I am looking for a new phone around the price range of around $500. Please point me to best deals available currently.
Looking for Best Phone Deals Available Currently in Price Range around $500

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What have you found so far?
Samsung A55 5G. Google pixel deal seems to be no more available.
Ticks every box OP put forward. Solid recommendation.
Motorola Edge 50 Neo - Fast Chipset, 12GB RAM, 256GB Storage, Guaranteed software update for 5 years. I saw a few on eBay selling for around $400.
If you don't like Motorola, you can take a look at Samsung A56. You can wait a bit for discount and should be around $500.
Poco/Redmi are good but no official warranty in Australia. Also, they can get blocked by Telstra / Vodafone / Optus randomly.
I agree, edge 50 Neo or G75 would be best options if one waits for a sale as they can be had for under $500 and overall they are decent, however if you want the best hardware specs for $500 and for gaming etc then you will need to risk it with the likes of the Poco X6 pro/X7 or similar, of course they may not work on some networks like Optus.
Thanks. Samsung A56 seems to be a solid choice, may be worth waiting. Currently Samsung S24FE is available for $699 from Amaysim, not sure if it will come down further.
Poco x6 pro