In an incredibly difficult environment where the cost of living, inflation, and interest rates continue to rise, there is a glimmer of hope for home buyers who want to secure a property bargain.
The latest Domain data has revealed how Australians can step onto the property ladder with a simple floorplan trick – buying a home with one less bedroom.
Those who live in Brisbane can get the most savings by opting to buy a two-bedroom instead of a three-bedroom home, saving them $174,800, nine.com.au reported.
Hobart is the capital city with the second-greatest savings, at $139,000. See the table below.
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Price saving when choosing a two-bed house compared to a three-bed house
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Price saving when choosing a three-bed house compared to a four-bed house
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Sydney
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$92,500
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$335,000
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Melbourne
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$60,000
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$135,000
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Brisbane
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$174,800
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$108,700
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Adelaide
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$62,750
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$172,250
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Perth
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$40,000
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$133,000
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Hobart
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$139,000
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$225,000
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Source: Domain, House Price Report September 2022
In Sydney, property buyers would find it cheaper to buy a three-bedroom home over a four-bedder, with savings of $335,000, the Domain data showed.
Hobart once again placed second, with savings of $225,000.
When comparing houses to units, only one capital city will find it cheaper to buy a two-bedroom home over a two-bedroom unit. In Brisbane, it is $21,000 cheaper to buy a two-bedroom house, at an average of $466,500, than a two-bedroom unit that costs an average of $487,500.
Alice Stolz, Domain’s property editor, said “compromising on size opens up a lot more possibilities.”
“It can also allow those who are drawn to sought-after suburbs to live where they dream, albeit on a smaller footprint,” Stolz told nine.com.au.
“Properties with multiple bedrooms and large floorplans were highly sought after during the pandemic, but now that many people are back in the office or working in a hybrid way, compromising on the number of rooms you want might allow cash-strapped buyers a chance to get onto the property ladder sooner and make the most of the cooling market.”
