A new study has found that Queenslanders are feeling pretty gloomy about their prospects of owning their own home.
New findings from a Domain Property Research Report have revealed that nearly half of all Queenslanders have given up on the dream of owning their own home.
The Domain researchers polled around 5000 Australians online last year and found more than a third of Queenslanders – 36 per cent – rent their home. The report also showed that 47 per cent of Queenslanders now believe owning their own home is no longer an attainable goal.
Apparently, Joe Hockey’s recent advice to Australians wanting to buy their first home — that they simply “get a good job that pays good money” — didn’t have the desired effect.
Real Estate Institute of Queensland (REIQ) CEO Antonia Mercorella says that Queenslanders’ grim outlook on their chances of owning a home is a case of perception winning out over reality.
“There is a great deal of media attention on the escalating house prices in Sydney and Melbourne, and people assume that the situation fits the whole country,” Ms Mercorella says. “It doesn’t. The assumption is that house prices are rising quickly everywhere, but they’re not.
“The Brisbane (SD) median house price is $475,000 compared with Sydney’s median of $785,000. The Brisbane median house price has slipped back this quarter by 1.5 per cent, reflecting quieter activity in the prestige end of the market and the typically quiet March quarter. The real estate market in Queensland is very affordable and represents excellent buying opportunities for owner occupiers and investors.
“The average first home buyer loan is $302,000 and the average first home purchase is around $320,000 to $350,000. In greater Brisbane there are 54 suburbs with a median house price below $350,000. There are plenty of affordable options for those who are looking to get into the property market.”
The recent Commonwealth Bank-CoreLogic Home Buyers Index revealed that Brisbane is the biggest capital city with conditions that continue to favour buyers, with most sellers having to reduce their initial list price in order to achieve a sale in Brisbane.
The index also found that three of Australia’s most extreme buyer’s markets — markets where the number of homes for sale outweigh the number of new mortgages being taken out — are in Queensland.
While a large number of Queenslanders are renters and see themselves remaining that way, they still have a somewhat brighter outlook on home ownership than some other states. Domain found that 62 per cent of Northern Territory residents believe owning their own home is no longer attainable, while 52 per cent of Victorian residents residents feel the same way.
The award for the brightest outlook on property ownership goes to the residents of Tasmania, with only 38 per cent of residents saying they no longer believe they can own property.
Percentage of renters, by state:
- 33 per cent of ACT residents over 18 are renting
- 27 per cent of West Australian residents over 18 are renting
- 27 per cent of South Australian residents over 18 are renting
- 43 per cent of Northern Territory residents over 18 are renting
- 36 per cent of Queensland residents over 18 are renting
- 20 per cent of Tasmanian residents over 18 are renting
- 33 per cent of New South Wales residents over 18 are renting
- 28 per cent of Victorian residents over 18 are renting
Percentage of residents, by state, that believe home ownership is no longer attainable:
- 62 per cent of Northern Territory residents believe owning their own home is no longer attainable
- 51 per cent of New South Wales residents believe owning their own home is no longer attainable
- 52 per cent of Victorian residents believe owning their own home is no longer attainable
- 44 per cent of ACT residents believe owning their own home is no longer attainable
- 47 per cent of Queensland residents believe owning their own home is no longer attainable
- 49 per cent of West Australian residents believe owning their own home is no longer attainable
- 46 per cent of South Australian residents believe owning their own home is no longer attainable
- 38 per cent of Tasmanian residents believe owning their own home is no longer attainable
Greater Brisbane suburbs with a median house price under $350,000, according to the REIQ QMM Report
- Inala ($310,000)
- Darra ($342,500)
- Acacia Ridge ($347,500)
- Riverview ($215,000)
- Leichhardt ($218,500)
- North Booval ($235,000)
- Tivoli ($235,000)
- One Mile ($237,500)
- Churchill ($242,000)
- Silkstone ($252,500)
- Booval ($256,944)
- North Ipswich ($258,750)
- East Ipswich ($263,000)
- Eastern Heights ($270,000)
- Rosewood ($270,000)
- Bundamba ($280,000)
- Goodna ($286,000)
- Ipswich ($297,000)
- Collingwood Park ($305,000)
- Raceview ($305,000)
- Redbank Plains ($306,500)
- Brassall ($310,000)
- Newtown ($316,250)
- Flinders View ($330,000)
- Bellbird Park ($330,750)
- Camira ($345,000)
- Eagleby ($263,000)
- Woodridge ($265,000)
- Logan Central ($270,000)
- Kingston ($275,000)
- Crestmead ($292,850)
- Bethania ($293,500)
- Browns Plains ($300,000)
- Beenleigh ($301,500)
- Slacks Creed ($305,000)
- Waterford West ($314,000)
- Loganlea ($315,000)
- Boronia Heights ($320,000)
- Marsden ($320,000)
- Hillcrest ($322,500)
- Logan Reserve ($339,000)
- Edens Landing ($344,000)
- Mount Warren Park ($345,500)
- Caboolture South ($267,971)
- Caboolture ($287,500)
- Deception Bay ($312,000)
- Morayfield ($316,000)
- Beachmere ($320,000)
- Upper Caboolture ($325,000)
- Bellmere ($335,000)
- Bellara ($336,500)
- Kallangur ($345,000)
- Russell Island ($170,000)
- Macleay Island ($200,000)
What do you think about the Domain Property Research Report findings? Do you still believe you can own your own home?
54 suburbs with a median price of $350,00? Where are these suburbs???
Not when the government make it hard for me to invest in a property that i rent out to help pay for until i can move into it,as buying in the location that i work is too expensive for me at this time . Houses in the 350 to 400 bracket are quite often a long way from where you work and to lose money in fuel, time and vehicle expenses traveling does not make sense when it could be better spent on your home for the future that is rented to someone that works in the area you could afford to buy.The new government rules have stopped us form benefiting from lower rates(would help us pay it off) because our house is classed as any investment property and the banks can not give the same deals as they can on owner occupier . Maybe i should forget that spend my money on toys then get the government to subsidies my expenses when i retire because i have no money and no where to live ?
We are in the process of acquiring out first investment property for our retirement in one of the suburbs listed. We’re paying slightly above the median price listed (which seem spot on) for an above average property (land size nearly double the local standard) but we are happy with the value on offer. There seems a lot of “speculation” going on with real estate. I don’t think people realise that the change in occupier owner v investment balance has been greatly influenced for nearly 30 years now by the change in retirement/pension policy (super v property) and also the increasing casualisation of the workplace leaves less numbers with the security required for martgage.