A gigantic 12-bedroom pub is up for sale for half the average price of a house in Australia.
The Commercial Hotel in Halifax, a rural community north of Townsville, Queensland, is on the market for just $350,000.
The price is significantly lower than the median price of a home nationwide, with the average home costing $704,723, according to CoreLogic data.
A gigantic 12-bedroom pub is up for sale for half the average price of a house in Australia
The quaint pub sits on sprawling 2,331 square feet of grounds and includes five bathrooms, a chef’s kitchen, and a dining area.
A wet bar, cool room, refrigerators and a large backyard are also included.
The property listing describes the pub as a ‘nice country Queenslander’.
A Queenslander is an architectural design recognizable by its wood paneling and exterior mouldings.
The pub has deep verandas that provide plenty of shade during the warmer seasons.
‘Love to Fish.. Love a Beer.. Room to Move…’ reads the entry.
‘Endless possibilities to create your own lifestyle with this Halifax property.’
Townsville Airport is just an hour and a half away, making the pub the perfect ‘place to call home’ for a weekend break.
The pub is also a short walk from the River Herbert, a popular fishing spot among anglers.
The sale comes as Westpac warns house prices will rise across Australia by 2024 due to high levels of immigration.
The Reserve Bank of Australia’s 10 rate hikes since May 2022 have caused property values to plummet, with the median house price in Sydney falling 13.3 per cent over the past year to a still prohibitively expensive $1.23 million .
But Westpac economists Matthew Hassan and Bill Evans expect a five percent recovery in Sydney and Melbourne by 2024, with Australia’s two largest cities likely to absorb most of the immigration flow.
“There are clear links between population growth and housing demand, both direct (through new buyers) and indirect (through the impact on rental housing availability and the broader physical balance between supply and demand),” they said.
The Commercial Hotel in Halifax, a rural town north of Townsville, in northern Queensland, is on the market for just $350,000
The Ministry of Finance expects 350,000 new arrivals in 2022-23, followed by another 300,000 in 2023-24, amounting to 650,000 new migrants over two financial years.
This would be a new record, surpassing the 15-year high of 303,700 in the year to September 2022, including the permanent arrivals of skilled, family reunion and humanitarian migrants, along with international students classified as long-term arrivals.
The influx pushed the national population above 26.1 million, data from the Australian Bureau of Statistics showed.
Westpac noted that about a third of migrants eventually bought a home “usually at least six months after arrival.”
“Immediate demand from new migrants may impact some market segments, but usually takes time to emerge and is usually not large enough to shift the broader market,” it said.
Sydney’s median house price was $1,221,367 at the end of 2022, and Westpac expects prices to rise by one percent in 2023, leading to levels as high as $1,233,581, based on CoreLogic data.
A five percent increase in 2024 would bring prices to $1,295,260.
The median house price in Melbourne was $905,894 at the end of last year and Westpac’s forecast of a one percent drop would go back to $896,835.
But a predicted five percent increase in 2024 would push prices to $941,677.
Brisbane was expected to fall by one percent in 2023, pushing prices back to $778,336 from $786,198.
A six percent increase in 2024 would push prices to $825,036.
Perth was expected to hold steady at $586,721 in 2023.