Castle Hill homes aren’t as expensive as city houses.
It may not come as a surprise that you need deep pockets to call Castle Hill home.
But just how much do you need to earn to live in Townsville’s top prestige suburb? New data from Finder shows you need to bank at least $93,573 a year to live comfortably in the hilltop ’hood.
M Property Townsville agent Tracey Stack said Castle Hill attracted the top end of town, but was also popular with families looking for elevation, breezes, views and proximity to good schools.
MORE NEWS>>>
• This home will have you climbing the walls
• Brothel set to prosper from pump priming of economy
• Qld election 2020: Coralee O’Rourke no certainty to run
“Many of them stay long-term and can transition through every stage of life there without outgrowing the home,” she said.
“A lot of the houses on Castle Hill are also considered entry level prices in some of the capital cities.” The median house price on Castle Hill is currently $885,000, similar to prices achieved in some of Brisbane’s outer-inner and middle ring suburbs.
Townsville’s top big earner suburbs include North Ward ($82,896), Alligator Creek ($65,972), Alice River ($60,100) and Rangewood ($58,511).
For many city dwellers, the required annual salary for those suburbs would be considered easy pickings.
Castle Hill property.
But there is some good news for employees banking middle-of-the-range salaries.
Finder.com.au insights manager Graham Cooke said many suburbs once out of reach for lower-income and middle-income homebuyers had become affordable again.
“The door is open for lower- and middle-income buyers. With lower rates and cheaper prices, now is the time to be looking,” Mr Cooke said.
Lenders were offering rates that would have been unthinkable only a few years ago, Mr Cooke added.
“We are seeing the first sub-2 per cent rates appear in the market, with one 1.95 per cent product available nationally, and many others in the same ballpark,” he said.
“The average variable rate across the big four banks is around 4 per cent, which shows how much value there is in the market.”
Home seekers — particularly first homebuyers — would have plenty of time to capitalise on the low rates, and government support such as stamp duty incentives was sweetening the deal, he said.
33 Balmoral Drive, Castle Hill
“With the cash rate at an all-time low and not likely to budge in the foreseeable future, there has never been a better time for borrowers to reduce their repayments or for first-time buyers to get on the housing ladder,” he said.
“While the big banks can offer discounts to high-value customers and charge a hefty package fee, many small lenders offer low rates with no hidden extras.”
Realestate.com.au chief economist Nerida Conisbee said buyer inquiry levels suggested more home seekers regarded it as a good time to be purchasing property.
Inquiry levels were up about 70 per cent nationally since March, she said.
“First homebuyers have been particularly active. If you have a job and are confident in your employment, now is a good time to be buying because rates are incredibly low and there is little chance they will be rising for years.”
The post Prestige suburbs within reach of Townsville residents appeared first on realestate.com.au.