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REIQ Journal : September 2008
32 Industry Research affordable suburbs in the spotlight By Yvette Burton, Research Analyst, REIQ The latest Deposit Power / REIA Housing Affordability Report found that Queenslanders need to allocate 40.5 per cent of their median weekly family income to repay the average new home loan, which reflects the current tough market conditions. WHILE CONTINUED MIGRATION into the State, our robust economy and the resources boom augur well for the future of real estate in Queensland, these attributes – combined with rising interest rates – have also added increasing pressure to home buyers. Recently announced initiatives such as the release of Greenfield sites and increasing the first homebuyer stamp duty threshold will provide much-needed assistance for first homebuyers and begin to restore confidence in the market. In the meantime, areas of the State where house, unit and townhouse prices are within reach of first home buyers remain a key focus in the market. According the REIQ’s most recent sale price data, there are several regions across Queensland with median house prices under $300,000, and median unit and townhouse prices under $250,000, for the year ending March 2008. Many of these areas recorded doubledigit price growth over the year due to the ongoing demand for affordable housing. While the market is currently taking a breather from the highs of last year, these more affordable suburbs offer both an opportunity to get into the market for the first time, as well as benefit from solid capital growth over the long-term. With interest rates currently on hold, and the higher stamp duty threshold now applying, first home buyers may find a more stable economic environment is just what they need to take their first step towards home ownership. Brisbane Brisbane’s three most affordable suburbs during the 12 months to the end of March 2008 were all located in the middle to outer southern suburbs. Carole Park topped the list with a house median of $236,250, followed by Inala and Archerfield with medians of $279,000 and $285,000 respectively. REIQ Journal September 2008