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Sydney landlord ‘priced out’ joins growing property trend in another Australian state: ‘Perfect storm’

Sydney landlord ‘priced out’ joins growing property trend in another Australian state: ‘Perfect storm’

An Australian woman has revealed why she bought her first property in Queensland after being priced out of Sydney. A property expert said the young Australian was part of a growing trend of investors flocking to the Sunshine State as it experienced a “perfect storm”.

Kayla Rogers bought her first property in Toowoomba, Queensland, as an investment in February this year. This is what the 25-year-old online personal trainer said Yahoo Finance She realized it was “not feasible” for her to buy the type of property she wanted to live in as a single woman in Sydney.

“I knew that at the age I am currently at, I wouldn’t have the resources to buy the house or the type of fund I wanted to settle in,” Rogers said.

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“I was interested in investing and building a portfolio from a young age, so I bought something more affordable… With the cost of living today, it’s definitely difficult to break into the market.”

The average house price in Sydney is $1.6 million. Property prices in Toowoomba are less than half that, at around $620,000.

Rogers said she enlisted the help of an agent who recommended she buy a house in the town of Darling Downs. With a 20 percent down payment, she was able to purchase a four-bedroom property for $550,000.

The property was renting out for $450 a week, which Rogers said helped cover the majority of her mortgage repayments.

“Buying a property is better than not having a property, even if it is a regional property it will still be beneficial in the long run,” she said.

Rogers said she was able to save for a deposit by living with her parents and has been saving since she started working. · Source: Supplied

Little Real Estate said inquiries in Queensland had increased fivefold, with 50 per cent now investors, compared to 30 per cent this time last year.

James Kirkland, General Manager of Sales, said: Yahoo Finance There were a number of converging factors that made the Sunshine State an attractive place for investors.

“What we’re hearing from our buyers who are inquiring and buying is primarily that there was quite a long period of time pre-COVID in Queensland where things weren’t progressing as quickly as the other southern states. So that meant it represented good value for money,” he said.

“The conditions and imbalance of supply and demand were one thing, so it creates a really strong capital growth scenario.