Where To Buy: Five Places Under $500k To Invest In Property In 2019
A Suburb on the northern outskirts of Brisbane and an underrated Ipswich gem have been named two of the best places to invest in property in 2019.
National buyers’ agency Your Property Your Wealth has hand-picked five locations in three different states that are on track to record solid growth in the years ahead — and they all have a median house price under $500,000.
Petrie and Raceview are the hot picks in Queensland, with average house prices of $440,000 and $343,000, respectively.
Your Property Your Wealth director and buyer’s agent Daniel Walsh said the sunshine state offered a number of good investment opportunities, not only because of its relative affordability, but also because of its strong infrastructure program.
Mr Walsh said one of the most exciting new projects was the new university campus being built in Petrie.
“Construction of the University of the Sunshine Coast’s Petrie campus is under way, which aims to attract 10,000 students in its first year of operation in 2020,” Mr Walsh said.
“Petrie is also located within Moreton Bay, which is one of Australia’s fastest-growing regions, with its population expected to growth by a staggering 40 per cent over the next 20 years.”
A four-bedroom, two-bathroom family home on 621 sqm at 25 Bordeau Cres, Petrie, is currently on the market for offers over $439,000.
Raceview in Ipswich is also in a growth area, according to Mr Walsh, with the region’s population expected to increase from 210,000 to 500,000 by 2041.
The suburb is only three kilometres from Ipswich’s main centre, which allowed good
access to the region’s diversified economy, including healthcare and social assistance,
retail and manufacturing sectors.
Mr Walsh said Amberley’s $5 billion Defence contract was also vital for the region, with the $340 million Cunningham Highway upgrade helping to reduce commuting times to Brisbane.
A three-bedroom house on 617 sqm at 281 South Station Rd, Raceview, is on the market for just $285,000.
His top investment picks include both regional and capital city locations.
“Contrary to some people’s narrow viewpoint that Sydney and Melbourne are the only markets in Australia, there are myriad locations where investors can secure affordable property,” Mr Walsh said.
“Not only do they have median house prices under $500,000, but they are also locations on the rise because of fundamentals such as major infrastructure or population growth.”
No NSW locations made the top five list, despite prices softening in Sydney.
“You don’t have to spend $1 million to make a wise investment decision,” Mr Walsh said.
“In fact, you could buy two properties for that price in these areas and benefit from the market upswing in the future.”
TOP FIVE INVESTMENT LOCATIONS UNDER $500,000
Suburb Locality State Median house price
1. Grovedale Geelong VIC $467,000
2. Wyndham Vale Wyndham VIC $480,000
3. Petrie Moreton Bay QLD $440,000
4. Raceview Ipswich QLD $343,000
5. Port Adelaide Adelaide SA $350,000
(Source: Your Property Your Wealth, CoreLogic)