Got a lazy $500,000 to invest? A new report has revealed the places to consider parking your money.

Of the major capital cities, Brisbane offers the best bang for your buck but even Sydney, which has experienced a price correction after years of insane growth, is back in the game.

And Adelaide's metro housing market has been on a "meteoric rise", according to the latest Herron Todd White July 2019 Month In Review report.

So where should you start your hunt for an investment.

In Brisbane, you can bag a basic, semi modern three-bedroom, one-bathroom house on a 400 to 600 sqm block in suburbs such as Hemmant, Tingalpa or Wynnum West.

Other suburbs to watch included Keperra, Geebung, Northgate, Virginia and Banyo.

This house at Tingalpa is listed for offers over $429,000
This house at Tingalpa is listed for offers over $429,000

And the options become even greater, and grander, the further afield you go, according to the latest Herron Todd White July 2019 Month In Review report.

Closer to the city, where unit prices have taken a "hammering", a unit can also offer bang for your buck.

But you may have to adjust your expectations if you want to buy in the inner city (AAP Image/Darren England)
But you may have to adjust your expectations if you want to buy in the inner city (AAP Image/Darren England)

"(In Brisbane) $500,000 provides reasonable options for anyone who wants to take part but didn't just sell their Sydney-based, tax-free home for loads of cash," the report said.

But many inner city suburbs had little to no stock at the $500,000 entry level bracket, with even vacant land beyond that price point.

"All-in-all though, because this price point is in the lower half of the Brisbane house value spectrum, the potential for gains is good," the report said.

"When markets rise, it's often the cheaper properties that are dragged up first."

The Gold Coast, Tweed Coast and Lower Logan areas also offered many opportunities below the "lazy half million, with everything from acreage to beachfront units up for grabs.

On the Sunshine Coast, previously pitched as the place to park your purse, it is getting harder to find a place below half a million dollars.

This house at Buddina is open to offers over $495,000
This house at Buddina is open to offers over $495,000

"It's now difficult to enter this market at this level, although not impossible," the report said. "There are still some beachside localities that provide this opportunity. Once again, given the coastal lifestyle which is not going out of fashion any time soon, go for it."

In Cairns, you are could be considered rich with $500,000 to spend, with that amount above the tropical cities median price for both houses and units.

But again, you get what you pay for - a great house in an okay location or a renovators delight in a fab destination.

In the Whitsundays, you could get a unit with views in Airlie Beach, a modern house in the suburbs of Cannonvale or Jubilee Pocket or acreage on the outskirts of town.

"There have been no massive gains over the past 12 months and it appears to be holding steady … with most real estate agents advising low tenancy vacancy rates," the report said.

In Sydney, which has seen a price correction, the sub-$500,000 bracket has begun to come back in to play.

This house in Lower Portland is located on the Hawkesbury River and could be yours for an offer over $370,000
This house in Lower Portland is located on the Hawkesbury River and could be yours for an offer over $370,000

However, buyers will still have to sacrifice in some aspect, be it location, commute time, accommodation or the overall condition and features of the property in order to land a bargain buy.

"It should come as no surprise that Western Sydney provides buyers with the most options in the sub-$500,000 price range, however there are still some options available in most parts of Sydney," the report said.

"Whilst these may be restricted to units, a number of these areas are now seeing the entry point for houses at well below $1 million, something that may not have been conceivable a year or two ago."

In Byron Bay, which is fast becoming a haven for celebrities, the $500,000 price point is "almost void" now, with nearby localities such as Ocean Shores also seeing prices hike up.

You will need substantially more than $500,000 if you want to be neighbours with Chris Hemsworth and Elsa Pataky, whose property in the final stages of construction in Byron Bay. (Source: News Corp Australia)
You will need substantially more than $500,000 if you want to be neighbours with Chris Hemsworth and Elsa Pataky, whose property in the final stages of construction in Byron Bay. (Source: News Corp Australia)

In Victoria, the Melbourne market is showing signs of stabilising after its own price correction, with new estates 25-plus kilometres of the CBD worth a look, especially in the southeast Melbourne area.

You could a new house and land package in Packenham for $381,000
You could a new house and land package in Packenham for $381,000

"Thanks to these developments, home buyers are spoilt for choice when it comes to purchasing a property for below $500,000," the report said.

As for the CBD, the only option is a unit but buyers have been warned to do their research before signing on the dotted line.

There are options around Melbourne, and the odd unit in the CBD
There are options around Melbourne, and the odd unit in the CBD

Originally published as Where $500k still goes a long way

Chris Hemsworth at Byron Bay for his health and fitness app, Centr
Chris Hemsworth at Byron Bay for his health and fitness app, Centr

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