Cashing in on city property prices for a larger home in the country or on the coast has long been a key drawcard for many a sea and tree-changer.
But against a backdrop of soaring property prices in many regional areas, capital city budgets may not stretch as far as they once did in some popular coastal and country locations.
Median house prices in dozens of regional council areas are up by more than 20 per cent in a year, Domain data shows, in some instances outstripping the prices seen in their respective capital cities.
“There have been a few [city buyers] ring up thinking they can buy a property for less than half of its worth, and I say I can’t help you,” said Matt Knight – a buyer’s agent and director of Precium – of the NSW south coast market.
Thankfully, most buyers are more clued in by now on the rapid price growth seen in the regions, particularly areas that have seen an influx of demand from tree and sea-changers amid the pandemic. However, many were frustrated by the high prices and low stock levels, with some clients spending a year searching before they engaged his services, Mr Knight said.
For those city slickers considering a sea or tree change, here’s what you can expect to get for capital city prices.
Brisbane
A Brisbane buyer looking to sell up at the city’s record median house price of about $678,000 and head for the coast is likely to have to downsize if looking to the Sunshine Coast or Gold Coast, where medians sit at $825,000 and $792,000. A two-bedroom Mermaid Beach unit recently sold for $670,000, as did a three-bedroom unit at Coolum Beach.
Further afield in the state’s north, a five-bedroom house with views and a pool in the Cairn’s suburbs of Mooroobool sold for $680,000, while a two-bedroom, two-bathroom townhouse on a 132-square-metre block in Port Douglas – where prices jumped about 29 per cent in the past year – sold for $660,000.
Perth
House prices in Perth are now at their highest level since 2015, after lifting about 12 per cent over the year to a little less than $596,000.
Taking that budget outside the capital, a house hunter could expect to pick up something similar to a four-bedroom house in West Busselton, which recently sold for $574,000, and a four-bedroom house on a bush block in outer Bunbury that sold for $595,000.
Further afield in Moresby, north-east of Geraldton and more than a four-and-a-half-hour drive north of Perth, a four-bedroom house on more than two hectares of land with ocean views recently sold for $600,000.
Meanwhile, up in Broome, where prices jumped more than 33 per cent over the year, a four-bedroom renovated 1960s bungalow on more than a 1200-square-metre block sold for more than $570,000.
Article Source: www.domain.com.au
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