Finding the Perfect Home: Where to invest in Australia with a Budget of $800,000

Purchasing an investment or your owner occupied home is one of the most significant financial decisions you'll ever make. In Australia, the property market can be daunting, especially with rising prices and competitive markets in Sydney. However, with a budget of up to $800,000, there are still several attractive options across various cities and suburbs.

Below is a break down of roughly how much you may need in savings for a $800,000 property:

To purchase a $800,000 property with a 10% deposit, you will need $80,000 for your deposit, up to $45,000 on stamp duty (this is all dependant on which state and loan type you purchase in) and roughly $2500 in fees. You must also consider LMI (lenders mortgage insurance) when LVR (loan to value ratio) is above 80%, LMI is calculated by the bank and is based off the location of the purchase and the loan type.

Here's a guide to help you find the perfect place to call home or to invest.

1. Adelaide, South Australia

Suburb: Semaphore

Semaphore, a seaside suburb located just 14 kilometers from Adelaide’s CBD, offers a unique blend of beachside living and urban convenience. Known for its beautiful beaches, historic buildings, and vibrant community, Semaphore is ideal for families and young professionals. With a median house price around the $800,000 mark, you can enjoy a laid-back lifestyle without compromising on amenities.

Rental yield:

• House: 3.39%
• Unit: 4.66%

Key Highlights:

• Proximity to the beach
• Strong community vibe
• Good schools and parks
• Affordable compared to other capital cities

2. Brisbane, Queensland

Suburb: Carina

Carina, situated approximately 7 kilometers east of Brisbane’s CBD, is an emerging suburb offering great value for money. It provides easy access to the city, public transport, and excellent schools. The area has seen significant growth and development, making it a wise investment for first-time buyers and growing families.

Gross Rental yield:

• House: 3.38%
• Unit: 4.61%

Key Highlights:

• Close to Brisbane CBD
• Well-connected by public transport
• Family-friendly with good schools
• Growing local amenities and infrastructure

3. Perth, Western Australia

Suburb: Innaloo

Innaloo, located just 9 kilometers northwest of Perth’s CBD, is an up-and-coming suburb perfect for those seeking affordability and convenience. The suburb offers a mix of old and new homes, shopping centers, and recreational facilities. With a median house price that fits well within the $800,000 budget, Innaloo provides an excellent balance of urban living and suburban tranquility.

Gross Rental yield:

• House: 4.88%
• Unit: 5.5%

Key Highlights:

• Close to the city and the beach
• Good public transport links
• Growing commercial and entertainment options
• Affordable housing market

4. Hobart, Tasmania

Suburb: Moonah

Moonah, located 5 kilometers north of Hobart’s CBD, is a charming suburb known for its rich cultural heritage and vibrant arts scene. It’s a popular choice for those looking for an affordable home with a community feel. With median house prices well within the $800,000 budget, Moonah offers a fantastic lifestyle with easy access to the city and beautiful natural surroundings.

Gross Rental yield:

• House: 4.72%
• Unit: 5.44%

Key Highlights:

• Close to Hobart CBD
• Cultural and arts hub
• Friendly and diverse community
• Affordable housing with growth potential

5. Melbourne, Victoria

Suburb: Sunbury

Sunbury, located 39 kilometers northwest of Melbourne’s CBD, offers a suburban escape with a touch of city convenience. Known for its historical significance and expanding amenities, Sunbury is ideal for families and those looking to invest in a growing area. The median house price fits comfortably within the $800,000 budget, offering great value for money.

Gross Rental yield:

• House: 3.8%
• Unit: 4.67%

Key Highlights:

• Growing suburb with historical charm
• Good schools and recreational facilities
• Accessible to Melbourne CBD by train
• Affordable housing market

With a budget of $800,000, there are still numerous opportunities to buy a great home in Australia. Each of these suburbs offers a unique lifestyle and potential for growth. Whether you prioritise proximity to the CBD, community vibe, or coastal living, there's a perfect spot waiting for you. Always conduct thorough research, visit the areas, and consult with local real estate agents to ensure you make an informed decision.

If you have any questions or need further guidance on finding the perfect home within your budget, feel free to reach out or comment below. Let’s connect and discuss how you can achieve your property goals!

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