Cheapies can still be found in Queensland's prestigious suburbs: REIQ
You don’t have to be a millionaire to own property in Queensland's most prestigious suburbs.
Affordable properties can be found across the state, even in the most expensive and prestigious suburbs, according to a study by the Real Estate Institute of Queensland (REIQ).
“Hidden treasures can still be found, even in our most expensive suburbs, if you are prepared to look – and potentially wait – for them,” REIQ CEO Anton Kardash says.
Brisbane's Hamilton had a seven-bedroom Eblin Drive house (pictured below) sold at $6.5 million in February, but elsewhere in the prestige suburb there was a $405,000 sale.
It was a two-bedroom Kingford Smith Drive house (pictured below) which had been listed for $450,000.
The suburb's median house price sits at $1.46 million, according to the REIQ, showing there are opportunities for a variety of buyers in the area.
Hidden gems have also been upturned in popular tourist destination Surfers Paradise where, despite a five-bedroom house (pictured below) selling for $6.35 million in March, a more modest three-bedroom house sold for $454,000 in December.
The property (pictured below) was originally listed for $495,000, well below the area's median house price of $1.06 million.
In Minyama a five-bedroom house (pictured below) sold for $6.75 million in December, despite an asking price of $8.25 million.
The sale of the mansion was a far cry from a three-bedroom house (pictured below) on Chelsea Crescent, which sold for just $360,000 in September.
Mr Kardash says while these cheaper properties may not be as luxurious as their more expensive counterparts; they represent a smart way to break into QLDs most prestigious markets.
“Of course the old adage of buying the worst house in the best street, or the best suburb, still applies but buying in these prestigious locations will help to underpin capital growth,” he says.
The lowest price recorded in the report was a low $162,000 for a house in Augustine Heights in October.
