November 2020: What does $550,000 get you in each capital city?

With two-thirds of our global populace predicted to be living in a city by 2050, finding affordable housing proves difficult when searching for property in Australia's cities, especially for first home buyers.

If your budget is on the tighter side, here are six residences you can get for $550,000 in each capital city. 

1. Sydney

Parkside, Wolli Creek
One-bedroom apartments from $545,000
Address: 25-29 Gertrude Street, Wolli Creek NSW 2205

In Sydney, $550,000 won’t get you very far. However, by travelling just 15 minutes south, you’ll be able to score a brand new one-bedroom apartment in Wolli Creek.

Privately-owned Parkside is offering a one-bedroom, one-bathroom residence with a car space from $545,000. The modern apartments have a contemporary feel, with views over Cooks River and the city skyline. Prices for the one-bedroom apartments go up to $675,000.

2. Melbourne

Domain House, South Melbourne
One-bedroom apartments from $498,000
Address: 41-49 Bank Street, South Melbourne VIC 3205

Melbourne’s offerings in this price range include a one-bedroom, one-bathroom apartment in South Melbourne.

A new development, Domain House on Bank Street, will see apartments starting from $498,000 to $570,000 for one-bedroom apartments. The project is designed by Bruce Henderson Architects, with high-end apartments priced up to $1.7 million. Whilst construction is only just commencing, the development plans reveal a tranquil yoga room, residents’ lounge and Japanese-inspired garden. So far, 60 per cent of the apartments in the complex have sold.

3. Canberra

The Parade, Campbell
Two-bedroom apartments from $540,000
Address: Cnr Constitution Avenue, Campbell ACT 2612

Given the lower entry-level price points, buyers can secure a luxury apartment in Canberra for a fraction of the cost of a high-end apartment in Sydney or Melbourne.

The Parade, a luxury residence right next to Canberra’s iconic Anzac Parade, offers two-bedroom apartments from $540,000. Offering inside-outdoor living, expansive living and spacious balconies, this apartment displays the best Campbell has to offer. The development is part of JWLand’s Campbell5 project, a lifestyle precinct and park-side living quarter.

The Parade is the fifth and final release at Campbell5: Saint-Germain, Greenwich Park, Koben, Siena and The Parade. Construction is expected to be completed midway through 2021.

4. Adelaide 

On The Park, Bowden
Two-bedroom apartments from $470,000
Address: 20-24 Gibson Street, Bowden, SA 5007

Adelaide's Bowden on The Park offers one, two and three bedroom apartments starting from $375,000 for a one bedroom apartment. With the $25,000 HomeBuilder grant available for first home buyers, that's $350,000 a foot on the property ladder. The Five Star Green Energy rated building has been architecturally designed by Hames Sharley, who has designed apartment blocks in Sydney, Perth and Brisbane.

Hundreds of people each week flock to the markets, cafes and bars of Bowden’s Plant 4 and Town Square. 

Bowden on The Park is estimated to be completed in mid 2021.

5. Brisbane

The One Residences, Brisbane
Two-bedroom apartments from $570,000
Address: 8 Adelaide Street, Brisbane QLD 4000

While, just above $550,000 threshold, Brisbane can offer you a whole for just a little. Luxury residential development, The One, offers two-bedroom, two-bathroom apartments starting at $572,000. Conversely, you may feel better suited to the one-bedroom, one-bathroom properties from $429,000.

The One is set to become one of the tallest buildings in Queensland, designed by DBI Design in collaboration with Zenx Architects. The tower sits in the mixed-use Brisbane Quarter, offering ground floor retail and world-class restaurants. The $1 billion development will include a gym, outdoor yoga and relaxation area, business lounge, and dining room.

6. Perth 

Matheson on Kearns
Two-bedroom apartments from $549,000
Address: 24 Kearns Crescent, Ardross WA 6153

Matheson on Kearns in Ardross, a small suburb sandwiched between the exclusive areas of Applecross and Mount Pleasant, and offers buyers the potential of $25,000 development bonus and a up to $25,000 in stamp duty concessions. The six level apartment block of 46 is made up of one, two and three bedroom apartments. They will have designer kitchens with Miele appliances, full-height glazing in the living areas and entertaining balconies.

The one bedroom apartments are 15 per cent more space than the average one bedroom apartment. Matheson on Kearns is being developed by the Perth property development group Megara, who have are selling apartments in The Foundry at Leederville and South 240 in South Fremantle.

Matheson on Kearns is estimated for completion in September 2021.