Affordable housing still available
Monday, 21 April 2008The uncertain interest rate environment over recent months has done little to improve housing affordability, especially for first home buyers. And while many economists are now tipping rates to remain steady, buying your first home still remains a daunting prospect.
According to the Real Estate Institute of Queensland (REIQ), while there are no short term solutions to the current undersupply of affordable housing in Queensland, State and Federal Government housing affordability initiatives already announced are all steps in the right direction.
"Buying your first home has never been easy; however there is evidence that a number of first home buyers are buckling down and finding a way into the market by buying in more affordable areas, investing in a unit or townhouse or buying with friends or family," REIQ managing director Dan Molloy said.
REIQ figures show that the highest number of house sales in Queensland last year was in a suburb with a more affordable price tag. During 2007, there were more than 900 house sales - the most in the State - in Forest Lake, which also happens to have a median price of $355,000, about $100,000 less than the Brisbane median.
Other top selling suburbs across the State were Kirwan in the former Thuringowa shire with a median house price of $355,000; Kallangur in the former Pine Rivers shire at $311,950; and Deception Bay in the former Caboolture shire at $292,500.
"REIQ figures also show that 28 per cent of all house sales last year were for under $300,000 so it seems many people are reading the current economic signals and being more cautious about how much they spend on their first home," Mr Molloy said.
The three most affordable suburbs in 10 out of 13 major regional centres across Queensland all had median house prices under $300,000 for the year ending December 2007, according to the REIQ.
Mr Molloy said buyer demand had eased since Christmas in most Queensland residential property markets.
"There are signs that the market is returning to historical levels of enquiry and sales following last year's very strong demand and price growth," Mr Molloy said.
"This has translated to an increase in stock levels. Consequently as buyers are being more selective, days on market have increased."
(Article taken from www.reiq.com.au)
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