In the past year, property prices across Australia increased dramatically by 23.4%. Those buyers who are on a tight budget are particularly longing to uncover a real estate bargain.
In New South Wales, one of the cheapest areas happens to be Mannering Park, located on the state’s central coast, where the median house price is set at $614,000. Proven that it has a direct position on Lake Macquarie with numerous recreational activities available in its surrounds, Mannering Park is a holiday hotspot at its finest. With a thriving population, great schools, and close proximity to the M1, this location is perfect for those who are searching for a change of scenery and is a good chance for those first home buyers wishing to step foot in the market or for those who wish to retire in an amazing waterfront location.
The cheapest metropolitan suburb overall within NSW is that of Emerton, located in Sydney’s West, with a median house price of $580,000. Other areas in close proximity in the Blacktown region with low median house prices are Lethbridge Park ($602,500), Blackett ($605,000), Tregear ($607,500) and Bidwill ($608,750).
Among the cheapest metropolitan suburbs for units within NSW happens to be Warwick Farm, with a median house price of $358,000, followed by Wiley Park, with a median price of $378,000.
Moving along to Melbourne, the cheapest metro suburb to purchase a house in was Millgrove, located in the city’s outer east, with a median house price of $531,000. With a very friendly neighbourhood, access to the river, mountain bike tracks, great supermarkets and dining options, Millgrove has so much to offer.
The suburb of Melton, in the city’s west, was Victoria’s cheapest suburb for houses overall, with a median price of $450,000, followed by Kurunjang ($486,000), Melton South ($500,000) and Coolaroo ($500,000).
The cheapest metropolitan area for units overall is the suburb of Albion, in Melbourne’s west, with a median unit price of $285,000, followed by Melton South ($321,250) and Melton ($346,00).
When it comes to South Australia’s list of cheapest suburbs, Elizabeth North has a median price of only $209,000. Elizabeth North is described as a hidden treasure, particularly for first home buyers and savvy investors.
Salisbury was noted as South Australia’s cheapest suburb for units, with a median unit price of $255,000.
Moving down to Tasmania, the Australian state with the cheapest suburb for houses, Bridgewater documented a median house price of $377,875. With good amenities such as shopping and parks to a popular private school nearby, the demand for houses within Bridgewater has continuously increased. The area has become more and more popular.
Hobart’s suburb of Claremont ranked the state’s cheapest for units, with a median price of $403,500.
Transitioning to booming Queensland, there have been no major Brisbane suburbs on the state’s list for the cheapest areas for a house. Russell Island, located southeast of Brisbane, comes in on top with a median house price of $255,000, followed by Laidley ($271,500) and Riverview ($300,000).
In regards to units, some of the lowest metro area median prices in the Sunshine State were Woodrige ($181,158), Goodna ($221,000) and Brassall ($240,000).
Reach out to Greenline Home Loans today!
If you have been considering buying your first home, buying a residential property or wanting a residential investment property loan and are looking for the best home loans, get in touch with our team of experienced brokers at Greenline Home Loans. We have access to 50 lenders and a strong relationship with several major banks to assist you and offer a solution to suit your needs.
At Greenline Home Loans, we will tailor the best solution for your needs and walk with you hand in hand from the first day you consider purchasing an investment property with your super. Contact our friendly team of brokers to speak about low rate home loans on 1800 705 505 to get started today!
It is a no-brainer that the affordability of housing has become a major challenge for Australians. It can be quite difficult for many first home buyers to get their foot into the property market. A great option available for potential investors to help them break into the increasingly difficult property market is through the use of a SMSF (self-managed super fund). It is important to keep in mind that you are unable to invest in and purchase property with a standard industry super fund.
Below we have outlined the various benefits that come with using your super to invest in property:
Provides Tax Advantages
Particularly if you have a high-yield property, it may be beneficial to purchase and invest in the property using your superannuation. Any income that you earn will be taxed at 15% as compared to your personal tax rate, which is usually much higher. The tax rate on capital gains can drop to just 10% after you have held your property for over a year. If you do plan on selling your property after you enter into your pension phase, you will no longer pay tax on capital gains.
In addition, the interest this is accrued is tax deductible for your SMSF. This can aid in reducing your SMSF’s tax obligations.
Aids in Saving for a Deposit
As the cost of living keeps increasing, it is becoming impossible for people to keep up with this trend, meaning it is very difficult for them to save up for their first home deposit. Using your superannuation to get into the property market sooner rather than later provides individuals with the extra leg up that they need to purchase their very first home.
Benefits are Enhanced for Business Owners
Business owners can hold their commercial premises under their SMSF and pay market-value rent to the SMSF. By purchasing your business premises in a SMSF, business owners can minimise the tax paid on rental income and can guarantee an asset for their retirement without the need to alter their business cash flow. In this case, your business is becoming a tenant of your SMSF and pays rent to it like it would to any other landlord.
Strengthens your Retirement Income
When it comes to your self-managed super fund, it can catch all of your income and capital gains from the property investment in your super. Plus, if there happens to be no loan on the property that your SMSF owns, you can utilise this rental income to help fund your pension account. This investment income is known as Exempt Current Pension Income (ECPI) and may be tax exempt.
Why Choose Greenline Home Loans For Your SMSF?
A self-managed super fund is a great way to leverage your superannuation into an investment property to secure your future. Greenline Home Loan’s self-managed super fund loans are designed to cater to a wide range of investors, and we can consider both residential and commercial properties on a loan term of up to 30 years. We understand that depending on the location of your property, you may find it difficult to obtain approval for your SMSF loan with other lenders. Rest assured, Greenline’s product caters for inner-city properties as well as high-density and regional properties.
Our competitive loans are ideal whether you a purchasing a property or looking to refinance. Here at Greenline Home Loans, we accept applications for both new SMSFs and established SMSFs. Unlike other lenders, Greenline’s unique product does not have a minimum balance required and accommodates for SMSFs without liquidity and a cash buffer. Greenline’s SMSF loans can be either variable or fixed, and investors can choose to make interest-only repayments or make both principal and interest repayments.
Our unique variable product allows you to make unlimited extra repayments and gives you access to a 100% offset account on all your variable loans. You will have the ability to be able to customise your loan to your own preferences by creating multiple splits with no extra costs. Plus, our market-leading and user-friendly platform provides you with full access to your SMSF loans and your transaction accounts, along with unlimited transactions on all your accounts.
Reach out to Greenline Home Loans today!
If you have been considering buying your first home, buying a residential property or wanting a residential investment property loan and are looking for the best home loans, get in touch with our team of experienced brokers at Greenline Home Loans. We have access to 50 lenders and a strong relationship with several major banks to assist you and offer a solution to suit your needs.
At Greenline Home Loans, we will tailor the best solution for your needs and walk with you hand in hand from the first day you consider purchasing an investment property with your super. Contact our friendly team of brokers to speak about low rate home loans on 1800 705 505 to get started today!