The Whitsundays has been named the most affordable place to live in Queensland, followed closely by Mackay, in a study completed by PRD’s Chief Economist Dr Diaswati Mardiasmo.
“Both local government areas tick the boxes for having a much lower median house price than Brisbane Metro, strong investment indicators, a lot of future projects, and looks like not much supply planned,” she explains.
“Slower price growth is now evident; this makes house prices more affordable and creates opportunities for owner-occupiers and investors.”
This news gives prospective home buyers more confidence in the market and also encourages future growth of our region.
The median house price in the Whitsundays is $440,000 and over the last 10 years there has been a 10 per cent growth.
Meanwhile, Mackay’s median house price is $435,000 and their growth has been 0.5 per cent over the past 10 years.
The rental yield in the Whitsundays is 5.3 per cent and the vacancy rate is just 0.2 per cent.
The top 10 most affordable local government areas all had median house prices that were $600,000 and under, approximately 30 per cent lower than Melbourne’s and more than half of Sydney’s median house price in December 2022.
Home loan affordability has been at the lower end of the scale since its peak in 2001, with December 2022 figures showing more declines.
In the past 12 months, Australia’s home loan affordability declined to 22.4 index points with Queensland (QLD) recorded at 24.5 index points, proving it to be the friendliest state for buyers.
This is the highest home loan affordability among the four states within this report and is above the Australian average.
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