Urban data compares 2-bedroom configurations around Australia: Which property is right for you?
As a first home buyer or investor, have you been contemplating purchasing either a one or two bedroom? Should there be an office space? Are energy efficient appliances and smart tech worth it? Or if you’re just curious to know what other first home buyers are getting for themselves, take a look at the budget range and configurations other buyers are searching for on Urban.
According to Urban data, up to 57% of first home buyers in Victoria, New South Wales and Queensland prefer 2-bedroom configurations. This configuration is ideal for buyers as it accommodates the market’s largest segment: young families with one or two children. Another factor to take into consideration would be the location. Being located close to university would be a good fit for students or an area that encourages a certain lifestyle for downsizers as there would be less commute time and more access to transportation.
According to Mitchell Institute from Victoria University,
“The centre of Melbourne had the largest number of international students in the country – at almost 20,000, or 38% of the resident population. The neighbouring suburb of Carlton has the next largest with 9,600 or 39% of the population.”
Smaller high-spec homes can give owner occupiers and downsizers a lifestyle improvement and low-maintenance living, while larger high-spec homes have the investment potential to earn better rental yields.
Here are some statistics to get an idea of the budget range from first home buyers from Urban in Australia.
For two bedrooms located in Victoria:
- 36% keep their budget within $600k-$800k
- 32% keep their budget within $400k-$600k
- 26% keep their budget up to $400k
- 4% keep their budget within $800k-$1M
- 2% keep their budget within $1M-$1.5M
Here are some 2-bedroom properties within these budgets that we think offer excellent value for money in Victoria:
FORME (from $600k)
- 13km from CBD, walking distance from Westfield Doncaster
- Quality finishes
- Close proximity to sought-after schools and transport
Sky Garden (from 668k)
- 30 mins from CBD
- Unique amenities including gaming rooms (mah-jong and billiard), private cinema, gymnasiums with yoga studios, tai chi areas, steam room, heated lap pool and more
- Connected to the revamped and modern The Glen shopping centre located right below
Why is NSW more expensive?
Due to limited supply in the popular inner NSW suburbs, competition has driven house prices up. However, NSW is a desired place to live and invest in with its competitive market due to homes proving to retain value.
New South Wales:
- 54% keep their budget up to $400k
- 23% keep their budget within $400k-$600k
- 15% keep their budget within $600-$800k
- 8% keep their budget within $800-$1M
Here are some 2-bedroom properties within these budgets that we think offer excellent value for money in New South Wales:
Kew Schofields Stage 1 - Rose Garden (from 495k); Stage 2- Georgette (from 535k)
- Has quality community living, perfect for young families
- Primary schools and Tafe college closeby
- Private access to a courtyard
Destination (from 874k)
- Prime location in Macquarie and close to transport
- Has large house-like proportion layouts for an apartment that makes the rooms more spacious
- Elegant design and finishes
What does QLD have to offer?
Known for their beautiful beaches and coastal living, does this imagery of living in QLD fit your dream lifestyle?
According to Living in Australia, the average cost for a house in January 2019 in New South Wales would be $955,000 and $737,000 for Victoria. Compared to New South Wales and Victoria, Queensland’s average price for a home is $530,000.
Queensland:
- 60% keep their budget within $400-$600k
- 23% keep their budget up to $400k
- 14% keep their budget within $600-$800k
- 3% keep their budget within $800k-$1M
Here are some 2-bedroom properties within these budgets that we think offer excellent value for money in Queensland:
The Coterie (from $537k)
The Coterie
- Only 1.5m away from the CBD with views of Brisbane’s skyscraper
- Luxurious interior that is well-thought of with design elements from St Pauls
- Close to a lively neighbourhood
The Catalina (from 549k)
- At a central location of Surfers Paradise
- Open floorplan that blends indoor-outdoor living with Gold Coast’s skyline
- On top of the usual amenities, they have a hydrotherapy shower, treatment rooms, private cinema, and more to promote wellness
Familiarising yourself with the different market valuations in the areas you’re looking to purchase a home in, will help you to identify whether you’re getting a good deal for your property purchase. You can use platforms like Urban to compare prices within a particular location, taking into account amenities and home configuration. To view all listings on Urban, have a browse at our projects.