Single house listing exposes the real reason why so many young Australians are struggling to buy a home
- Gold Coast townhouse sells for $250,000 more than what it cost two years ago
- The property in Labrador was purchased for a whopping $770,000 in February
- It was previously sold for $520,000 in October 2020 and $480,000 in 2015
- The recent sale outraged social media users who slammed the markup on Reddit
Aussies have been left infuriated after the price of a Gold Coast townhouse skyrocketed by $250,000 in less than two years.
The three bedroom, two bathroom, property in Labrador was snapped up for $770,000 last month, after it last sold for $520,000 in October 2020, a 48 per cent increase in value.
The sum is well above the suburb’s median property price of $687,500, according to Realestate.com.au.
A four bedroom, two bathroom, Gold Coast townhouse in Labrador has left struggling potential homeowners reeling (pictured)
The property’s sale history shows the townhouse was originally purchased for $480,000 in August 2015 before increasing in 2020 and 2022.
But it’s the whopping price jump of $250,000 between October 2020 and February 2022 that has Australians fuming after the listing was shared online.
‘$250,000 increase in two years… What is happening,’ one Aussie wrote.
The property’s sale history shows the townhouse was originally purchased for $480,000 in August 2015 before increasing in 2020 and 2022.
’48 per cent increase in 16 months! Yikes,’ commented another person.
‘2020 prices were a bargain,’ added a third.
The post prompted social media users from around the country to share their own struggles with rising house prices.
‘Bought my place two-and-a-half years ago for $565,000, I’m in a newish town full of four bed, two bath and two garage houses. House across the road sold for 790k,’ another said.
‘I brought my house in Sydney for $380k in 2008, was valued at $700k in 2019. And then $990k last month,’ one added.
‘Block of land, 650sqm, nothing on it, $850,000 in Canberra in Bonner (in the outskirts of Canberra),’ revealed a third.
The whopping price jump of $250,000 between October 2020 and February 2022 has Australians fuming
Recent data from Corelogic shows house prices in the Gold Coast jumped by 36.3 per cent in the last 12 months as first-home buyers turn away from capital cities.
Properties in the region are also selling at an exponential rate with houses on the market for a median time of just 16 days.
While regional markets show a substantial growth in house value, three of eight Australian capital cities are now recording a median house price over $1 million.
In Sydney, the median house value reached just below $1.39million, while Canberra’s median house price surpassed $1million for the second month in a row.
Melbourne passed the $1million mark for media house value for the first time in January despite a slowing trend in price rises.
House prices in Brisbane and Adelaide continuing to rise at more than two per cent month-on-month while growth conditions across the remaining capital cities has slowed.
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