How to spend a lazy $700,000

LIFE NEAR THE BLUE LAKE: According to Herron Todd White's July Month in Review report few dwellings sell for more than $700,000 in Mount Gambier. Photo - Shutterstock.
LIFE NEAR THE BLUE LAKE: According to Herron Todd White's July Month in Review report few dwellings sell for more than $700,000 in Mount Gambier. Photo - Shutterstock.

For many, a surprise windfall would mean realising the great Aussie dream of homeownership. So if you had a budget of $700,000 where would you invest it?

While in Sydney and Melbourne, $700,000 is going to buy you very little, around regional Australia, this budget presents a plethora of opportunities.

The Herron Todd White residential teams were asked, "Where would you spend this great lump of cash?" and here are some of their top picks.

Clarence Valley

A $700,000 budget in Clarence Valley leaves you with a multitude of options whether you are chasing farmland, a residential allotment or a low maintenance unit. Very few sales surpass $700,000 in Grafton, Maclean, Townsend or Gulmarrad. As for Yamba, whilst $700,000 might assure you a freestanding dwelling, it won't come with views.

Mildura

$700,000 will buy a large home in an inner-city location in Mildura, or an above-average standard dwelling in a modern subdivision on an allotment of up to 1,000 square metres. Within the inner city, it is possible at this price point to find an older, extensively renovated dwelling in a preferred location.

Mount Gambier

Within the Mount Gambier region, $700,000 will enable you to purchase practically anywhere with few dwellings selling for more than $700,000. Up to $700,000 will allow you to purchase a character dwelling in a sought-after location.

Southern Gold Coast

The best opportunities in the southern Gold Coast region are in areas such as Miami or Burleigh Waters. For your money, you could get a two- or three-bedroom duplex or townhouse in either of these suburbs. Both offer a good opportunity to purchase a relatively good-sized property at the entry-level price for the suburb.

Gladstone

In the Gladstone region, you have lots to choose from. You can get a large, well-appointed home with all the bells and whistles in an established suburb, typically on a 1,000sqm plus allotment with a pool and sheds. Alternatively, for around the same money, you can drive ten to 15 minutes out of town to the rural residential suburbs of Beecher, Burua, Calliope or Benaraby and you will get roughly the same improvements, just on a larger allotment.

Mackay

For $700,000 you can get large modern executive style houses, usually with a pool and shed. If character is your style, you can buy virtually any older style Queenslander. It will be fully renovated back to its former glory and you should have enough change in the pocket for a pool and a shed.

Hobart/Launceston/regional

Most properties in the northern suburbs do not generally exceed $700,000. At this level of value, you could expect to buy a range of different types of properties including a large 200 square metre plus multi-storey dwelling with a high-quality fit-out, within a sought-after locale such as West Moonah, Rosetta, Berridale or Claremont Estate with river views.

You could also buy a good quality rural lifestyle dwelling on over one acre of land or a heritage-listed property with well-maintained heritage features.

This story Where to spend a windfall first appeared on Port Macquarie News.