Affordable Island Real Estate | Access Challenges and the Impact of Builders Exiting the Industry
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We're seeing here on the island that only the major banks will loan to the Southern Moreton Bay Islands and that apparently is because we don't have a bridge. For a younger person to buy a house here, they need a 20% deposit. So imagine if the houses here were, you know, an average house was $900,000. That's a huge deposit for anybody to save. We are seeing some mortgage brokers being able to get folks in on less than 20% with the assistance from the government. It's across the board. Even though we are an affordable suburb, the level of deposit required is pushing younger folks out of the market completely.
In Brisbane, this report throws up, affordable options have almost vanished. There are just five suburbs recorded with a median house price of under $600,000. You were saying the median there at the moment is around $520,000. I mean, that is, in today's market, extremely affordable and the fact that you're so close to Brisbane, yet the bank is saying you ain't got a bridge. Exactly.
So we're finding, though, that because we're affordable, younger people are able to save that deposit. They can also get in into lesser properties. You know, we still have properties in the 400,000s and that gives them a step into the market. There is opportunities. If you've got a good broker and you've got a good credit history, then there are ways and means. The reality of it is for young people living in the city is a pipe tram. They're only going to be able to rent there. When I was young, buying my first home, I paid $50,000 for it. You can't even buy a house with a deposit of $50,000.
You were telling me off air that you used to have a gaggle of agents working for you. You had the payroll and so forth. Then you decided to change it up a little bit and just condense that down all the way down to just you and a PA. Is that right?
That's correct. Some years ago, I had an office in Ipswich with, you know, all the bells and whistles, multiple staff, all of the traditional things that come with running a real estate office. We left Ipswich and we've been on Maclay now for eight years and I've worked with agencies on the island and decided to work for myself again.
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