Where you can buy a city pad in Australia for less than a luxury SUV
If you have ever dreamt of living in the city but thought you were priced out of the market, stand by.
You can still buy real estate in some Australian cities for less than a Range Rover or a standard house deposit.
First up is an apartment that is being marketed as “Brisbane’s cheapest and best investment opportunity for 2019” — and is on the market for offers in the “low $100,000s”.
MORE: Jailed lawyer sells mega mansion
House with see-through facade sells for more than $1 million
Property guru Andrew Winter snaps up coastal retreat
In the heart of Kangaroo Point, this one bedroom studio apartment in the Shafston Mansion Tower comes fully furnished, with shared amenities including an on-site gym, high speed broadband, a recreational lounge and a cafeteria.
And it has an impressive rental return of 11.9 per cent, or $275 a week.
Last year, a studio apartment in the same Shafston building sold for — wait for it — $98,500! And no, we have NOT left off any digits.
RELATED: Inner-city unit sold for unbelievable five-digit sum
Place Kangaroo Point agent Michael Bacon said the property had only been listed for about 12 hours and had already yielded 11 inquiries and six calls from interested buyers.
The current owner is relocating overseas and wants the unit sold, he said.
“You could live in it or rent it out … there are not many in this price bracket that are priced as aggressively as this one,” he said.
Mr Bacon said he had sold five apartments in this price range in 12 months, with one selling in just 20 minutes.
He said that while the unit was small by Australian standards — 21 square metres — it was palatial compared to many units in Asian countries.
“The majority (of inquiries) have so far come from investors, but there have been a couple of young buyers looking to live in it,” he said.
“That’s why they go quickly (at that price point).”
But it is not the only bargain in the Brissy CBD.
Positioned on the 25th floor of the Unilodge building. this one bedroom apartment is on the market for offers over $140,000 — and it is tenanted until 2020.
It has a 12 per cent gross rental yield, comes fully furnished and is only a short walk to QUT, Queen St Mall and amenities.
Another Unilodge apartment — 18 sqm — on the 16th floor is listed for $118,000.
Onsite amenities include a swimming pool and rooftop access.
Also in Brisbane is a 176sq m studio apartment which is on the market for $134,000.
The listing says the “no-brainer” unit is currently rented for a “whopping $1373/month”, and is popular with students.
In Sydney, a search for units under $150,000 yielded a big fat zero on realestate.com.au
But in Melbourne, you can channel your gap year ambitions and still find a pad in the heart of the city for under $150,000.
This 19sq m studio apartment is located in a building which includes secure lift access and a concierge service, all within walking distance of “every CBD attraction including Southern Cross Station, the Docklands precinct and Etihad Stadium”.
Shared amenities include an internet/study area, a gym and a ground floor cafe/bar. It currently has a long-term lease that brings in $8900 a year, and is tenanted by the
Ibis hotel chain.
In Adelaide, a studio apartment is on the market for $127,500 and buyers can either rent it out via the student living manager or live in it.
The apartment includes a two seater sofa, a desk and chair, a dining table and chairs, LCD TV, high speed internet access, reverse cycle airconditioning, microwave, refrigerator, bed and an ensuite bathroom.
Shared facilities include a gym, library and courtyard with a barbecue area.
Another studio apartment in the City of Churches is on the market for just $118,000, and is being marketed towards singles studying or working in the CBD.