Finding affordable real estate in a competitive Australian housing market
Buying a house is not as easy as it once was. The supply of available property is starting to dry up, and the population in Australia continues growing, which means competition for housing is fierce and prices will naturally increase.
It's getting harder for middle-class families to find homes that they can afford and where they can live comfortably. A dollar doesn't stretch as far as it used to, and prospective homeowners now have to scrounge around at great length to find a place that's a good fit for them.
Finding a home requires understanding the changing economic forces in today's market and thoroughly researching the options that are out there. Let's walk through that process.
Even $1 million doesn't guarantee you a dream home
If you're looking to buy a house on the Gold Coast – or anywhere else in Australia, for that matter – you'll have to shop in an incredibly competitive marketplace. The Guardian recently reported that these days, even $1 million isn't enough to guarantee you the home of your dreams.
Housing affordability has turned into a major issue in modern Australian political discourse, as it appears to be a key talking point in the upcoming budget negotiations and a lightning rod for controversy in the midst of the Turnbull government's discussion about making changes to negative gearing.
There is good news, though – Queensland might be a region of Australia where buyers can still find relatively affordable real estate. The Guardian report noted that Kirra is one town in particular where nice mid-sized houses and two- and three-bedroom apartments can be had for less than seven figures.
Doing the research to find the right place
While there is some affordable Gold Coast real estate out there to be had, you still have do extensive market research before making any big purchases. The best way to begin this project is by listing the priorities that are most important to you when choosing property. Do you care about access to major roads or public transport systems? Do you want to be close to schools, stores or centres of entertainment or cultural value?
It will take some in-person field work to get a true feel for these things; just looking them up online probably won't be enough. Walking around the area and getting a sense of the local neighbourhood vibe and economy will take time.
Keep in mind that your priorities might be different from the tastes of society at large, which might have a bearing on the value you can get. For example, if you care a lot more about living near an art museum or concert venue than the average person, you might be able to find a location that's worth a lot more to you than the home's sticker price.
How we can help at Ray White Surfers Paradise
If you decide that you're willing to brave the competitive Australian housing market and buy real estate now, we have a team of experts at Ray White Surfers Paradise who are ready and willing to help you do it. Our real estate brokers have a wealth of knowledge on Surfers Paradise property and other holdings in places all over the Gold Coast region.
We have over 140,000 properties available for sale each year, so chances are good we can find the right place for just about anyone. Contact us to learn more about the real estate options we can make available to you.