With Brisbane’s median house price at $670,000, the thought of housing affordability is an issue that first-time buyers simply cannot ignore. Fortunately, however, there are ways to secure your next home for less than you might imagine (and no, we’re not suggesting laying off the smashed avocado).
1. Drop the post code envy
It can be a euphoric experience buying your first house, but remember that it is your first. You didn’t own a Porsche as your first car, so you can’t expect a house in Ascot to be your entrance to the property world. Buying your first home should be an exercise in realism. Look for suburbs with lower median house prices. This can mean longer distances to the CBD, but sacrifices must be made if you are determined to own your very own piece of Australia. Do your research, and you should be able to find a deal that will suit your budget. For example, Ellen Grove, which is situated 20 kilometres southwest of Brisbane’s CBD, has a median house price of under $300,000.
2. Look for silly street names
Street names are one of the lowest priorities on most homeowners’ checklists. But it turns out that paying attention to them could save you around 20% on the purchase price of your house. High school students from the Sacred Heart College in Geelong recently found that streets in Victoria with unfortunate names such as Butt Street, Wanke Road and Fanny Street sold for around 20% less than their more thoughtfully named counterparts. This research isn’t shallow either; the students analysed the prices of houses on these streets going back 47 years. So if you can stomach living on Beaver Street, then you should expect to knock your deposit off the area’s median house price.
3. Get a little dirty
Buying a house that needs only a little work can be a nifty way to knock tens of thousands of dollars off the median house price of the suburb. Of course, this strategy can backfire if you do not inspect the property thoroughly, so buyers beware!
These are just three ideas that can reduce the cost of entry into the property market. If you’re further along the path and need to discuss the nuts and bolts of conveyancing, contact Conveyancing Home Qld today on (07) 3236 2852 or email email@example.com.