Buyers’ advocate Emily Wallace has highlighted the benefits of apartments over houses for first-home buyers
Buyers agent Emily Wallace sparked a fierce social media debate with her TikTok post “House vs Apartment”, urging priced out buyers to wake up to their reality.
“We need to normalise people buying apartments as their first home,” said the director of Wallace Advocates.
“There’s a lot of noise out there saying that apartments are bad investments and people should buy a house or an investment property.”
“If you’re not looking to build an empire, and want the security of a roof over your head that isn’t going anywhere, in an area you love, apartment buying is a great solution.”
This as new figures show the Gold Coast apartment market may offer a lifeline for first-home buyers struggling with crippling rental affordability and soaring property prices.
Buyers’ agent Emily Wallace
While a multimillion-dollar budget is now required to purchase a freestanding house in popular suburbs across the city, savvy buyers can still find units under $700,000, according to property insiders.
Local buyers’ agent Matt Srama said the Gold Coast remained within reach for buyers who knew where to look.
“One of the biggest myths is that because of its increased popularity, the Gold Coast is unaffordable,” Mr Srama said.
Gold Coast apartments can still be found for under $700,000
Fellow agent Brandon Doran said a budget of $700,000 would stretch to units like Coolangatta and Tweed in the south, and Labrador and Southport further north.
Mr Srama advised buying within smaller complexes for the best return on investment.
“Look for a high land to asset ratio – blocks of 12 and under, those close to all the amenities and within walking distance to lifestyle locations.”
It comes against the backdrop of the worst rental affordability on record, with less than one-third of homes within reach for the typical Queensland household, according to REA’s recent Rental Affordability Index.
Buyer’s agent Matt Srama
Another report by national housing campaign Everybody’s Home found a single person earning $100,000 a year would spend 54 per cent of their income renting a typical unit on the Gold Coast.
The figure far exceeded the accepted threshold of 30 per cent of income, placing the Glitter Strip as Queensland’s most unaffordable centre for renters, and just behind Northern WA as the nation’s worst.
Aus Property Professionals founder Lloyd Edge said the prospect of more interest rate cuts this year opened up opportunities for potential homeowners tired of the rental Hunger Games.
Southport units offer a central location close to the water at an affordable price
“With more interest rate cuts on the cards for 2025, the cost of borrowing is set to decrease,” Mr Lloyd said.
“When this happens, buyers can borrow more money as mortgage repayments are more manageable.
“There is a point where interest rates on mortgage repayments becomes more attractive than paying rent and so buying a home is more attractive than renting in some areas.”
But with strong population growth and a shortage of housing continuing to drive prices up, those renting in the most popular beachside suburbs may need to be prepared to widen their net to buy.
A unit in this Tugun complex is for sale at offers above $649,000
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Ms Wallace said apartment living meant more options for first-home buyers not wanting to sacrifice lifestyle by purchasing a house on the city fringe.
“Apartments often offer proximity to nightlife, transport, work, and gyms, making them ideal for people who want to reduce their commute or avoid maintenance-heavy properties,” she said.
But not all units were created equal. “When looking for an apartment, make sure to consider the number of apartments in the building — anything over 40 can lead to higher maintenance fees and challenges with body corporate committees,” Ms Wallace said.
Target smaller complexes for a better return on investment, experts agree
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