With property prices climbing fairly steadily, you may be thinking there is no way you can find your dream home or the perfect investment property at an affordable price.
While it is becomingly increasingly difficult to find the perfect place for under $350,000, it is not impossible. Indeed, it is still very much possible to find a property priced under $350,000 in some of the most popular areas across Australia. But hurry, time is running out.
Moving into the suburbs
Just because you want to find a property for under $350,000, doesn't mean you have to look at properties based in the middle of nowhere. There are still opportunities to buy affordable homes on the outskirts of the city.
For example, the South Australian suburb of Cleve has a median house price of $155,000. Property buyers who are interested in buying in this suburb are advised to act quick, as the area is currently enjoying staggering value growth. Last year, property values climbed by almost 50%.
Similarly, Cloncurry in Queensland has also seen a sharp increase in home prices. Median home values in the suburb are set at approximately $260,000. Other affordable suburbs include Werris Creek in New South Wales, Warracknabeal in Victoria and Nathalia in Victoria.
Buying an urban home
If the suburb lifestyle isn't for you, don't despair. There are some affordable properties based in the capital cities – you just need to know where to look.
Homes that are on the cusp of the city boundaries are often much cheaper. You could save money by purchasing a home that requires renovations, but be careful to ensure that the renovations do not put you over budget due to unforeseen extra costs!
Purchasing a unit instead of opting for a single-family home can also make property ownership more affordable. These units often come with amenities including use of shared areas on the property such as outdoor barbecue spaces and gardens.
Act fast before prices rise
Home prices across Australia are on a steady incline that will only steepen as 2014 continues. Anyone who is in the market to buy a home should act fast if they want to avoid paying a premium for homes that are affordable now.
If you're not in a financial position to pay for inner-city living, begin assessing what exactly you can afford to buy. Talk to a Mortgage choice specialist or use our handy range of home loan calculators to plan your financial moves.