Townsville tenants are ditching dead money for a mortgage
A TEN year ‘pipedream’ has become a reality for Nicola and Casey Raeside who have finally bought a house after moving from Adelaide to Townsville for work.
With prices to buy in Townsville currently low and expected to rise in the coming years, the couple decided now was the best time to get into the market.
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“In Adelaide, buying a home seemed like a pipe dream but since moving to Townsville we very quickly came to realise that buying a house was achievable,” Mrs Raeside said.
“Switching from renting to owning was the best decision we have ever made and the list is endless for the benefit of owning your own home.
“Having the option to put a nail in the wall, redesign your kitchen, and permanently place items to your own tastes and without needing approval from the owner is amazing.”
The couple decided to build at North Shore’s Sunhaven Village on the back of affordability, the community feel, and convenience.
“We chose North Shore because it looked safe, comfortable and had so many amenities close by as well as the future prospects for more schools, shopping and leisure.
“The land being so affordable was a huge benefit and our kids can go to the local north shore state school.
“Most importantly to us, it is the peace and knowledge that we bought an investment, a slice of Australia we can call our own.”
A recent report from BIS Oxford Economics revealed that house prices in Townsville were forecast to grow by 9 per cent in the three years to June 2022.
According to the Housing Affordability Report released by ANZ Bank and CoreLogic in June, it is now cheaper to buy a house in Townsville than it is to rent.
The report shows that due to household incomes rising at faster rate than home values, it currently takes about 21 per cent of a household’s income to service a mortgage compared to 24 per cent to rent.
North Shore Project Director, Andrew Astorquia, said that the competition in the rental market, combined with recent announcements on major job generating projects such as the Townsville Stadium and Water Pipeline has made buying in Townsville more attractive then ever.
“The report from ANZ and CoreLogic provides a very powerful message to anyone thinking of buying their first home or upgrading in Townsville,” Mr Astorquia said.
“When you consider that North Shore is an award-winning and established community boasting schools, shops, parks and recreation strategically sprinkled throughout the development, it is now possible for buyers to move into a brand new house in a quality development at price that is close to or even less than the cost of renting.”