{"id":5391,"date":"2024-02-29T10:16:49","date_gmt":"2024-02-29T00:16:49","guid":{"rendered":"https:\/\/financialplus.com.au\/?p=5391"},"modified":"2024-02-29T10:16:49","modified_gmt":"2024-02-29T00:16:49","slug":"where-are-the-bargain-homes-located-in-your-suburb","status":"publish","type":"post","link":"https:\/\/financialplus.com.au\/where-are-the-bargain-homes-located-in-your-suburb\/","title":{"rendered":"Where are the bargain homes located in your suburb?"},"content":{"rendered":"

\"\"Location may be a big driver of property prices, but in any given suburb a few streets can be all that separates paying top dollar for a home or potentially scoring a bargain. Here\u2019s how to use a tool to find pockets of value in any given neighbourhood.<\/strong><\/p>\n

Each suburb has its own median house price, and sites like realestate.com.au can provide a useful guide to median values for a particular postcode.<\/p>\n

However, the median is obviously only the middle point in each suburb\u2019s dataset \u2013 and it\u2019s common for prices to vary widely across a single suburb.<\/p>\n

Fortunately, there is an easy online tool that can help you identify more affordable pockets in the suburbs you\u2019re looking to buy in.<\/p>\n

New interactive price tool<\/h3>\n

PropTrack has developed an\u00a0interactive property price tool<\/a>\u00a0that reveals the median values across different parts of each suburb.<\/p>\n

The price differences can be surprising.<\/p>\n

For example in Beecroft, on Sydney\u2019s leafy north shore, the\u00a0median house price<\/a>\u00a0is about $2.4 million.<\/p>\n

But as PropTrack\u2019s price tool shows, in certain parts of Beecroft, the median rises to more than $2.8 million.<\/p>\n

Yet, several streets away, that figure is closer to $2.2 million.<\/p>\n

There is a reason for the $600,000 difference.<\/p>\n

The more affordable parts of the neighbourhood lie adjacent to the M2 Hills Motorway.<\/p>\n

It\u2019s a similar story in Melbourne\u2019s popular inner suburb of\u00a0Fitzroy North<\/a>.<\/p>\n

Known for its character-filled terrace houses, Fitzroy North has a median house value of $1.6 million.<\/p>\n

But if you want to live near Edinburgh Gardens \u2013 the suburb\u2019s attractive parkland \u2013 be prepared to pay closer to $3 million.<\/p>\n

In Brisbane\u2019s Fortitude Valley, the trendy James Street Market side of James Street has a median house price of $3 million, whereas across the road towards Brunswick Street there\u2019s a median house price of under $1.9 million.<\/p>\n

These price differences are not unusual.<\/p>\n

According to a\u00a0PropTrack analysis<\/a>, home buyers can typically save around $365,000 by buying in the more affordable areas of a suburb.<\/p>\n

In some neighbourhoods though the price gap becomes more of a chasm.<\/p>\n

In the Perth suburb of Subiaco, for instance, several pockets of homes have median values topping $2 million.<\/p>\n

Head just around the corner to Subiaco Oval and the surrounding homes are priced closer to $840,000.<\/p>\n

What to watch with bargain buys<\/h3>\n

By this stage you\u2019ve probably noticed a trend.<\/p>\n

Nearby features can have a real impact \u2013 good and bad \u2013 on surrounding property values.<\/p>\n

Access to the beach, great views or a local park can push property values higher.<\/p>\n

On the other hand, homes bordering a 6-lane highway or nearby industrial estate can offer bargain buying \u2013 as long as you\u2019re prepared to live with whatever is keeping the price lower.<\/p>\n

And then there may be not-so-obvious factors \u2013 such as flood zones or upcoming changes to council zoning \u2013 so it\u2019s worth doing your research.<\/p>\n

After all, there\u2019s a lot you can do to renovate a home, but you can\u2019t change the location.<\/p>\n

Seizing opportunities<\/h3>\n

That said, pricing differences within suburbs can offer opportunities to save.<\/p>\n

A single street can be all that separates an expensive home from its more affordable neighbour.<\/p>\n

Buying in the cheaper neighbourhood lets you enjoy all the amenities of the more expensive postcode, without the higher price tag.<\/p>\n

It\u2019s also worth keeping tabs on any planned local developments that could have the potential to transform today\u2019s ugly duckling pocket into tomorrow\u2019s upmarket enclave.<\/p>\n

Thinking of buying? Call us today to understand your borrowing power \u2013 it\u2019ll help let you know where you can afford to buy.<\/p>\n

Disclaimer:<\/strong>\u00a0The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.<\/p>\n","protected":false},"excerpt":{"rendered":"

Location may be a big driver of property prices, but in any given suburb a few streets can be all that separates paying top dollar for a home or potentially scoring a bargain. Here\u2019s how to use a tool to find pockets of value in any given neighbourhood. Each suburb has its own median house […]<\/p>\n","protected":false},"author":23,"featured_media":5392,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[110],"tags":[],"class_list":{"0":"post-5391","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-home-loans","8":"entry"},"yoast_head":"\nWhere are the bargain homes located in your suburb? · FinancialPlus Mortgage Broker Gold Coast<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/financialplus.com.au\/where-are-the-bargain-homes-located-in-your-suburb\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Where are the bargain homes located in your suburb? · FinancialPlus Mortgage Broker Gold Coast\" \/>\n<meta property=\"og:description\" content=\"Location may be a big driver of property prices, but in any given suburb a few streets can be all that separates paying top dollar for a home or potentially scoring a bargain. 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