20 Mar Three Reasons Sydneysiders Are Flocking to Brisbane Homes
Written by Belinda Chilton Originally Published on realestate.com.au
(Feature Image: Uno Home Loans CEO Vincent Turner)
Sydneysiders are ditching the confines of their overpriced smaller homes and heading to the sunny north for three main reasons, according to the latest data.
Uno Home Loan’s latest market analysis shows that it would take a Marketing Manager on an average wage in Sydney almost seven years to save a deposit on a median-priced home, compared to just three years on the same salary in Brisbane.
Uno Home Loans CEO Vincent Turner said Brisbanites were on a pretty good wicket compared to our Sydney cousins who would earn at least $150,000 per year gross salary, with no dependants, just to service a loan on a small property in the 10km zone.
“People in Brisbane whinge about wages not keeping up with house prices, yet when you look at Sydney we seem to be in a pretty good position comparatively,” Mr Turner said.
Ex-Sydneysiders Andrew and Karen Hirst with their two young children saw the benefit of the Brisbane property market and purchased a home in Red Hill at the end of last year.
Ms Hirst said they got priced out of their home suburb in Sydney and were forced to make a lifestyle decision when she fell pregnant with their second child.
“We were lucky we entered the Sydney market when we did in 2012 but trying to upgrade our home was a massive challenge,” she said.
“We ideally wanted to stay in the same area but financially that was not doable.”
Mr Turner said Uno Home Loans data analysis was showing that three main factors were making Sydneysiders rethink their lifestyle choice in their international city and move to the north.
1. Rents are up to $700 month cheaper making it easier to save for a deposit.
2. Stamp duty is significantly lower reducing the amount needed to save for a deposit.
3. Median house prices in Brisbane are around $540,000 half that of Sydney’s $1.1 million media price.
Yet their analysis shows that wages between the two cities are not that different, for example, a Marketing Manager on an average wage in Sydney would earn around $82,000 while the same person in Brisbane would be on around $78,000.
“We’re certainly now seeing people rethinking where they want to live, especially in the first homebuyer early 30s category,” Mr Turner said.
“They’re using the calculators on our site and seeing it doesn’t add up with living in inner-city Sydney, so while Melbourne is an attractive option, obviously there’s better weather in Brisbane.”
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