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Everything you need to know about buying property in Queensland
If you’re daydreaming about a sea change to the Sunshine Coast, or a tree change to the tropical rainforests of Northern Queensland, you’re not alone.
As of 2021, there were 5.2 million people living in Queensland, with half of these based in the southeast – the state’s fastest growing region. With migration to Queensland at an all-time high, let’s explore exactly what home buyers may need to know about moving to the northeast.
How much are properties in Queensland?
Understandably, the median price of properties in Queensland depends on the location and type of property.
For example, a house in Burleigh Heads or Surfers Paradise may be similar in pricing to the median value of a Sydney home, but significantly more affordable in terms of properties in proximity to beaches.
Based on the most searched Queensland suburbs, as per REA Group data, these are some of the median house and unit prices for would-be buyers, and median rent prices for investors or those considering a move without committing to purchasing just yet.
Median property values and rental prices in Queensland suburbs
| Suburb | Median house price (3br) | Median house rent (3br) | Median unit price (2br) | Median unit rent (2br) |
| Aderley | $1,010,500 | $598pw | $368,000 | $400pw |
| Brisbane City | N/A | N/A | $570,000 | $528pw |
| Burleigh Heads | $1,182,500 | $800pw | $786,000 | $575pw |
| Indooroopilly | $960,500 | $530pw | $445,500 | $420pw |
| Maroochydore | $798,750 | $580pw | $547,500 | $475pw |
| Mount Louisa | $333,750 | $380pw | N/A | N/A |
| Noosa Heads | $1,450,000 | $850pw | $1,050,000 | $620pw |
| Robina | $740,000 | $650pw | $482,200 | $510pw |
| Southport | $800,000 | $560pw | $410,000 | $480pw |
| Surfers Paradise | $1,477,500 | $875pw | $490,000 | $500pw |
| Toowoomba City | $419,000 | $373pw | $254,500 | $282pw |
Source: RealEstate.com.au. Figures accurate as of 11/02/22.
The median price you’d spend on a house in Queensland may differ between anywhere from $400,000 to $1.5 million, depending on location. While these upper prices may be familiar for buyers moving from Sydney or Melbourne, these lower figures may be considerably more affordable than local 3-bedroom houses.
Median unit pricing seems to be consistently around the $300,000 - $500,000 range. This may be more affordable than the median cost of a Sydney unit at $837,640, or Melbourne at $624,158, as per the latest CoreLogic figures.
Depending on your budget and/or the amount of equity you’ve built into your current property, your value for money may come down to location.
How much could I save on a mortgage by moving to Queensland?
One of the most significant questions potential movers may be weighing up is just how much more affordable your mortgage payments could be if you moved to Queensland.
Assuming you have at least a 20% deposit for a house in any of the above suburbs, let’s calculate your potential mortgage payments, based on RateCity’s average variable owner-occupier interest rate (paying principal and interest) of 3.10%.
Mortgage repayments for a Queensland house
| Suburb | Median house price (3br) | Home loan size (20% deposit) | Monthly mortgage repayments |
| Aderley | $1,010,500 | $808,400 | $3,452 |
| Burleigh Heads | $1,182,500 | $946,000 | $4,040 |
| Indooroopilly | $960,500 | $768,400 | $3,281 |
| Maroochydore | $798,750 | $639,000 | $2,729 |
| Mount Louisa | $333,750 | $267,000 | $1,140 |
| Noosa Heads | $1,450,000 | $1,160,000 | $4,953 |
| Robina | $740,000 | $592,000 | $2,528 |
| Southport | $800,000 | $640,000 | $2,733 |
| Surfers Paradise | $1,477,500 | $1,182,000 | $5,047 |
| Toowoomba City | $419,000 | $335,200 | $1,431 |
Source: RealEstate.com.au, RateCity.com.au
Note: Figures based on a home loan size of borrowing 80% of the median house price (80% LVR) for each suburb. Hypothetical loans based on a 30-year term at average owner-occupier variable home loan rate paying principal and interest on RateCity database of 3.10%. Does not factor in stamp duty, fees or rate fluctuations. Data accurate as of 11/02/22.
There are a few factors to take into consideration when calculating how much you may save on your mortgage by moving to Queensland, including:
- Will you sell your current home or rent it out?
- Have property values increased in your area?
- Would you make a profit or loss if you sold your home?
- Would you need a new mortgage for your Queensland home?
As making a move interstate can be costly, and most homeowners will want to start off their moves with as little expenses as possible, it’s worth taking the time to crunch the numbers on buying a property if you have an existing mortgage.
Firstly, if you have an existing mortgage and you plan on selling your current home, you may want to ensure the profit you earn from selling can pay off this debt to avoid potentially paying two mortgages at once. Consider seeking a home valuation and check online at property sale prices for similar homes to yours in your area for more information.
If you plan on renting out your existing home, you may need to do the maths on whether this can help cover the costs of the existing mortgage and/or help provide rental income for your new home in Queensland.
Further, you may need to weigh up the benefits and disadvantages of taking out a new home loan in Queensland. If the sale of your existing home can help generate enough profit to pay for a new home in full, this is potentially the ideal scenario for some homeowners. You may also generate enough profit from the sale to ensure your next mortgage is much smaller, meaning repayments are significantly more affordable.
Keep in mind that even if you have an existing home loan, you’ll still need to meet the eligibility criteria for the new loan. This may require setting aside some time to boost your personal finances, including genuine savings, as well as your credit score.
What would I pay in stamp duty on a Queensland home?
Another major cost movers may have to take into consideration is how much they may be stung with stamp duty if they purchase property in Queensland.
- Use RateCity’s Stamp Duty Calculator to discover how much you may be asked to pay in stamp duty costs for your Queensland property purchase.
Depending on the property value, stamp duty concessions and exemptions may be available. However, unlike other states or territories, first home buyers are not the only homeowners who may be offered concessions.
- The first table outlines transfer duty rates refers to the duty rate to be paid by homebuyers.
- The second table outlines home transfer concessions that may be applicable to eligible buyers.
- The third table refers to the rate of concession for first home buyers.
Transfer duty rates in Queensland
| Dutiable value | Duty rate |
| Not more than $5,000 | Nil |
| More than $5,000 up to $75,000 | $1.50 for each $100, or part of $100, over $5,000 |
| $75,000 to $540,000 | $1,050 plus $3.50 for each $100, or part of $100, over $75,000 |
| $540,000 to $1,000,000 | $17,325 plus $4.50 for each $100, or part of $100, over $540,000 |
| More than $1,000,000 | $38,025 plus $5.75 for each $100, or part of $100, over $1,000,000 |
Home transfer duty concessions rates in Queensland
| Purchase price/value | Duty rate |
| Not more than $350,000 | $1.00 for each $100 or part of $100 |
| More than $350,000 to $540,000 | $3,500 + $3.50 for every $100, or part of $100, over $350,000 |
| $540,000 to $1,000,000 | $10,150 + $4.50 for every $100, or part of $100, over $540,000 |
| More than $1,000,000 | $30,850 + $5.75 for every $100, or part of $100, over $1,000,000 |
FIRST HOME BUYERS: Additional concessions
| Purchase price/value | Concession (deduct this amount from the amount calculated using the home concession rate above) |
| Up to $504,999.99 | $8,750 |
| $505,000 to $509,999.99 | $7,875 |
| $510,000 to $514,999.99 | $7,000 |
| $515,000 to $519,999.99 | $6,125 |
| $520,000 to $524,999.99 | $5,250 |
| $525,000 to $529,999.99 | $4,375 |
| $530,000 to $534,999.99 | $3,500 |
| $535,000 to $539,999.99 | $2,625 |
| $540,000 to $544,999.99 | $1,750 |
| $545,000 to $549,999.99 | $875 |
| $550,000 or more | Nil |
Source: QLD.gov.au. Accurate as of 11/02/22.
For foreign purchasers, Queensland charges an additional foreign acquirer duty (AFAD) to the value of the property at a rate of 7%.
What are the most liveable suburbs in Queensland?
Your ideal new Queensland home will need to meet your own individual requirements and goals and will depend on your household and your budget. Whether you’re a single homebuyer, a young family or a couple considering retiring in the Sunshine State, your preferences for most liveable suburbs may differ.
That being said, a recent Domain study ‘Liveable Brisbane’ has ranked the 20 most liveable suburbs for young families:
Brisbane’s top 20 most liveable suburbs for young families:
- Alderley
- Chermside West
- Wilston
- Kalinga
- Corinda
- Carina Heights
- Grange
- Ascot
- Newmarket
- Kelvin Grove
- Sandgate
- Bardon
- Ferny Grove
- Albion
- Red Hill
- Camp Hill
- Windsor
- Lota
- Deagon
- Toowong
How much would removalists cost me if I moved to Queensland?
According to removalist platform, Muval, the interstate costing of removalist services from capital cities to Brisbane are as follows:
- Sydney to Brisbane – The average job price is$1,137
- Melbourne to Brisbane - The average job price is $1,285
- Canberra to Brisbane - The average job price is $2,136
- Adelaide to Brisbane - The average job price is $1,223
- Perth to Brisbane - The average job price is $1,595
- Hobart to Brisbane - The average job price is $2,809
- Darwin to Brisbane - The average job price is $2,148
While these prices are an average based on recent job pricings recorded by Muval, it’s a worthwhile starting point when factoring in potential upfront costs associated with your Queensland move.
How far from an airport would my home be?
If making the move from your current location to Queensland would separate you from your loved ones, it’s also reasonable to consider your location to an airport in your move.
Queensland’s international airports include the Gold Coast, Brisbane, Cairns and Townsville. Property prices in the Gold Coast and Brisbane may be higher than Cairns and Townsville, depending on where you’re looking at purchasing. But if proximity to an international airport is important to you, it’s worth keeping these four hubs in mind.
Domestic air services are also located at Karumba, Normanton, Burketown, Mt Isa, Proserpine, Mackay, Rockhampton, Gladstone, Bundaberg, and Maroochydore. There are also regional airports located throughout Queensland.
Keep in mind that the more regional the airport, generally the more expensive the ticket costs due to high surcharges on landing fees, as well as little airline competition. While the four international hubs may have more expensive property prices, travel to loved ones may be more affordable and therefore more frequent.
Disclaimer
This article is over two years old, last updated on February 14, 2022. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent home loans articles.
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