A massive 12-bedroom pub has been listed for sale with the asking price half the average cost of a house in Australia.
The Commercial Hotel in Halifax, a rural town north of Townsville, in Queensland, has been listed for only $350,000.
The price is significantly lower than the median price of a home across the country with the average dwelling going for $704,723, according to CoreLogic data.
A massive 12-bedroom pub has been listed for sale with the asking price half the average cost of a house in Australia
The quaint pub sits on a sprawling 2,331sq metres of land and it is comprised of five bathrooms, a chef’s kitchen and dining area.
A bar, cool room, fridges and huge backyard area are also included.
The property listing describes the pub as a ‘beautiful country Queenslander’.
A Queenslander is an architectural design that is identifiable by its timber panels and exterior fretwork.
The pub has deep verandahs that provides plenty of shade throughout the hotter seasons.
‘Love to Fish.. Love a Beer.. Room to Move…’ the listing reads.
‘Endless Opportunities to create a lifestyle of your own with this Property in Halifax.’
Townsville Airport is only an hour and a half drive away making the pub the perfect ‘place to call home’ for a weekend getaway.
The pub is also a short walk away from the Herbert River, a popular fishing spot among anglers.
The sale comes as Westpac warns house prices will surge across Australia in 2024 because of high immigration.
The Reserve Bank of Australia’s 10 interest rate rises since May 2022 have caused real estate values to sag, with Sydney’s median house price dropping by 13.3 per cent during the past year to a still unaffordable $1.23million.
But Westpac economists Matthew Hassan and Bill Evans are expecting a five per cent rebound in Sydney and Melbourne in 2024, with Australia’s two biggest cities likely to absorb most of the immigration intake.
‘There are clear links between population growth and demand for housing, both directly (through new buyers) and indirectly (through the impact on available rental property and the wider physical supply-demand balance),’ they said.
The Commercial Hotel in Halifax, a rural town north of Townsville, in north Queensland, has been listed for only $350,000
Treasury is expecting 350,000 new arrivals in 2022-23, followed by another 300,000 in 2023-24 which would equate to 650,000 new migrants over two financial years.
This would be a new record, surpassing the 15-year high pace of 303,700 in the year to September 2022 which included the permanent arrivals of skilled, family reunion and humanitarian migrants, along with international students, classified as long-term arrivals.
The influx took the national population above 26.1million, the Australian Bureau of Statistics data showed.
Westpac noted about a third of migrants eventually ended up buying a home ‘usually at least six months after arrival’.
‘Direct demand from new migrants may impact some market segments but typically takes time to appear and is usually not large enough to shift the wider market,’ it said.
Sydney’s mid-point house price stood at $1,221,367 at the end of 2022 and Westpac is expecting prices in 2023 to grow by one per cent, which would take levels up to $1,233,581, based on CoreLogic data.
A five per cent increase in 2024 would take prices up to $1,295,260.
Melbourne’s median house price was $905,894 at the end of last year and Westpac’s prediction of a one per cent decline would take back to $896,835.
But a predicted five per cent increase in 2024 would take prices up to $941,677.
Brisbane was expected to fall by one per cent in 2023, taking prices back to $778,336 from $786,198.
A six per cent increase in 2024 would take prices up to $825,036.
Perth was expected to remain flat at $586,721 in 2023.
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