Real Estate

A deposit for a Gold Coast house could buy you this whole property

A deposit for a Gold Coast house could buy you this whole property
Written by The ReReport
As seen in the Source link, written by on 2019-07-11 01:00:00

Searching for a property bargain? Kooralbyn might be a spot to add to your watch list.

THE terms “affordable property” and “entry-level price tag” are often overused in real estate, but certainly not in this case.

This unit would be a first-home buyers dream, with a 10 per cent deposit coming in at less than $8000.

But they’d need to sacrifice city living and be willing to live in a shoebox.

The one-bedroom, one-bathroom pad at Kooralbyn — a town in Scenic Rim 56km west of the Gold Coast — fetched $75,500 earlier this month.

The total cost of the 51sq m unit is close to the deposit needed for a house priced at the Gold Coast’s median, which is $655,000.

The unit at 39/97-111 Routley Drive, Kooralbyn — which is in need of some TLC — sold for $75,500.

LJ Hooker Yarrabilba agent Barry Johns said the area, and in particular the unit block, offered a terrific way for buyers to break into the market.

“One family had tried and tried to get finance for a house and land package as their first home,” Mr Johns said.

“Due to finance being so hard, they decided to buy one of these units and live in it for a couple of years, which allowed them to save up a deposit by not paying ridiculously high rent.

“They will now lease it out and use the capital gained to get the house and land they wanted — it was a very smart idea.”

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Mr Johns said the buyer of No. 39 was an individual buying for themselves.

So far this year, two other units in the complex have sold — No. 7 fetched $100,000 and No. 9 just $53,000, according to CoreLogic data.

The cheapest unit in the complex was No. 18 which changed hands for $30,000 in 2014, while the most expensive was the $176,400 sale of apartment six in 1997.

The complex offers lots of affordable options.

Mr John’s said Scenic Rim was a fast growing area with buyers appreciating the value and lifestyle it offered.

“A lot of people that we are getting are moving up from Sydney, NSW, the Gold Coast and Brisbane,” he said.

“They are sick of living the life with traffic and high-cost housing.

“Here, they can live a simple life and all the conveniences are out here, we can even have Woolworths delivered to the front door.”

Scenic Rim’s median unit price is $297,000 and has jumped 15.3 per cent in the last five years, according to CoreLogic.

Meanwhile, the median house price has notched 19.9 per cent growth in that time period to a $470,000 median.

“Kooralbyn itself if growing quite rapidly,” Mr Johns said.

“The resort is going from strength to strength, there’s a zoo coming and there are tourists here all the time.

“The area has a beautiful hum around it.

“Prices were climbing quite rapidly before the banks decided to tighten up … but we are still way ahead of everyone else with affordability.”

Kooralbyn’s median unit price is just $100,000 with 15 properties sold in the last 12 months.

Houses have a $349,000 median.

The median asking rent for a unit is $260 per week, while houses reap a median income of $343 each week.