How to find out the real price of a house
Oromia regional news article AUSTRALIA’s largest property boom has seen the price of detached houses jump in some of the nation’s most expensive cities.
In Melbourne, detached houses are now worth almost $500,000, while Perth’s median price is $340,000.
But for those in regional towns, that could change if the Queensland Government changes its property rules, which will see some detached houses priced at $100,000 and $150,000 respectively.
The Government’s move to loosen the rules will see homes priced above $150: $200,000; $250,000 to $300,000 – and even $400,000-$500,00.
That means some buyers could be paying up to $10,000 more than the current median price for a detached house.
“That’s going to be a significant price to pay for people that are in the middle of the pack in terms of affordability,” said Greg Stolte, an urban planner with Zara.
He said the new rules could help to bring down house prices.
“[They] might even be able to bring it down by $10 or $20 or $30 or $40,” he said.
A spokesman for the State Government said the move would not impact on existing properties and had not yet been finalised.
If the State government changes the rules, Mr Stoltes said the average cost of a detached property in Melbourne would rise to about $180,000 in five years.
‘It’s a shame we can’t buy homes in Melbourne’ Mr Stelte said he had been in discussions with his neighbours and had decided to move his house in the area, which has a median home price of $1.3 million.
His neighbour, whose house is on the market for $1 million, said she had also agreed to sell it, but he said she would not do so until she could move to Perth.
Oromia mayor Peter Leung said the Government’s new rules would make it harder for locals to buy a home in regional Melbourne, where detached houses cost more.
Mr Leung, who has lived in Oromias suburb for 18 years, said he hoped the changes would help to “get the houses on the property ladder”.
“I think the Government is trying to change the law, but it’s a bit unfair,” he told ABC News Breakfast.
More to come.