Gold Coast property: Suburb where you can buy house with less than $100,000 for deposit

New figures show only one major Gold Coast suburb remains available to house buyers with less than $100,000 available for a deposit after another surge in prices. WHERE YOU CAN BUY >>>

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New figures show only one major Gold Coast suburb remains available to house buyers with less than $100,000 available for a deposit after another surge in prices.

Data from Aussie Home Loans shows that house-hunters could get a mortgage to buy an average house in Pimpama if they could stump up a deposit of $96,400.

The only other option for such buyers is distant Springbrook, where a deposit of $94,100 would suffice.

The mortgage firm’s calculations are based on the average price of contracted properties sold in the last 12 months and assumes a standard 20% deposit.

The revelation comes after the latest quarterly house price data from property analysis firm CoreLogic showed explosive growth in traditionally more affordable suburbs such as Arundel, Coombabah and Labrador.

CoreLogic research director Tim Lawless warned the rising bar for first-home buyers threatened to slow the pace of house prices rises in coming months.

“With dwelling values rising more in a month than incomes are rising in a year, housing is moving out of reach for many members of the community,” he said.

“Along with declining home affordability, much of the earlier COVID related fiscal support (particularly fiscal support related to housing) has expired.

“It is however, encouraging to see additional measures being rolled out for households and businesses as the latest COVID outbreak worsens.”

However Mr Lawless added that continuing low interest rates and a lack of supply meant house prices were likely to remain on an upward curve.

“Demand is being stoked by record low mortgage rates and the prospect that interest rates will remain low for an extended period of time,” he said.

“Dwelling sales (nationally) are tracking approximately 40% above the five-year average while active listings remain about -26% below the five-year average.

“The mismatch between demand and advertised supply remains a key factor placing upwards pressure on housing prices.”

After Pimpama, the next most affordable suburbs for house buyers on the Gold Coast are Labrador ($102,000 deposit needed), Nerang ($104,000) and Coombabah ($105,200).

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