Uber driver forced to slash his home price by $10k

This small business owner has been forced to cut the price of his investment property by $10,000, as costs start to bite.

Uber driver Ben Dawson has had to cut the price of the home he is selling by $10,000 — and he hopes he won’t have to do it again.

Originally from Cairns, Mr Dawson bought his unit at 2/10 Ingham Court, Mooroobool, with the intention to live in it.

After some time in the home, he realised that even though he’d bought it, the cost of upkeep was too high for him to keep it.

Buying a home did not save Ben Dawson from the cost of living crisis, as the Uber driver found its mounting expenses weren’t worth the trouble. Picture: Steve Pohlner

“I actually found it cheaper to rent and put tenants into the unit,” he said. “You’ve got your rates, water, body corporate expenses … over half of the [rental] income goes straight towards mortgage payments.”

Mr Dawson chose to turn his unit into an investment property, taking his driving job further south to Brisbane.

But after two years of renting in the Brisbane market, he realised that even by selling his unit, he’d be priced out of home ownership.

The home at 2/10 Ingham Court, Mooroobool, is on sale up in Cairns for $289,000.

“Trying to rent down here is extremely expensive, so I’m just trying to consolidate all my costs, he said. “My intention was always to rent it out and use the equity in it to try and buy a place down here. But of course, it’s so expensive to buy in Brisbane that there’s no way I can afford to.”

“I probably won’t be able to afford a house ever in a major city,” he said. “I’ve just been priced out … even in Cairns, I can’t afford to buy a house.”

Mr Dawson’s home was initially put up for sale at a price of $299,000. The price was then reduced twice: first to $295,000, then again to $289,000.

He recently received a lowball offer of $250,000 for the home, but is in no hurry to sell it for less than what it’s worth.

Priced out of his dream of having a house, Mr Dawson said he feels renting and saving for travel is a better use of his money. Picture: Steve Pohlner

Homes with discounted prices are becoming more common in several areas within Queensland.

Home prices have been reduced by tens or even hundreds of thousands of dollars in some cases.

Ray White Cairns agent Luke Bantoft, who is selling Mr Dawson’s home, said the changing housing market and tenancy laws were both factors impacting the sale and making it difficult for investors.

“When there’s a tenant in place, it does diminish your market,” he said. “It’s really only open to an investor buyer, [compared to] if it was empty.”

Originally published as Uber driver forced to slash his home price by $10k