Mapped: The Qld suburbs where you need to earn over $500k to afford a home

It comes as a new survey reveals nearly three-quarters of all Australians who bought and sold property in the last year encountered challenges.

The 2024 State of Real Estate Report from prop tech firm InfoTrack shows the housing shortage is impacting buyers, with more than one in 10 admitting they struggled to find a property.

“Around 14 per cent of respondents named finding a property a top challenge, but the number one area of concern impacting 21 per cent of buyers was property prices,” InfoTrack’s head of property Australia, Lee Bailie said.

“Family households with children were the most likely to be impacted by the ability to afford a property. Interestingly, only two-thirds of respondents (62 per cent) cited interest rates as a major factor influencing their decision-making process, and only 40 per cent of first-home buyers said they were negatively affected by rates.”

Mr Bailie said it was interesting to see how the property shortage was impacting buyer decisions.

“In the rush to snap up available homes, more buyers seem to be compromising on important property checks in favour of putting in a speedy offer,” he said.

“Not even half of all respondents (46 per cent) had a pest inspection carried out, for example. Buyer’s agents are the ones to benefit — 30 per cent of respondents enlisted their help to find those evasive houses and units.”