Add CategoryTwo incomes and a good broker almost wasn’t enough for Lauren and Kyle Chandler to buy a home in the once affordable Brisbane suburb of Woodford.
New analysis from Canstar shows the average Queensland single person could not afford to buy a house in the suburb. Even with the extra purchasing power July 1’s federal government tax cuts will provide, only a couple with a double income would have the means to buy in Woodford.
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Lauren and Kyle Chandler recently bought a house in Woodford, where prices have grown the most out of any Greater Brisbane suburb in the past five years. Image supplied.
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Mrs Chandler said she and her husband used a loophole to buy their $815,000, four-bedroom house.
With the help of their broker, they purchased it as an investment property so its potential rental income could be considered when it came to securing a loan approval.
This five-bedroom house at 63 Cochran St, Woodford, is for sale for offers over $1.67m.
“I can understand the struggle,” Mrs Chandler said. “We’re on relatively good wages, but wouldn’t have been able to buy there even with a 20 per cent deposit, so we bought it as an investment.
“You’re on a higher interest rate, but after the six month mark, we changed the loan to owner-occupied.”
PropTrack figures show the median house price in Woodford is $800,000.
“We were lucky we had bought and sold before, so we made some cash on those sales to use as a deposit,” Mrs Chandler said.
This house at 42 Crampton Dr, Woodford, is on the market for offers over $899,000.
Matthew Garth of Ray White Rural – Woodford said he had seen home prices in the suburb more than double since Covid, with the large blocks of land, affordability, and sense of community attractive selling points.
“People are coming here for a quieter lifestyle,” he said. “3000 sqm blocks are the main appeal for people moving to the area to have room for a house and a large shed,” Mr Garth said.
“We’re also seeing big growth for 600/700 sqm blocks among those who want the country setting, but not the land to maintain — a lot of first homebuyers and under-30s.”