REVEALED: Where to buy cheap homes in the Western Downs

Exclusive data has revealed where homebuyers can find the best deals in the region, where mortgage repayments are going for less than $250 a week.

BARGAINS GALORE: Exclusive new data has revealed three Western Downs areas a booming with great value, with it being cheaper to buy houses than to actually rent. Picture: File

Exclusive data has revealed three Western Downs areas are brimming with possibilities for new homebuyers, with it being cheaper to buy houses than to rent.

CoreLogic in partnership with Aussie Home Loans showed the magnitude of bargains available particularly in regional parts of Queensland, where mortgage repayments were lower than $250 a week.

Still need to activate your free Courier Mail subscription? Click here to find out how.

The analysis looked at suburbs where the median price for houses and units recorded mortgage repayments, both variable and fixed, sat under $250 per week.

It was based on a 30-year loan with a principal and interest variable rate of 3.65 per cent and a 2.35 per cent three-year fixed rate loan.

131 Seymours Rd in Dalby. Picture: Fitzsimmons Real Estate

It can now be revealed Miles in the Western Downs is the cheapest place to buy than rent, with weekly mortgage repayments being $123 on a variable rate, and $104 on a three year fixed rate.

A median value home in Miles would go for the bargain price of $119,073, more than half of the price of homes in Chinchilla and Dalby.

Units in Chinchilla were close behind, with their media value estimated to be $146,447 each, with weekly repayments on a variable rate being $217, or $128 weekly on fixed.

There was quite a jump of values and weekly repayments for Chinchilla homes, with a median dwelling being $210,869.

Their weekly repayments on a variable were recorded to be $217 weekly, or $184 on a three year fixed rate.

Even with the current housing shortage in Dalby, prices were still promising, with the median value of a home being $222,044, with weekly repayments of $229 on a fixed rate, or $194 on fixed.

Fitzsimmons Real Estate principal Andrew Fitzsimmons believed there had been a noticeable increase in Dalby’s marketplace throughout last year, with vacancy rates dropping and sales increasing.

Dalby homes were selling for a median value of $222,044. Picture: Contributed

“From a sales point of view, once lockdown ended in April, there was a definite volume increase in housing sales from then on,” he said.

“The major thing that is helping is the low interest rates, and we might be with those rates for a long time to come.”

Aussie chief executive James Symond said considering the price of real estate across the country, it did surprise him that there were so many suburbs in Queensland that came under the $250 a week mortgage repayment threshold.

“Why pay your landlord when you could potentially pay the same amount or less monthly on a house or apartment you can call your own,” he said.

“It just goes to show how low rates make properties that were once unaffordable more affordable.

“Along with those low rates the strong government incentives, federal and state based, for first home buyers is really driving the marketplace.”

Follow the Dalby Herald on Instagram @dalbyherald and Twitter @DalbyHerald

Subscriber benefits:

How to activate your free Courier-Mail subscription

Five ways to get more from your digital subscription

Originally published as REVEALED: Where to buy cheap homes in the Western Downs