Average wage can still buy you a home in Gladstone
PROPERTY prices in the Gladstone region have fluctuated hard and fast over the past 20 years, but there's still room for the average wage owner to buy a home.
So says REIQ Gladstone chairman and LJ Hooker Gladstone director Mark Spearing.
"Owning a home should be part of everyone's financial plan because this is a valuable investment," Mr Spearing said.
"There are many ways that you can be better off with property ownership because this is a real and valuable asset.
"While our real estate prices have been affected by the Gladstone Harbour and resources market over time, $200,000 to $300,000 can still get you in on the market here for a good home."
For first home buyers thinking of buying or building a new home, this is the Queensland Government's one-off $15,000 Great Start Grant - for new or substantially renovated homes.
"We see time and again that the younger generation's expectations for their first home is extremely high and doesn't always match their budget," Mr Spearing said.
"The lower interest rates will definitely give them that edge in buying real estate and help them negotiate a mortgage to suit their finances better."
REIQ CEO Antonia Mercorella said home ownership rates had held relatively steady in Queensland since 2006.
"According to the most recent data, around one in three Queenslanders own their home outright, another third are paying off a home with a mortgage and the remaining third are renters," she said.
"The higher rates of mortgages are a reflection of the change in the type of property ownership.
"Owning your own home has always been seen as the great Australian dream, but there's an increasing trend towards owning more than one property."
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