures.
For those looking for something in town, this 1950s brick house in Campbell Town with its distinct rounded exterior is something of a local icon, and is affordably priced at $500,000.
156 High Street, Campbell Town was originally built for Tasmanian author Marjorie Bligh. Picture: realestate.com.au/buy
South Australia
Adelaide median house price: $760,000
Adelaide has had some of the fastest price growth of all the capitals, and while prices in regional South Australia have grown at about the same pace, the regions still offer buyers more for their money.
This four-bedroom Berri house for sale for $795,000 dwarfs city homes in the same price range, offering buyers ample space on a 1247sqm block.
Selling agent Karen Nash of Elders Riverland said it was one of the largest blocks in the area, and enticed both locals and Adelaide buyers.
“They're attracted to the Riverland area and our properties because they’re a bit more affordable and get a bit more for your money than in the city,” she said.
You won't have many neighbours at 17499 Flinders Highway, Elliston, which is selling for about the same price as a house in Adelaide. Picture: realestate.com.au/buy
Meanwhile, lovers of wide open space will be intrigued by this 94-hectare rural property on the Eyre Peninsula that’s selling for $725,000 – less than the cost of a typical Adelaide house.
Adelaide median unit price: $538,000
The price of a typical Adelaide unit can stretch to purchase a house in regional South Australia, such as this solid brick home on a 1409sqm block in Murray Bridge, just an hour east of Adelaide.
19 William Street, Murray Bridge could potentially suit multi-generational living for about price of a typical Adelaide unit. Picture: realestate.com.au
The 1935-built three-bedroom home features plenty of character, and has been extended to include a modern kitchen and multiple living areas, enhancing the property's versatility.
Western Australia
Perth median house price: $698,000
House prices in Perth have soared more than 16% in the past year, and while prices in regional WA have also jumped, buyers can get much more land for the same budget searching outside the capital.
This 1.62ha block at 14 Bottlebrush Road, Gledhow is advertised for less than Perth's median house price. Picture: realestate.com.au
This sprawling property in Gledhow, just outside Albany, is listed for $660,000 and features a three bedroom house and a large workshop amid eclectic gardens including vegetable patches and fruit trees.
Perth median unit price: $467,000
Perth is the second-most affordable capital city for units, but that doesn't mean a modest budget won't stretch far in the regions.
In Bunbury, where the median unit price is cheaper than Perth's, this two-bedroom unit with ocean views is for sale for $475,000.
Selling agent Greg Gardiner of Summit Realty Bunbury said a lot of people were moving to Bunbury from Perth seeking jobs in the area, and the property's position meant it would appeal to both owner occupiers and investors.
"It's close to the beach and walking distance to the CBD, so really easy to just walk into town to restaurants and pubs," he said.
Northern Territory
Darwin median house price: $551,000
A budget big enough to buy a median-priced Darwin house can afford a typical property in most regional suburbs in the Northern Territory, or something even bigger, like this six-hectare property outside Katherine featuring multiple paddocks, bore water and a large shed.
This large landholding at 120 Cummings Road, Katherine is priced at less than a typical Darwin house. Picture: realestate.com.au/buy
For buyers looking for a property in town, this four-bedroom house crafted from timber and stone on a quarter acre block in Araluen, a suburb of Alice Springs, is listed for $589,000.
This unique log-cabin style home at 2 Griffiths Place, Araluen is selling for a little more than Darwin's median house price. Picture: realestate.com.au/buy
Darwin median unit price: $380,000
This three-bedroom house on a fully-fenced 798sqm block in Katherine is priced equal to Darwin's median unit value at $380,000.
The price of a Darwin apartment will afford plenty of houses in regional NT, such as 17 Fuller Crescent, Katherine. Picture: realestate.com.au/buy
While it might not feature ocean views like many Darwin apartments, it does include solar panels, air conditioners, ceiling fans and a large outdoor area.
It also rents for $500 per week, potentially making it a positive cash-flow investmen
Originally published at https://www.realestate.com.au/news/more-bang-for-your-buck-what-a-capital-city-budget-buys-in-regional-australia/
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