What $700,000 will get you in each QLD region
From beachfront homes to acreage properties, the $700,000 “benchmark figure for Aussie property” gets you more bang for your buck in regional Queensland. SEE WHERE TO LOOK
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It won’t get you much in the red-hot southeast Queensland property market but in the regions, a budget of $700,000 can get you everything from a beachfront home to a luxurious architecturally-designed residence, even acreage.
And depending on where you are looking to buy, you might even end up with some cash leftover.
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The latest Herron Todd White Month in Review report for July looks at what $700,000, described as the “benchmark figure for Aussie property”, can get you in today’s booming property market.
And while it won’t get you far in regions like the Gold Coast, Sunshine Coast and the inner rings of Brisbane, it can get you a whole lot of house in regional Queensland.
“The tyranny of distance pre-2020 isn’t all that ominous in 2021,” the HTW report said.
“We can work remotely from just about anywhere while holding down a steady job that
once needed an inner-city office.
“All this is to say that if you have $700,000 to spend, your options are wide open.”
There are now 281 Queensland suburbs with median house values north of $700,000, with house buyers in that price range now priced out of 134 Brisbane suburbs, 67 Sunshine Coast suburbs and 50 Gold Coast suburbs.
But outside of the booming southeast corner, the Cairns, Townsville and Mackay regions each have just two suburbs with median values over $700,000.
REA economic research executive manager Cameron said buyers could get much more bang for their buck in regional Queensland.
“For $700,000, you could get the equivalent of something worth well over $1 million in the southeast corner,” he said.
Ray White chief economist Nerida Conisbee agreed, adding that while you can still buy a property in some of the state’s most expensive markets, buyers would likely have to downsize to an apartment.
But in the regions, she said buyers could get a substantial house and a great lifestyle to match.
“You can get some amazing properties in the regions,” she said.
“And with more people able to work remotely, a move to the regions is on the table.
“The big regions have airports and NBN so good connectivity with the capitals.
“They also have good schools and all of the amenities you need.
“In terms of getting bang for your buck, the regions are worth a look.”
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WHAT THE REPORT SAID FOR EACH REGION
GOLD COAST
Owning a house by the sea is becoming a pipe dream as booming prices push property in the most sought-after areas out of reach for many families and first-home buyers.
Investing in a townhouse or unit has become the only real alternative for those with a budget of $700,000.
“Opportunities to buy a detached house for $700,000 are becoming harder to find,” said Herron Todd White director Janine Rockliff.
Those priced out could look to townhouses or duplexes in Varsity Lakes, Robina, Miami and Burleigh Waters, while strata-titled units in Miami, Burleigh Heads and Burleigh Waters were also an option.
Buyers should also look to older houses in Merrimac, Helensvale or Carrara for best value.
Yet the HTW report found that even in northern growth suburbs such as Pimpama and Ormeau, buyers with $700,000 to spend on a house would be looking at one that is more than 20 years old and without a swimming pool.
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SUNSHINE COAST
Queensland’s hottest property market is proving harder to crack, with the Sunshine Coast now home to the state’s highest ever house sales price.
That one sold at Sunshine Beach for an eye-watering $34 million, and is widely rumoured to have been snapped up by mining magnate, Gina Rinehart.
“In the past, we have suggested the best place to park your lazy $700,000 is in an original dwelling along the coastal strip, basically as close to the beach as you can,” HTW Sunshine Coast director Stuart Greensill said.
“This certainly would have paid off as it’s now difficult to enter this market at this level although it is still not impossible.”
Mr Greensill’s picks for $700,000 buyers include Golden Beach and Battery Hill (Caloundra), some parts of Kawana/Buddina, Pacific Paradise, Mudjimba, Marcoola, Mount Coolum and Coolum Beach.
“These are probably the only areas in which you may find a freestanding dwelling for around $700,000,” he said.
Mr Greensill also suggested buyers look at hinterland towns along the rail corridors.
“It is difficult to identify one specific market as $700,000 doesn’t go as far as it used to,” he said.
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TOWNSVILLE
There are just two suburbs in Townsville with median house prices above $700,000 – Castle Hill and North Ward.
A search of realestate.com.au revealed that there are no houses currently listed for sale in either suburb for around $700,000, with the cheapest being a four-bedroom Queenslander on a 1012sq m block in North Ward, which is listed for $798,000.
But there are units available, and a $700,000 buyer would even have plenty left over for a renovation.
“In 2021, a lazy $700,000 will get you less than what you could have purchased in 2020,” HTW Townsville director Darren Robins said.
“Like last year in considering where to park this sort of money, the inner-city suburbs of North Ward, Belgian Gardens, Rowes Bay and South Townsville provide most appeal.
“North Ward is arguably the prime location for an entry level buy and for $700,000, you would get a renovator on a quarter acre lot or a partially renovated home on a small lot. “Belgian Gardens has a lower entry price for a renovator at around $500,000 and for $700,000 depending on the land size, you could secure a fully renovated home.”
Mr Robins said that South Townsville was close to the CBD, Strand and entertainment hubs but had seen the rapid growth like North Ward or Belgian Gardens.
“A $700,000 investment in South Townsville would net you a large renovated home typically on a quarter acre lot,” he said.
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MACKAY
You won’t get as much in Mackay as you might have last year, but $700,000 still goes a long way.
“The Mackay residential market has not been immune to the buoyant real estate conditions seen right across regional Queensland,” HTW director Mick Denlay said.
“If new is your preference, then $700,000 will still buy you a good quality modern executive home in most of the estates in Mackay, however we are now seeing large modern homes with pools and sheds exceeding $700,000 regularly in the good quality estates, something not seen in Mackay for quite a few years.”
But older homes are still within range right across the region, with large, good quality Queenslanders, fully renovated with sheds and pools, also still available for well under $700,000, Mr Denlay said.
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ROCKHAMPTON
In Central Queensland, a budget of $700,000 could get you two or more entry-level houses or an acreage property with a large house.
“Owner-occupiers have a few different options, whether that is a modern home in the northern suburbs of town or in the northern growth corridor of Parkhurst and Rockyview, or an established and renovated Queenslander south of the river on The Range,” HTW property valuer Cara Pincombe said.
“While $700,000 remains a healthy budget for the region, compared to 12 months ago, the dollar is not stretching as far as it did.
“Into the short to medium term, we anticipate this market sector to continue as it has been, given that external influences on our local markets are expected to continue over the short to medium term.”
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GLADSTONE
House prices in the port city slumped during the resources downturn but have started to claw their way back.
As a result, buyers with $700,000 to spend have plenty of choice in the Gladstone market.
“First up, if you’re an owner-occupier buying just the one property, you can get a large, well appointed home with all the bells and whistles in an established suburb, typically on a 1000 sq m-plus allotment with a pool, sheds,” HTW Gladstone associate director Regan Maye said.
“Alternatively, for around the same money, you can drive 10 to 15 minutes out of town to the rural residential suburbs of Beecher, Burua, Calliope or Benaraby and you will get roughly the same improvements but on a larger allotment.
“Investors wanting to enter our local markets with $700,000 have the option of purchasing a number of smaller, older homes.
“This would provide a better return to the investor than purchasing one property for $700,000 with a view to lease.”
With a continued tightening of the vacancy rate, rents continue to rise and returns are becoming more attractive to investors, according to the report, which also noted the benefit of continued capital growth that is expected over the next couple of years.
Entry-level houses in Gladstone typically start around $200,000 to $250,000, with rents between $250 and $300 a week.
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BUNDABERG
Located in the Wide Bay region, Bundaberg has a median house price of between $242,000 (south) and $317,500 (east).
There are only two suburbs in the entire region with a median house price of more than $700,000 – Traveston and Carters Ridge, according to the latest REA Market Trends report for July.
“A lazy $700,000 can buy quite a lot in Bundaberg and local coastal suburbs,” HTW Bundaberg property valuer Catherine Kersnovske said.
“(It) can buy a large modern family home with pool and sheds in good locations in Bundaberg
close to schools, shops, and even in Bargara and coastal suburbs,” she said.
“It wouldn’t buy on the oceanfront at Bargara however would buy within walking distance to the ocean, cafes.
“This amount can even buy you an esplanade block with ocean views to admire in the outer coastal areas including Woodgate.
“If you want a tree change, this amount would be sufficient for a large acreage with modern home and sheds.”
Ms Kersnovske said Bundaberg and its local coastal and rural communities remained “really affordable”, but warned that buyers needed to act fast as properties were also selling fast.
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HERVEY BAY
This Fraser Coast gem still offers quite a lot for $700,000, despite the rapid capital growth seen in recent times.
Listings continue to dwindle as demand outstrips supply and rentals remain few and far between, according to the report.
And older waterfront properties around the $700,000 mark are becoming even harder to come by.
But HTW property valuer Tracy Lynd said there were still places where buyers should be looking now.
“River Heads is located just ten minutes to the south of Hervey Bay and boasts outstanding
ocean views over the Great Sandy Straits and Fraser Island,” she said.
“Over the past few years, this area has been a very affordable location with land selling for just over $100,000 for 2000sq m offering ocean views.
“Other seaside localities such as Burrum Heads and Toogoom also represent good value for money with properties close to the ocean of varying ages selling from $400,000 to $700,000.”
But Ms Lynd said the biggest issue confronting buyers wasn’t price, but rather how fast properties were selling.
“The biggest challenge at present is the speed at which property is selling against unprecedented demand,” she said.
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TOOWOOMBA
Queensland’s biggest inland city has been identified a spot to watch, with the region benefiting from significant infrastructure investment.
The latest REA Market Trends report for July has just one suburb with a median house value of $700,000 – Cabarlah.
But there are six more suburbs with median values above $600,000.
And many suburbs have seen double-digit price growth in the past 12 months, led by Toowoomba City with 48.3 per cent.
But buyers with $700,000 to spend are still spoiled for choice.
“This will secure a renovated colonial dwelling in the eastern suburbs such as East Toowoomba, North Toowoomba or Mount Lofty while a modern, four-bedroom, brick
veneer dwelling can be secured in Middle Ridge and Rangeville,” HTW Toowoomba director Marissa Griffin said.
“We are anticipating steady to continued strong market conditions in the short to medium term for this locality, however it is observed that the market segment at $700,000 and above does remain out of reach for a large number of potential buyers and families.
“The majority of dwelling sales in the Toowoomba region are in the sub-$600,000 price
bracket with the market less active in the higher price points.”
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CAIRNS
There are just two suburbs in the Cairns region with median house values north of $700,000 – the tourist havens of Port Douglas ($780,000) and Palm Cove ($760,000).
But there are many suburbs right across the region which have seen double-digit price growth over the past 12 months.
The region’s third most expensive suburb – Mowbray – has a median value of $615,000.
But even some of the suburbs within the reach of a buyer with $700,000 have reported million-dollar sales, for example Whitfield.
There, the median house price is $592,500 but a contemporary residence sold for $1.75 million in March and a Knott Court mansion sold for more than $5 million in November last year.
But $700,000 will get you a modern home in Kewarra Beach, a Santa Fe-inspired mountain retreat at Kanimbla and an elevated home with a pool at Brinsmead.
And if a unit takes your fancy, there is even more places to choose from, with a three-bedroom apartment in Palm Cove listed for offers over $625,000 and plenty of inner-city units also within range – you might even get some change.
Originally published as What $700,000 will get you in each QLD region
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