As housing prices soar, first home buyers are being pushed out of the market.
And even though many Millennials and Gen-Zer’s can’t afford large four-bedroom homes, sales agent Amanda Wilson said they’re still looking for space.
“… or even a courtyard or a little piece of land,” Ms Wilson said.
“Owner-occupiers are usually looking at villa units or townhouses, while investors are looking at apartments.”
She said affordable townhouses were a valid option for young buyers looking for space, but who couldn’t afford a house.
Suburbs like and around Kingston, Logan Central and Woodridge were great areas for first-time homeowners looking to buy, Ms Wilson said.
She said all her townhouse listings in those areas had either sold or were under contract.
“Most of them sell within 10 days – after multiple offers,” Ms Wilson said.
On the cheaper side, some two-bedroom, one-bathroom townhouses have sold in Woodridge for just over $200,000.
Slightly more upmarket, 13/45-47 Defiance Road at Woodridge, a four-bedroom and two-bathroom townhouse, recently sold for $318,000.
Sitting on a 134sqm block, the townhouse has a 3.2m by 3.4m master bedroom with an ensuite, as well as two other three square-metre bedrooms.
It sold in 2009 for $315,000, and again in 2021 for a little over $228,000.
Alternatively, Ms Wilson said apartments were a cheaper alternative for future buyers.
“A lot of young first-home buyers a single, so some of them are looking for units, but most of the interest comes from investors,” she said.
12/23-25 Blackwood Rd at Logan Central, a two-bedroom and two-bathroom unit, recently sold for $275,000.
“This unit was the highest sale in that complex recently,” she said.
“Others have been selling for almost $15,000 more.”
Although the Logan Central unit doesn’t have the courtyard that townhouses offer, it does have a balcony.
But body corporate costs sit a little higher at $86 a week, compared to $80 a week for the townhouse on Defiance Road.
And unlike the rest of the market, 12/23-25 Blackwood Rd sold for more 13-years-ago.
It was built in 2010 and first sold that year for $299,000, according to realestate.com.au.
Realestate.com data shows the price of two-bedroom units in Logan Central increased by more than 11 per cent in the last year, while three-bedroom places in Woodridge rose by almost 20 per cent.
