Demand strengthens for affordable homes

Demand strengthens for affordable homes

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Demand for affordable homes is strengthening across the State as buyers take advantage of ideal buying conditions.

Analysis of the REIQ September quarter median house price report shows the numbers of houses sales under $350,000 across Queensland increased 24 per cent between the September quarter this year and the same period last year.

According to REIQ September quarter data, of the 15 major regions across Queensland, seven have a median house price of $350,000 or under.

Over the September quarter, the three most affordable suburbs in Queensland by median house price were Russell Island at $163,750, Mount Morgan at $165,000 and Rockhampton City at $177,500.

According to suburb profiles on reiq.com, Russell Island is the largest of the Southern Moreton Bay group of islands at 8km by 3km. Located less than half an hour by water taxi from Cleveland, Russell Island is still an affordable option for those wanting an island lifestyle.

The island has views of the bay and North Stradbroke Island and is also rich in spectacular scenery and birdlife.

Russell Island’s relaxing lifestyle makes it an ideal spot for anyone wanting to take life a little easier – either while on holiday or every day of the week.

According to listings by REIQ accredited agencies on reiq.com, there are currently nine houses for sale for less than $350,000 on Russell Island.

The next two most affordable suburbs in Queensland are both located in the Rockhampton region.

Mount Morgan is located about 35km south of Rockhampton and was home to a successful gold mine for more than 100 years. Today, tourism plays a large part in the economy of the town.

According to reiq.com, there are currently more than 50 houses for sale in Mount Morgan for less than $350,000.

Rockhampton city is the third most affordable spot for houses. Buyers coming to the region will have a choice of older style timber and fibro homes as well as more newly developed brick and tile low sets. While many of the older style homes have seen renovations add to their value, the newer developments remain the more expensive housing option.

As the beef capital of Australia, Rockhampton is heavily reliant on primary industries for its employment base and is benefiting from its location near a number of major resource projects.

According to listings on reiq.com, there are currently 28 houses for sale under $350,000 in Rockhampton City.

Ryan Connors is the REIQ’s research analyst