Housing affordability crisis? What affordability crisis?
When you can sink into your own nest at the end of a hard day and pay a weekly mortgage of less than $100 for the privilege, you can’t really complain about housing being unaffordable, can you?
And yet, that’s precisely what’s on offer on the Gold Coast right now.
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Your own apartment, near the beach in Miami for a five-figure sum.
There are a handful of these one-bedroom studio apartments at The Outrigger on the market for between $99,000 and $118,000.
It makes you wonder: why are our politicians talking about tinkering with negative gearing in an effort to make housing more affordable, if you can pick up a beachside apartment for $99k?
Granted, these apartments are the exception not the rule.
And they’re not exactly brimming with features.
Yes, they’re cheap: at current mortgage rates of around 4.5% and with a $20k deposit, you’d be paying around $70 per week mortgage interest.
But that’s assuming you can get a loan for one of these bad boys. Banks can get a little spooked about lending money to buy tiny apartments within hotel complexes, and will often ask for a bigger deposit to minimise their risk.
You also have to factor in other expenses, like body corporate fees and council rates and water.
And these particular properties don’t come with kitchens, or stovetops, or in fact any type of cooking facilities whatsoever, so your weekly takeaway bill is likely to be higher than your mortgage.
Still, it’s a cheap way to get your foot on the property ladder.
If you prefer the idea of going down a more traditional path, the Queensland government recently boosted the First Homeowners Grant to $20k, provided you buy a new home or build.
Or you may have to keep renting for a bit. Even if this is the case, at the end of the day, all of us should be grateful that we don’t have to grapple with Sydney property prices. The shoebox I moved out of four years ago to move back to the beautiful Gold Coast was recently listed for sale over $1m. It was over 100 years old, with moudly corners and no storage, and it wasn’t a great deal bigger than these apartments.
And it was nowhere near the beach, I’ll give you the hot tip!
Here’s your chance to get your opinion in front of a larger audience. And earn a dollar!
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