Single homebuyers find no love in Brisbane market

Rising property prices have pushed single homebuyers out of the Brisbane market. Picture: Steve Pohlner

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Single homebuyers have been all but priced out of the Brisbane property market with new analysis revealing just one suburb where a solo average wage-earner can afford to buy.

Research by Compare the Market showed out of 345 suburbs in the Brisbane region, the unit market in Kooralbyn was the last bastion of affordability for lone property shoppers.

The comparison service found a single buyer on an average income would need to spend about 24.7 per cent of their wage on repayments for a unit in Kooralbyn, which sits about 100km southwest of the Brisbane CBD.

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Compare the Market experts analysed 2163 capital city suburbs, using median property data from Core Logic and average state salaries to work out what single homebuyers could afford.

Across Australia there were just 20 suburbs where a single person bringing home an average income could buy a home – one in Brisbane, one in ACT, two in Perth, four in Melbourne and 12 in Darwin.

Solo buyers were priced out of 100 per cent of Adelaide, Hobart and Sydney suburbs, 98.99 per cent of Melbourne suburbs, 98.96 per cent of ACT suburbs and 99.34 per cent of Perth suburbs.

Moulden and Gray in the Northern Territory were the only pockets where a single average income earner could purchase a house.

Unit 6 at 97-111 Routley Drive, Kooralbyn, is for sale for $299,000. Picture: realestate.com.au

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Scenic Rim real estate agent Jamie Douglas, principal of Beaudesert Properties, said the Kooralbyn unit market was affordable but tight.

“Our median unit price is $282,000 and we’ve seen 36.2 per cent growth in the past 12 months,” he said.

“The median time on market is recorded at 21 days (on realestate.com.au) but we’re selling units in just days with multiple offers.

“Buyer demand is certainly outstripping the stock available on the market.”

Mr Douglas said about 80 per cent of unit buyers in Kooralbyn were owner-occupiers with a mix of singles and couples.

“We’re seeing a lot of buyers from northern Gold Coast and also the Brisbane areas who are trying to get into the market but the area they live in is cost prohibitive,” he said.

“They are choosing to buy (in Kooralbyn) and commute, while some are working from home.”

Beaudesert Properties principal Jamie Douglas.

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Compare the Market property expert Andrew Winter said staggering value growth had left hopeful buyers on average wages in the dust.

“Wage growth has not kept pace with property prices over the past five years, with people on average salaries no longer able to afford in our capitals without coupling up with a loved one, trusted friend or family member,” he said.

“When we talk about affordability, we often think of the size of the deposit, but it’s actually the ongoing cost of monthly repayments that are the real strain for most new homeowners.

“On top of that, they’re often paying for home and contents cover, council rates and repairs for the first time, reducing their typical budget by thousands of dollars over the year.

“Right now, while interest rates remain at their highest level in over a decade, it’s so important to shop around for the most competitive rates, and compare insurances to minimise that burden as much as possible.”

Compare the Market property expert Andrew Winter. Picture: Luke Marsden.

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Dual-income buyers had much more choice in the Brisbane market with the Compare the Market analysis showing a couple with average incomes could afford to buy in 47 per cent of the region or 165 out of 180 suburbs.

Their best bet was the unit markets in Kooralbyn, where a couple would only need 12.4 per cent of two average incomes to service a mortgage.

This was followed by the unit markets in Goodna (16.1%), Logan Central (16.2%), Woodridge (16.8%) and Mount Warren Park (17.4%).

CoreLogic Head of Research Eliza Owen said singles were disproportionately disadvantaged when it comes to accessing home ownership.

“Whether it’s coupling up, living with parents or just tapping into the bank of mum and dad, buyers need increasingly innovative ways to break through affordability barriers,” she said.

“There are still opportunities for single buyers, but it might mean moving up into apartments, moving out to the city fringe, or investing in more affordable cities.”

SUBURBS WHERE SINGLES CAN AFFORD A HOME

(Source: Compare the Market)