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Top 10 most affordable suburbs in southeast Queensland

PR Newswire

Broadbeach Waters, Qld., Oct. 20, 2020 /Medianet/ --

While COVID-19 has created increased unemployment in the southeast Queensland corridor and the sustained period of the border closures with other states has been a contributing factor to the flattening of the property market, this is good news for property buyers looking for a bargain, according to Pete Wargent, co-founder of BuyersBuyers.com.

 

Mr Wargent said that “the lowest mortgage rates on record mean that all cities now offer opportunities for those with a reasonable buffer and a level of employment security”.

 

“With first homebuyer incentives now in play we expect affordable suburbs to be sharply in focus” Mr Wargent said.

 

RiskWise Property Research has undertaken an indepth analysis into the housing market identifying the Top 10 most affordable suburbs in southeast Queensland.

 

RiskWise CEO Doron Peleg said now was the time for buyers to take advantage of some incredible buying opportunities using a long-term strategy to build equity.

 

He said the analysis clearly showed that houses, not units, represented solid buying opportunities for those with long-term strategies and this was reflected in the latest Westpac Consumer House Price Expectations Index which saw a surge of 21.7 per cent in September after tumbling 51 per cent in April.

 

In addition, ultra-low interest rates are expected to drive price increases once the pandemic is over when the long-held link between the cost of borrowing and housing prices reasserts itself.

 

In southeast Queensland, which has a median price for houses in Greater Brisbane of $557,000, affordable areas with good access to the CBD include Logan and Moreton Bay South.

 

 

Boondall, Bald Hills, Strathpine, and Riverhills, in particular, are all less than 20km away from the CBD and have all enjoyed price growth of more than 20 per cent over the last five years. While Nambour is close to 100km from the city centre, it is a popular lifestyle opportunity, especially for those working remotely and houses can be bought for around $405,000.

 

“COVID-19 has also helped strengthen ‘work from home’ opportunities, meaning owner-occupiers can take advantage of ‘lifestyle’ prospects instead of being tied to employment hubs,” he said.

 

“Before COVID-19 hit, there was already a strong trend of sea- and tree-change homebuyers looking for the best of all worlds – lifestyle, accessibility to employment hubs and affordable housing. In Queensland, the areas that attract those lifestyle buyers include the Gold Coast and Sunshine Coast.”

 

Mr Wargent of BuyersBuyers.com.au said now was the perfect time to take advantage of the conditions before things changed and the property market began to move again.

 

“There are areas where bargains can be had and if you have a long-term strategy you can expect solid capital growth over the next few years,” Mr Wargent said.

 

“There are many opportunities for buyers looking for houses with high land value as a proportion of the property, and a strong component of scarcity, especially if they intended to hold on to the property for several years or longer.

 

“This is particularly the case in southeast Queensland which traditionally enjoys strong internal migration and which will certainly be the case once the borders full open and things return to normal.

 

“In addition, the current ultra-low interest rates have created a unique environment where buying a house in many areas was cheaper than paying rent on one.”

 

However, Mr Wargent stressed while this is the case for houses in these areas, units continued to carry a materially high level of risk.

 

Please Note: This list is based on suburbs that are around 70% of the medium price and suburbs with at least 1000 houses in the existing stock. It should be noted that the lower end of the market presents different types of risks.

 

 

For all media enquiries, contact Buyers Buyers Media Manager Tatiana Marchant on 0410 655020 or email tatiana@buyersbuyers.com.au

 

Visit www.buyersbuyers.com.au/weintelligence

ENDS

About BuyersBuyers.com.au

 

BuyersBuyers.com.au is a national marketplace offering affordable buyer’s agency services to all Australians. Our ‘best in class’ nationwide panel of expert agents gives every Aussie a fair go in the housing market by reducing time, cost and stress through the property buying process. All data referred to is sourced and verified by independent research house Riskwise Property.

 

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