Looking to move out of home into Kallangur to be closer to work. Where's affordable?
3 Answers
In my personal opinion, Kallangur is an amazing suburb. However, the rental prices have increased majorly here and it is extremely difficult to secure a rental. Dakabin and griffin are cheaper options and within a 5 minute drive!
Hi there Conner,
Congratulations on deciding to move out. It’s a big decision and a whole new chapter in your life, but you are wise to want to save up money as you go.
When moving, whether an area is “cheap” or not is probably not the first thing to consider. First, you must ask yourself – what are your needs? Do you need to be close to the train line or a main road? Do you need to be close to medical facilities?
Getting the right property for you should be your first consideration, even if you have to go a little bit outside your initial price range.
The presently high rental prices may seem daunting, but there are a couple of options available to you.
You may wish to consider NRAS. It’s a program which allows tenants to access cheaper rent until 2026. For more you can read here:
https://affinityproperty.net.au/rent/nras/
Alternately, you can look at renting out a room in a property that is being sublet by the owner. While this is not as specious as an apartment, for you just moving out of home in the current market, it might be for the best.
As for the market – it is expected that a correction by March or May of 2020, so prices will drop. We can expect a correction, as there is currently a property bubble caused by lots of out-of-state buyers as you mentioned, but also record low-interest rates, and lots of household borrowing are other factors.
These won’t continue, and international warning signs, like the default of China’s Evergrande group, are sure to shake investor confidence.
I wrote a blog on this very subject if you’d like to know more: https://affinityproperty.net.au/property-market-correction-how-to-protect-yourself/
So the option to wait, if you can, may seem appealing. But I completely understand if you cannot or don’t want to!