Record low interest rates coupled with house prices bottoming out mean there has never been a better time for first home-buyers to enter the Townsville property market. REIQ Townsville zone chairman Damian Keyes said first home buyers were often put off by well meaning but ill-informed advice to stay out of the property market. At some point you have to ignore three-quarters of that advice and just jump in.
“Find out what deposit you need, find out how much the loan repayments will be and once you have that nailed down then you can go looking for a house.”
First-home buyers in search of affordability should stay away from suburbs like Castle Hill, where the median house price is $862,5000. North Ward, Rangewood and Belgian Gardens also all have median house prices well over the Townsville average and above $450,000.
Buyers can find even more affordable houses in suburbs like Heatley where the median house price is $239,000, while Thuringowa Central, Garbutt, Wulguru, Condon, Vincent and Currajong all have median house prices under $270,000.
Mr Keyes said first home buyers shouldn’t be too picky, many get bogged down trying to find their dream home.
“A lot of first-home buyers if they can’t have the stone benchtops and the theatre room they won’t jump in.”
“Don’t let perfect get in the way of getting started” he said
“Get out open homes and see what the prices are doing … just don’t sit on the fence.”
If you’ve already started your search for a property in Townsville, don’t forget that a pre-purchase building and pest inspection can not only save you from making a costly mistake, it could potentially shave off a bit from the asking price if some issues are found.