Home Buying Tips: Kinds of Properties You Can Realistically Buy Under $400K in Australia

The median price of houses in Australian cities such as Sydney, Melbourne and Canberra stands at $780,000. This means that buying a property within a $400,000 price tag seems impossible. However, real estate agents claim that home hunters can buy a studio type apartment with such budget, a report from News Australia said.

For instance, a real estate property owned by Mr. Shik has been listed on the market for $379,000. Shik's property is actually a studio type apartment located at Mcleay St. He said that his property won't last long on the market.

"Under $400,000 there are some studios but they get snapped up pretty quickly. People are buying them as part of their super portfolios. And they don't just buy one - they tend to buy a few. They know how to create wealth," he said, as quoted in the report.

According to a research conducted by realestate.com.au, both South Australia and Western Australia have real estate properties that are more affordable, with only a median price of $375,000. In fact, interested home buyers can actually buy a home in some of Australia's most sought-after zipcodes.

Listed below are the properties that home buyers can purchase under $400K, according to the report.

• A 22sq m studio apartment in Sydney with an asking price of $379,000. This apartment is located at 412/28 Macleay St, Potts Point.

• A modern two-bedroom unit located at 59/108 Union St, Brunswick in Melbourne. The unit is priced $400K.

• In Brisbane, a traditional three-bedroom home located at 12 River Rd, Dinmore is priced at $279,000

Adelaide agent Bruce Walker, managing director of Walker and Keipert, said that "people really look at houses here as exactly the same as house in (nearby) St Clair, but they're $150,000 to $200,000 cheaper."

"The next most profitable and affordable suburbs included Maddington, WA, where the yearly growth was up 4.1 per cent to $366,500; Salisbury Heights, SA, where prices were up 4 per cent to $360,000; and Langford, WA, where sales were up 3.4 per cent to $395,000 for a three-bedroom house," the report said.