Gympie’s property market tops out on national TV
Any chance Gympie's hot property market would remain a secret vanished Tuesday morning with the region ranked one of the most affordable in the country on national television.
Today money expert Effie Zahos highlighted the region and its $285,000 median house price as one a spot to find "real estate gold"
This affordability could still be found despite new CoreLogic data showing house prices across the country had jumped more than 2.1 per cent, with regional house prices outperforming their city counterparts.
"But they're still at a discount," Mrs Zahos said.
Gympie's $285,000 average put it well below the median prices found in Brisbane (about $600,000) a regional Queensland in general (slightly above $400,000).
"Even though regional properties are flying with prices, you can still pick them up at a discounted value when compared to city prices," she said.
Using data from Hotspotting Mrs Zahos listed Gympie at the top of a list of 10 most affordable regions in the country.
It was significantly cheaper than the region in the list's second place, which was Mackay and its $350,000 median price.
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Other regions to make the top five included Rockingham in Western Australia ($370,000), Victor Harbour in South Australia ($385,000), and the Hunter Valley in New South Wales ($400,000).
"Hotspotting actually picks up areas based on infrastructure, on pricing, on the economic growth of an area and these are the ones (Hotspotting founder Terry Ryder) is picking as affordable and worth looking into."
There were red flags to consider before jumping in, though.
"The biggest red flag I'm hearing is that people are actually buying properties unseen; they're actually just buying them over the internet," she said.
"You've got to inspect it or even engage a buyer's agent.
"They do cost a bit of money but they can be cheaper just to go and see the property."
Ms Zahos cautioned potential buyers about overpaying for properties too.
"A lot of locals are finding … they're being outpriced in their own areas," she said.
Potential buyers needed to take a close look at the economy of the region they want to buy in and the employment opportunities available.