How to Get a New Home for Under $350,000

  • Posted 07 May
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How to Get a New Home for Under $350,000

Low financing rates and booming growth around the country is helping first home buyers afford great starter homes. New South Wales is home to many rapidly expanding markets where buyers can purchase new and existing homes for less than $350,000. In fact, 8 of the top 10 fastest growing suburbs in the country are found in NSW.

But you’ll also find growth hotspots in other city and regional centres. With record low interest rates and experts predicting further possible cuts before the May Federal Budget announcement, now is a great time to invest in a new home.

 

Top suburbs

The rate of growth for Australian housing sales has been strong across the country since the late 1990s-early 2000s. With prices continuing to climb, new buyers are looking for the best places to find affordable properties. This has lead to a high level of growth in suburban and regional markets, fuelled by young families, property investors, and older owners looking to downsize.

Penrith, in NSW, is currently at the top of this suburban growth wave. Penrith had the highest growth rate for homes of less than $350,000 last year, with a median price of just over $295,000. The number of one-bedroom units in the area is growing at a rate of 13.2 per cent.

In the Melbourne area, Box Hill is an expanding suburb with a growth rate of 10.9 per cent last year. Median home prices in Box Hill are $305,000, and the suburb has become a popular centre for property investing. Nearby suburb Frankston also had an annual growth rate of more than 10 per cent.

Another area in NSW, Liverpool, was third on the list of fast growing suburbs. A south western suburb of Sydney, one-bedroom homes in Liverpool have a median price of $285,000. The city grew at an annual rate of 10.6 per cent last year. St Marys and Cabramatta in NSW also had growth rates of more than 10 per cent.

 

Growth in regional centres

Regional centres outside the nation’s major cities are also experiencing rapid growth. For instance, Geelong and Bendigo near Victoria experienced annual growth rates of 8.5 and 7.7 per cent, respectively.

Regional homes can be great for first home buyers, because you can get more for your money. You may find you can afford two bedrooms instead of one. To find a starter home with great resale value, consider distances to neighbourhood schools, bus stops, and the CBD.

The sales of two-bedroom homes in several suburbs of Toowoomba, Queensland are increasing at nearly 6 per cent annually. Alice Springs’ suburbs in the Northern Territory and Geraldton in Western Australia are also expanding rapidly.

By choosing to purchase in any of the regional centres outlined above, you can easily purchase your first home for less than $350,000. Make sure to do you due diligence on the area first, before you sign on the dotted line though.

Interested in property investing or joining the ranks of first home buyers? Contact our loan experts today to start exploring your options. Australian Credit and Finance will be a valuable resource through every step of the process.

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