You are currently viewing Do you want to find bargain hotspots in your suburb?

Do you want to find bargain hotspots in your suburb?

The impact of location on property prices is undeniable, yet within a single suburb, the difference between paying a premium for a home or snapping up a bargain can often come down to just a few streets. Discover the secrets of identifying hidden pockets of value in your neighbourhood using a powerful tool.

Explore the essence of each suburb’s real estate scene through median house prices. Platforms like realestate.com.au offer an accurate guide to median home values in specific postcodes; a key step in understanding the property market.

While the median represents the midpoint in a suburb’s dataset, prices often exhibit considerable variation across a single area. Luckily, an accessible online tool exists to aid you in pinpointing more budget-friendly pockets within the suburbs you’re considering for your purchase.

Revolutionize Your Search with the Interactive Price Tool

PropTrack introduces an innovative property price tool designed to unveil the median values across various sections of each suburb, offering unprecedented insight into local property markets. You will be surprised to see the marked difference in prices within a single suburb?

Take Beecroft, nestled in Sydney’s picturesque north shore, where the median house price stands at approximately $2.4 million. However, PropTrack’s price tool unveils intriguing variations, showcasing certain areas of Beecroft with a median surpassing $2.8 million. Just a few streets away, this figure drops to around $2.2 million. So what’s the rationale for the $600,000 price difference?  The more budget-friendly sections of the neighbourhood border the M2 Hills Motorway.

Journey into Melbourne’s sought-after inner suburb of Fitzroy North, celebrated for its charming terrace houses with a median value of $1.6 million.  But look closer and you’ll notice a similar situation. If you want proximity to the enchanting Edinburgh Gardens, you’ll elevate your budget to approximately $3 million. The tale of diverse landscapes within the same suburb unfolds, offering both character-filled affordability and premium park-side living.

Explore the trendy side of James Street near the James Street Market in Brisbane’s Fortitude Valley, and you’ll find a median house price of $3 million. Yet, just across the road towards Brunswick Street, the median drops to under $1.9 million. The contrast is striking, offering homebuyers a spectrum of choices within the vibrant Fortitude Valley neighbourhood.

These disparities in prices are not uncommon. According to a PropTrack analysis, savvy homebuyers can often save approximately $365,000 by choosing the more budget-friendly areas within a suburb. However, in certain neighborhoods, this price gap transforms into a substantial chasm, providing significant savings for those with a discerning eye.

In the vibrant Perth suburb of Subiaco, distinct pockets boast median values exceeding $2 million. Yet if you take a short stroll around the corner to Subiaco Oval, the surrounding homes are priced more modestly, hovering around $840,000. This suburb displays the diverse real estate landscape, where a slight change in location can lead to significant variations in property values offering substantial savings to the keen eye.

Savvy Bargain Hunters:  What to watch out for!

By now, you’ve likely observed a consistent pattern. Proximity to certain features can significantly influence property values, whether for the better or worse. Factors like beach access, picturesque views, or nearby parks can elevate property values. Conversely, residences near a busy highway or industrial area may present opportunities for budget-friendly purchases, provided you’re willing to accept the trade-offs. Yet, there are less obvious considerations, such as flood zones or upcoming changes in council zoning.  So make sure you do your research. Remember, while you can renovate a home to the nines, one thing you can’t change is its location.

Finding Price Opportunities

Within suburbs, pricing differences can be an avenue for savings. A mere street can be the distinguishing factor between a costly home and its more budget-friendly neighbour. Opting for the more affordable neighbourhood allows you to relish all the amenities of the pricier postcode without the hefty price tag. Keep an eye on planned local developments; what may seem unremarkable today could transform into a sought-after enclave tomorrow. Contemplating a purchase? Reach out today on 1800-E-LOANS to work your borrowing power, guiding you on how best to get a home loan to turn your home-buying dreams can become a reality. You can also use our free online home loan repayment calculator to see what the repayments will mean to your cashflow. 

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Disclaimer: The 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.

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