Buy in a Hidden Gem Suburb and Save Years on a Home Loan
Rather than opting for the ideal suburb, home buyers now have the opportunity to make considerable savings and reduce their home loan by years if they are prepared to purchase a property that is just a few kilometres from their ideal location.
Westpac has released a report of the top-10 hidden gem suburbs in Brisbane. In these areas, houses can be purchased for a lower price than in neighbouring suburbs that enjoy greater popularity.
One of Brisbane’s most searched for and most desired suburbs is Carindale. In this suburb the median house price is $652,315, according to figures from RP Data. In Tingalpa, just a few kilometres away, house prices are 32.8% less expensive.
By purchasing a home in Tingalpa, close to $200,000 and 18 years could be saved on an average home loan.
Gai McGrath, Westpac General Manager of Retail Banking, claimed that a more flexible approach can mean that home ownership becomes a reality much sooner than it otherwise would.
“People should step back, look at a different perspective and consider the trade-offs they would be willing to make,” she said.
According to Ms McGrath, hidden property gems tend to grow into popular areas and offer significant opportunity for capital growth.