Inside the struggle between location and dream home

Shenal Yigitbas and Henry Thorsen fought a difficult battle to find their Hamilton property – but having just started a family together, the two said they were glad they prioritised seeking a unit over a house.

“We bought in Hamilton in October of last year,” Ms Yigitbas said. “We found a house that we liked at a budget we liked, but there was so much work to do on it that we didn’t feel it was affordable for us to live in the area.”

“[This unit] didn’t need any renovation, it was just move-in, and it was a lot under the budget we were hoping to spend … for us it was more about the location, and we got the size that we needed anyway.”

New parents Henri Thorsen and Shenal Yigitbas two moved into a Hamilton unit last year, after realising they couldn’t afford the house they really wanted on their budget. Picture: Steve Pohlner

New PropTrack market trends have shown some areas across Greater Brisbane are still accessible for under $500,000, with pockets in the Logan-Beaudesert and Ipswich areas still beneath the $300,000 price tag.

But closer to the city, homebuyers will need to compete with more people at a higher price, with even the most affordable unit areas equivalent to the old price of a house.

Ms Yigitbas has now owned owns in both Hamilton and Albion: where the median unit prices sit at $645,000 and $648,500, respectively.

These areas sit within the top 15 cheapest suburbs for units in central Brisbane, yet are hundreds of thousands of dollars more expensive than they used to be.

While Queensland spots like the Ipswich corridor still have homes under $300,000, many of the cheapest suburbs near the city are in the $600,000 range. Picture: Rob Williams

“I bought in Albion when I was 23, 9 years ago,” Ms Yigitbas said. “I paid $349,000 for it, and at the time that was probably considered expensive.”

“It’s a dream to own the dream home,” Mr Thorsen said, referring to buying the typical suburban house. “But the way things are going, it’s becoming less and less attainable unless you have family money, or you’re a successful businessman.”

But with busy jobs and a new baby, the couple said the compromises they may have made were worth it for convenient living near the city.

“It was the liveability of the area which allowed us to not be overly concerned,” Ms Yigitbas said. “We both work really busy jobs, and at the end of the day, is Henry going to want to come home at the end of the day and work on our own house as well?”

The couple decided the value of easy living and a location near the city was worth sacrificing the land space of a house while raising their baby. Picture: Steve Pohlner

Harcourts Solutions agent Tamara Lee said navigating today’s property market – especially for city units – required quick decisions and compromises along the way, such as living at home or combining your funds with someone else.

“It doesn’t matter if you’re a buyer or seller, the market is fast,” she said. “I think it is much easier to buy a property with two incomes than it is to buy as a single income.”

Agent Tamara Lee said the housing market had become so hectic, many needed to work around the system rather than with it. Picture: Knight Frank

“It’s a dream to own the dream home,” Mr Thorsen said. “But the way things are going, it’s becoming less and less attainable.” Picture: Steve Pohlner

Ms Lee added that the market had unfortunately reached a point where many home hunters would need to work “around the system” rather than with it.

“Understand the market: get familiar with the agent’s process, every agent is different,” she said. “It’s a networking game. But also if you like it, don’t be shy. Put your hand up, have a go.”

“Say the agent said at the open home, put at $700,000 but you wanna pay $650,000, just make it … that agent, they have to come back to all the written offers. Give yourself the opportunity for a second conversation.”

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