Plenty of choice in quest for bargains

FIRST-home buyers will be relieved to know there's lots on offer for less than $300,000, writes property editor Michelle Hele.

FIRST-home buyers will be relieved to know there's lots on offer for less than $300,000, writes property editor Michelle Hele.

With news that the State Government is going to scrap the $7000 grant for first-home buyers of established properties, finding something within an affordable price-range is set to become even more important to potential buyers than ever before.

There are 205 suburbs in Queensland that have a median house price of less than $300,000.

While cheaper properties are a little thinner on the ground in the Brisbane statistical division, there are still 48 suburbs that come in under the $300,000 mark.

According to the latest RP Data figures, there are 4723 houses and 3228 units listed for sale in Queensland for less than $300,000.

The largest number of homes on the market for under that price-point are in Maryborough.

But you don't have to move that far away from Brisbane to find something under $300,000, particularly if you are after a unit.

Surfers Paradise on the Gold Coast has the highest number of units listed on the market for under $300,000, with 110 currently advertised for sale.

According to the latest Month in Review from valuers Herron Todd White, if you want to buy a property for less than $300,000 you will need to make some compromises.

If you want to still live close to the Brisbane CBD, your best option may be an existing unit in suburbs such as Auchenflower or Toowong.

"Many would have dodgy two-bedroom accommodation but even a nicer one-bedder could be found within the amount,'' the report said.

The report found that in the northern suburbs, areas such as Bracken Ridge had some bargains, particularly townhouses.

"They are good renters and have all the right facilities nearby, and due to oversupply the price is right,'' it said.

"They're probably not great capital growth prospects but they are still easy to let out.''

The report found that with price growth sluggish, Brisbane had become more affordable in recent years.

On the Gold Coast, the report found sales under $300,000 made up about a fifth of current transactions.
The report found older dwellings in established areas such as Jimboomba, Canungra and Beaudesert were selling for less than $300,000.

Beaudesert Properties principal Maree Richardson says while there are not a lot of houses for less than $300,000, there are still properties to be bought for between $320,000 and $350,000.

She says those are usually older houses that need a little work.

"That price range seems to be of interest to all sorts (of buyers),'' Richardson says.

"We get new first-home buyers, investors will opt into that market as well and people moving interstate and downsizing.''

Richardson says buyers can still find a four-bedroom home with an ensuite and up to 2000sq m of land for about the $350,000 mark.

She says the market has picked up in recent months in Beaudesert.

The agency has just sold a two-bedroom home at Kellerman Drive, Beaudesert, for $260,000.

The Herron Todd White report found that in Yarrabilba, east of Jimboomba, you can buy a new home and land package from $269,500.

Factoring in the new State Government grant of $15,000 to first-time buyers securing newly-constructed properties means those deals are looking even more enticing.

In Hervey Bay, $300,000 can get you a four-bedroom home with two bathrooms on 1000sq m blocks of land, even some with a swimming pool.

MEDIANS UNDER $300,000 IN BRISBANE

Houses yearly sales median
Lamb Island 11 $180,000
Russell Island 47 $185,000
North Booval 27 $190,000
Gailes 14 $197,000
Macleay Island 57 $205,000
Leichhardt 37 $222,000
Riverview 26 $233,500
Goodna 13 $175,000
Woodridge 77 $185,000
Waterford West 18 $187,500
Bellara 36 $190,000
Mount Warren Park 11 $205,000
Booval 10 $221,500
Bellbird Park 10 $225,250

Source: RP Data. Some suburb figures reflect severe flooding

WHERE THE BARGAINS ARE

1 Leichhardt
2 Booval
3 Riverview
4 Bellbird Park
5 Goodna
6 Gailes
7 Woodridge
8 Waterford West
9 Mt Warren Park
10 Macleay Island
11 Lamb Island
12 Russell Island