Apartments near the beach are still available for just $90,000 as house prices climb across Australia despite a series of aggressive rate rises.
Young people locked out of the housing market, who can work from home and don’t want a big mortgage have coastal options in Cairns in tropical far north Queensland.
Manunda near the city centre has an already affordable median apartment price of $213,228, CoreLogic data shows, but one bedroom units are available for less than half that price.
A one-bedroom unit at Manunda is now available for $90,000 with a pool in the complex.
A 20 per cent mortgage deposit would only set someone back $18,000 leaving a $72,000 home loan with monthly repayments of just $434.
Apartments near the beach are still available for as little as $90,000 as house prices climb across Australia despite a series of aggressive rate rises (pictured is a unit complex at Manunda in Cairns)
In nearby Woree, a studio apartment is even cheaper at $89,000.
Townsville is also affordable with Cranbrook in the city’s west having a median apartment price of $198,311.
A one-bedroom unit is on the market for $85,000.
Darwin is also cheap with a median unit price of $378,000, making it the most affordable capital city market in June following a monthly drop of 0.12 per cent, new PropTrack data showed.
But in the city centre, a one-bedroom unit is available half that price at $199,000.
The 50 square metre size may be small but there’s a communal pool and views over Darwin Harbour.
The Reserve Bank last month raised interest rates for the 12th time since May 2022 – taking the cash rate to an 11-year high of 4.1 per cent as it continued with the most aggressive pace of monetary policy tightening since 1989.
But house prices kept rising in June with Sydney’s median price climbing by 0.6 per cent to $1.32million.
Darwin is also cheap with a median unit price of $378,000, making it the most affordable capital city market in June following a monthly drop of 0.12 per cent, new PropTrack data showed. But in the city centre, a one-bedroom unit (complex view pictured) is available half that price at $199,000
Apartment values rose by 0.7 per cent to a middle price of $781,000. Melbourne house prices rose by 0.24 per cent to $909,000.
Brisbane prices went up by 0.18 per cent to $818,000 but apartment values fell by 0.53 per cent to $546,000.
In regional Queensland – covering everything from the Gold Coast to Cairns – apartment values last month dropped by 1.29 per cent to $569,000.
Adelaide house values rose by 0.46 per cent to $712,000.
Perth, Australia’s most affordable state capital city, saw its mid-point house price rise by 0.34 per cent to $618,000.
The gains, however, weren’t universal with Hobart house prices falling by 0.45 per cent to $710,000 as Darwin house prices slipped by 0.07 per cent to $557,000.
Economists are expecting the Reserve Bank to raise interest rates again on Tuesday, taking the cash rate to 4.35 per cent.
But PropTrack economist Angus Moore said that with rates almost at their peak, buyers were returning.
‘The 2023 house price recovery continued in June, despite the Reserve Bank lifting the cash rate for the 12th time since May last year,’ he said.
‘Interest rates will continue to be a headwind for prices, but, unlike in 2022, the peak of interest rates is likely close.
‘Higher interest rates are being offset by a limited flow of new properties hitting the market, as well as strong fundamentals for housing demand.’
House prices kept rising in June with Sydney’s median price climbing by 0.6 per cent to $1.32million (pictured is a home at Merrylands in the city’s west)
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