Look to the regions for first homes
THE secret to first home ownership lies within regional Australia, according to new research by Propertyology.
The research found that 56 per cent of local government areas in Australia had median house prices of $ 400,000 or below and nearly 70 per cent had medians of $ 600,000 or less.
Propertyology managing director Simon Pressley said the data proved that persistent claims that Australia has a national housing affordability crisis were factually incorrect when regional areas remained within reach for most buyers.
“Propertyology analysis of the 560 local government areas across the country proves that there is still plenty of affordable housing out there,” he said. “Let’s be honest, the housing affordability crisis is Sydney- centric where only three of its 43 council areas have a median house price of less than $ 600,000.” Townsville ............ $ 342,500 Mount Isa ............. $ 288,500 Bowen .................... $ 271,250 Cardwell............... $ 240,000 Charters Towers.... $ 238,750 Ayr ........................ $ 195,000 Ingham.................. $ 189,500 Tully...................... $ 160,000
Source: Core Logic
Pressley said a potential solution could be to invest in regional areas like Townsville which offers value for money.
“You can buy a quality detached house in Townsville for under $ 350,000. There are not a lot places in Australia where you can find that and at the same time have infrastructure and lifestyle just around the corner,” he said.
“Townsville is almost like a capital city just on a smaller scale and $ 350,000 really is a small mortgage. If you can’t afford, perhaps you’re not ready for home ownership.”
MEDIAN PRICES