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The major Australian city where you can still buy a home for under $250k

Homebuyers on a budget can still buy a home for less than $250,000 in suburbs, just half an hour’s drive from Brisbane city centre.

Queensland’s capital was the best-performing real estate market in Australia’s capital during the pandemic, with home values ​​up 27.4 percent in the year to June.

The median home price of $892,133 would be out of reach for an average income earner willing to pay off a home without being in mortgage stress.

Apartments in Brisbane typically cost $501,074 if you buy something close to the city.

But there are still pockets in Logan, a satellite town half an hour’s drive southwest of Brisbane’s city centre, where the average unit price is half that level.

This means that budget buyers who also want to be closer to the Gold Coast will be less affected by rising interest rates, with borrowers already suffering from the Reserve Bank’s biggest surges since 1994.

In Woodridge, 14 miles southwest of central Brisbane, the mid-priced apartment price is just $229,170, data from CoreLogic shows.

Home buyers on a budget can buy a home for less than $250,000 in suburbs, just a short drive from Brisbane's city center.  In Woodridge (apartment pictured), 14 miles southwest of central Brisbane, the middle price for an apartment is just $229,170, CoreLogic data showed

Home buyers on a budget can buy a home for less than $250,000 in suburbs, just a short drive from Brisbane’s city center. In Woodridge (apartment pictured), 14 miles southwest of central Brisbane, the middle price for an apartment is just $229,170, CoreLogic data showed

Broker Selene Bruynzeels (photo) there was increasing interest from start-ups and investors in the suburbs of Waterford and Waterford West

Broker Selene Bruynzeels (photo) there was increasing interest from start-ups and investors in the suburbs of Waterford and Waterford West

Waterford West, 7 km from Woodridge, has an average apartment price of $249,863, while that in Logan Central is $233,144.

Suburbs where you can buy a $250,000 home

WOODRIDGE, QLD: Median apartment price of $229,170

LOGAN CENTRAL, QLD: Median apartment price of $233,144

WATERFORD WEST, QLD: Median apartment price of $249,863

GOODNA, QLD: Median apartment price of $250,006

KOORALBYN, QLD: Median Kooralbyn apartment price of $201,400

Source: CoreLogic

Logan broker Selene Bruynzeels, of Ray White Beenleigh, said there was increased interest from first-time buyers and investors in suburbs such as Waterford and neighboring Waterford West.

Couples and families loved the proximity to a Bunnings hardware and a local private school.

Ms Bruynzeels said the ‘great community’ offers starters a ‘big foot on the property ladder’.

Due to a lower entry price, a house could be rented out and the buyer could get a mortgage on a second home.

Ms Bruynzeels estimated that properties in Waterford that cost $250,000 a year ago can now be sold for up to $350,000.

“I wouldn’t be surprised if they don’t increase significantly,” she said.

In Ipswich, a little further southwest, the suburb of Goodna has an average unit price of $250,006.

Those wanting an even cheaper unit can head to Kooralbyn, an inland town in the Scenic Rim 100km southwest of Brisbane, where $201,400 is the average price for an apartment.

Waterford West (pictured is a house on the market for $239,000) has an average apartment price of $249,863, while in Logan Central it is $233,144

Waterford West (pictured is a house on the market for $239,000) has an average apartment price of $249,863, while in Logan Central it is $233,144

House prices fall in most major cities in June

sYDNEY: Down 1.8 percent to $1,382,631

MELBOURNE: Down 1.3 percent to $975,850

BRISBANE: Flat for $892,133

ADELAIDE: Up 1.3 percent to $699,251

PERTH: Up 0.4 percent to $585,114

HOBART: Down 0.2 percent to $796,863

DARWIN: Up 0.8 percent to $588,928

CANBERRA: Up 0.3 percent to $1,065,317

Source: CoreLogic data for median home prices in June 2022

The city’s median home price of $619,151 is also affordable for an average, full-time worker with a salary of $90,917.

With a 20 percent down payment, they would avoid getting into mortgage stress, where they owe the bank six times or more of what they earn.

Realtor Mel Weir, of Right Fit Properties, has lived in Kooralbyn for nearly a decade and noted that her town was ‘finally seen for what it is’ – a picturesque town nestled in the valley, away from the hustle and bustle of city life.

Ms Weir estimated that housing prices had more than doubled in the past 12 months and said there were not enough homes to meet demand.

She said city workers were happy to drive up the Mount Lindesay Highway into town and return to the peace and quiet of Kooralbyn.

CoreLogic noted that the Logan-Beaudesert region of southeastern Queensland had Australia’s most affordable apartments, with median values ​​of less than $250,000.

It’s a similar story in Adelaide, where the average unit price in Salisbury, 15 miles north of the city, is just $263,951.

That’s much cheaper than Adelaide’s average unit price of $423,708 and the city’s median home price of $699,251, after an annual increase of 27.4 percent.

Realtor Mel Weir, of Right Fit Properties, has lived in Kooralbyn for nearly a decade and noted that her town was 'finally seen for what it is' - a picturesque town nestled in the valley, away from the hustle and bustle of city life

Realtor Mel Weir, of Right Fit Properties, has lived in Kooralbyn for nearly a decade and noted that her town was ‘finally seen for what it is’ – a picturesque town nestled in the valley, away from the hustle and bustle of city life

Those wanting an even cheaper unit can head to Kooralbyn, an inland town in the Scenic Rim 100km south of Brisbane, where $201,400 is the average price for an apartment (pictured is a unit with an asking price of $249,000 )

Those wanting an even cheaper unit can head to Kooralbyn, an inland town in the Scenic Rim 100km south of Brisbane, where $201,400 is the average price for an apartment (pictured is a unit with an asking price of $249,000 )

Adelaide and Brisbane are Australia’s strongest real estate markets.

But values ​​are falling in Australia’s larger capitals, following 1.25 percentage points of Reserve Bank rate hikes in May, June and July, pushing the spot interest rate to a three-year high of 1.35 percent.

This has also led to the strongest rate hikes for borrowers since 1994.

Sydney has been the hardest-hit major city to date, with average house prices in the June quarter falling three percent to $1,382,631 with values ​​falling 1.8 percent last month alone, it appears. from CoreLogic data.

Melbourne’s average house price fell 2.4 percent in three months to $975,850, a loss of 1.3 percent in June.

House prices in Brisbane were flat last month.

But separate data from PropTrack, the data company linked to realestate.com.au, showed Brisbane home and unit prices fell 0.09 percent in June, marking the first monthly decline since April 2020 at the start of the year. the pandemic.

The four major banks expect the Reserve Bank of Australia to raise interest rates by 0.5 percentage points in both August and September.

CoreLogic noted that the Logan-Beaudesert region of southeastern Queensland had Australia's most affordable apartments, with median values ​​of less than $250,000 (pictured is a Woodridge home)

CoreLogic noted that the Logan-Beaudesert region of southeastern Queensland had Australia’s most affordable apartments, with median values ​​of less than $250,000 (pictured is a Woodridge home)

But ANZ expects RBA cash rates to hit a 10-year high of 3.35 percent in November, with rate hikes of half a percentage point in August, September, October and on Melbourne Cup Day.

The Commonwealth Bank, Australia’s largest mortgage lender, expects house prices in Sydney and Melbourne to fall by 18 percent by 2023.

Prices in Brisbane would increase by six percent in 2022, but fall by 10 percent in 2023 for a smaller net loss of four percent.

Similarly, Adelaide was tipped to see a six percent increase this year, followed by an 11 percent drop next year for a net loss of five percent.

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