Queenslanders give up their property dreams

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

1. Inala ($310,000)
2. Darra ($342,500)
3. Acacia Ridge ($347,500)
4. Riverview ($215,000)
5. Leichhardt ($218,500)
6. North Booval ($235,000)
7. Tivoli ($235,000)
8. One Mile ($237,500)
9. Churchill ($242,000)
10. Silkstone ($252,500)
11. Booval ($256,944)
12. North Ipswich ($258,750)
13. East Ipswich ($263,000)
14. Eastern Heights ($270,000)
15. Rosewood ($270,000)
16. Bundamba ($280,000)
17. Goodna ($286,000)
18. Ipswich ($297,000)
19. Collingwood Park ($305,000)
20. Raceview ($305,000)
21. Redbank Plains ($306,500)
22. Brassall ($310,000)
23. Newtown ($316,250)
24. Flinders View ($330,000)
25. Bellbird Park ($330,750)
26. Camira ($345,000)
27. Eagleby ($263,000)
28. Woodridge ($265,000)
29. Logan Central ($270,000)
30. Kingston ($275,000)
31. Crestmead ($292,850)
32. Bethania ($293,500)
33. Browns Plains ($300,000)
34. Beenleigh ($301,500)
35. Slacks Creed ($305,000)
36. Waterford West ($314,000)
37. Loganlea ($315,000)
38. Boronia Heights ($320,000)
39. Marsden ($320,000)
40. Hillcrest ($322,500)
41. Logan Reserve ($339,000)
42. Edens Landing ($344,000)
43. Mount Warren Park ($345,500)
44. Caboolture South ($267,971)
45. Caboolture ($287,500)
46. Deception Bay ($312,000)
47. Morayfield ($316,000)
48. Beachmere ($320,000)
49. Upper Caboolture ($325,000)
50. Bellmere ($335,000)
51. Bellara ($336,500)
52. Kallangur ($345,000)
53. Russell Island ($170,000)
54. 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?