Gippsland's $500,000 property market: HTW

The valuers HTW have advised on what is available at around $500,000 in Victorian's Gippsland district.

In the Traralgon area, $500,000 will buy a modern 4-bedroom home in a superior, close-in residential estate, or an older style, rural residential property on the outskirts of town. Older style properties in prime locations will generally sell for $400,000 to $500,000, especially if they have been partly renovated or have subdivision potential.

Sales of single dwellings in the Morwell and Moe/ Newborough areas over $500,000 are rare and generally represent large, high quality dwellings on large residential allotments or well established rural residential properties.

In Morwell you would be able to purchase four circa 1960s, commission style homes bringing a 7.5% to 8% rental return.

Standard residential properties in East Gippsland are generally well below the half million dollar level but you can spend that amount on a quality new build
or a well renovated period dwelling in a good spot, although these are rare.

Moving out of town in the Bairnsdale area, $500,000 will get you a rural residential property with a standard build of a circa 2000s, 4-bedroom, single level dwelling with a shed on up to one hectare of land. Older dwellings come with more land (up to 15 hectares) and you can get a pool, more shedding and better views for the same money. 

Properties extending out into the Nicholson area are of the circa 1990s era and will be set up for horses with basic stables, a number of paddocks and are close enough to schools for family appeal and should be comfortably within the budget.

If you are looking to be closer to water you can get a modern house in the Paynesville area with a lake view, but not canal frontage, for around $500,000.