What type of property will a $700k budget get you in regional Australia

$700,000 might score you a one-bedroom unit in Byron Bay. Unit 8/47-49 Shirley Street. sold in February 2021 for $685,000 according to Herron Todd White. Photo: Supplied
$700,000 might score you a one-bedroom unit in Byron Bay. Unit 8/47-49 Shirley Street. sold in February 2021 for $685,000 according to Herron Todd White. Photo: Supplied

$700,000 may once have been considered a significant amount of money to pay for regional property, but that is no longer a uniform rule.

A new report from property valuation and advisory company Herron Todd White has explored what that amount will get you around the country, including regional Australia, asking its valuers in different areas to nominate the suburbs buyers in this bracket should focus on.

In some markets a $700,000 budget may be enough to secure a family home with a backyard, in others it will be just enough to buy you a one-bedroom apartment - if you can find any listings in today's hot market.

Byron Shire, NSW

Those looking to score a pad in the lifestyle mecca of Byron Shire will likely need to embrace minimalist living, with older-style, small units making up the majority of stock available under $700,000 according to Herron Todd White.

While buyers will be hard pressed to find anything within this budget in Bangalow, they may have more luck in Brunswick Heads or Byron itself, so long as they they're happy to skimp on space, valuer Mark Lackey advised.

He cited the sale of a one-bedroom unit at 8/47-49 Shirley Street, which sold in February for $685,000, as an example of what around $700,000 would buy in the Byron market.

If size is a priority, buyers could try looking in Ocean Shores, where it is possible to get a larger apartment or townhouse within budget - just.

Those seeking an entry level introduction to the region may have to be patient, as there's little in the way of active listings in any of the Byron localities.

This two-bedroom townhouse at 2/79 Rajah Road, Ocean Shores was recently advertised at $699,000 but recently sold for over asking to a young couple according to listing agent Tania Sheppard of Raine & Horne Ocean Shores.

She agreed that Ocean Shores was affordable when considered in the context of Byron Shire and said the area was "popular with people wanting to get out of Byron [Bay] and move further north".

This Ocean Shores townhouse is an example of what you can get for around $700,000. Photo: Supplied

This Ocean Shores townhouse is an example of what you can get for around $700,000. Photo: Supplied

Newcastle, NSW

Increasing demand from first-home-buyers in the past 12 months means competition in the $650,000 to $900,000 bracket is "fierce" in Newcastle, according to Herron Todd White's Tom McDouall.

But buyers would do well to focus on Waratah, according to Mr McDouall, due to its transport links and amenities.

"Waratah has almost all boxes ticked in terms of desirable location. It has excellent access to public transport with Waratah Train Station and amenities with the Waratah Village Shopping Centre," he wrote.

Situated next to Georgetown in the east and Lambton North to its west, Waratah is around seven kilometres or 15 minutes from Newcastle CBD and the beaches.

This property in neighbouring Waratah West has just been listed with a guide starting at $690,000. Photo: Supplied

This property in neighbouring Waratah West has just been listed with a guide starting at $690,000. Photo: Supplied

Buyers may well be able to secure a property for $700,000 or less in Waratah, but they may need to be patient. At the time of writing there were no listings available for sale in that price range, although this listing at 24 Vera Street in neighbouring Waratah West has just been listed with a guide of $690,000 to $760,000.

The four bedroom, two-bathroom property features a modern kitchen and a 21 panel solar system.

Tamworth, NSW

Valuer Nick Humprhies nominated East Tamworth and Moore Creek as the suburbs those with a sub-$700,000 budget should set their attention to.

In East Tamworth, buyers could expect to choose from established three- or four bedroom, two-bathroom family home with covered car parking and even a swimming pool/

"The locality is within close proximity to Tamworth CBD, school campuses, public parks and playing fields. Sale prices within the past eight months range from $600,000 to $695,000," Mr Humphries wrote.

This three-bedroom house at 12 Yarral Avenue, East Tamworth is currently listed for sale at $409,000.

Features include polished floorboards, gas heating and an above-ground pool.

12 Yarral Street, East Tamworth is currently on the market. Photo: Supplied

12 Yarral Street, East Tamworth is currently on the market. Photo: Supplied

Those seeking lifestyle properties on acreage would do well to look at Moore Creek, located around 16 kilometres from the Tamworth CBD.

"Typically, property within the Moore Creek area offers property with land sized from 2000 square metres up to two hectares. New home construction has surged in the area, offering modern brick veneer style dwellings and additional shedding on large land parcels attracting growing families or tree changers searching for a little extra room to move," Mr Humphries wrote.

Warrnambool, Victoria

The most common purchasing groups in Warrnabool in the $700,000 range are "upgraders, investors and sea-changers," according to Herron Todd White's Jordan Mowbray, with first-home buyers able to secure property in lower price brackets.

Buyers looking to drop $700,000 or so on a property could secure a vacant block of land with views to the ocean and still have $200,000 to $300,000 to spend on a build.

This property at 20 Wando Street, Warnambool is on the market for less than $700,000. Photo: Supplied

This property at 20 Wando Street, Warnambool is on the market for less than $700,000. Photo: Supplied

For those looking to purchase established property, a detached dwelling in a "reputable area" can typically be had for between $600,000 to $700,000.

This house at 20 Wando Street, Warrnambool is currently on the market with a price tag of $660,000 to $675,000 and features three living areas, an established backyard and oversized garage, according to the listing.

Bendigo, Victoria

What you can get for less than $700,000 in Bendigo varies significantly according to the postcode you're looking to buy in, according to valuer James Watson.

"A lazy $700,000 would go a long way in Greater Bendigo; as it is above the median sale price, you would have a lot of purchasing power in the local market," Mr Watson wrote.

To illustrate Mr Watson's point, a four-bedroom, three-bathroom property at 16 Dowker Street in Epsom, 7.5 kilometres from the Bendigo CBD, has just been listed with a price of $575,000 to $625,000.

$700,000 is more than enough to secure a modern freestanding house in Bendigo's outer suburbs, like this listing at 16 Dowker Street, Epsom. Photo: Supplied

$700,000 is more than enough to secure a modern freestanding house in Bendigo's outer suburbs, like this listing at 16 Dowker Street, Epsom. Photo: Supplied

While $700,000 will secure a modern four-bedroom house in outer suburbs, Mr Watson advised investors to focus on the inner suburbs, where similar money will get buyers a two to four units.

Given Bendigo's low vacancy rates, Mr Watson advised investors could expect a rental return "greater than five per cent."

Wollongong, NSW

The buying power of $700,000 has been reduced as a result of escalating prices in Wollongong, according to valuer Chris McKenna.

Buyers seeking a unit or townhouse could find property in the $700,000 range could nab a unit in the northern suburbs but would need to manage their expectations.

"If we start off in the northern suburbs, you might be able to pick up an older two-bedroom unit in Thirroul or Bulli, but don't expect it to be pretty," he said.

"From Woonona south, the options open up a bit more to be able to buy a two-bedroom townhouse or a modern two-bedroom unit in Corrimal or Fairy Meadow."

Mr McKenna said it was only really when you get to Figtree that three-bedroom properties become available in the form of older three-bedroom townhouses.

 40 Beatus Street, Unanderra. Photo: Supplied

40 Beatus Street, Unanderra. Photo: Supplied

He said if it was a house you're looking for, you'd need to start looking in Unanderra and further south.

This house at 40 Beatus Street, Unanderra has a price guide of $570,000 to $620,000.

Set on 643 square metres, this three-bedroom plus a sunroom, north-facing home is located in a quiet street with a council reserve at the rear.

With Brendan Crabb

This story What a $700k budget buys in the regions right now first appeared on Newcastle Herald.