New buyers go the unit option
AS the keys fell into their hands for the first time, new Warwick property owners Laura Davidson and her partner didn’t know they were investing in one of Australia’s fastest-growing residential markets.
The young couple were lured by the new Rosenthal Heights three-bedroom unit’s low maintenance and investment stepping-stone seven months ago.
“This is our first home and we wanted something small – just for us – with the thought of buying something bigger down the track,” the 20-year-old said.
This turned out to be a good move because Australia’s 20 best performing city and regional property markets over the past decade were released yesterday by RP Data.
The report revealed units in Warwick reaped the 16th best regional residential performance in the country and that during the past decade, Warwick unit prices have grown 31.1 per cent with a median price of $246,000.
L J Hooker Warwick principal Rob Finlay said he was not surprised, as long-term Warwick people and tree-changers were making the unit move.
“Basically a unit is far more affordable than a red-brick home,” Mr Finlay said. “You can get a brand new two-bedroom unit in Warwick for a good price and units generally mean they’re newer and need less maintenance.”
Mr Finlay said Miss Davidson typified one of two categories which were commonly choosing the unit option.
“There’s two ends, there are people who are down-sizing, empty-nesters who want to go away on holidays and not come back to an over-grown garden,” Mr Finlay said.
“Then there’s the other end, young couples who don’t have quite enough for a deposit for a large house.
“Warwick property is a great investment opportunity because the rule of thumb is anything more than $300,000 will get you back more than $300 in rent.”
You can pick up a two-bedroom unit on Wood Street for $199,000 but L J Hooker’s Rob Finlay says the high-end of Warwick unit market is about $300,000.