The best second home for your extended family depends on where you live, says a new survey.
The survey by real estate agent and blogger Ben Lomeli found that the cheapest second home was for two people, and the second-most expensive was for three people.
The average price of a property for two-bedroom property in Brisbane is around $500,000.
This compares to $1.3 million for a two-bed property in Melbourne and $1,500,00 for a three-bed home in Adelaide.
It is also cheaper to buy a property than a three bedroom home in Brisbane, where the average price is $1 million.
“We also looked at the price of property in Sydney, Melbourne and Brisbane, and it’s very similar to Brisbane,” Mr Lomeli said.
“Brisbane has the most expensive property for the second home.”
He said this was because Brisbane was the only city where people were paying more for second homes than they were for a house.
“In Brisbane, if you go and see your neighbours, most of them have three-bedroom houses, and they all have one or two- bedroom apartments,” he said.
Property expert Paul Jones said this may be because Brisbane is more of a “crappy” city than Sydney, where people are paying more in rent than buying their first home.
“A lot of people are spending on a property in the Brisbane area to save for a second home because they don’t want to live in the inner-city,” Mr Jones said.
“[But] there are a lot of older people in the area who are going to live there and are going for the ‘home away from home’ factor.”
The most expensive second home in Australia for a family was in Brisbane with a $1-million property for three-person family, which sold for $1 billion in February.
Property blogger Ben Loomeli said there was more competition for second home buyers in Brisbane.
“It’s been a real hot market over the last five or six years,” he wrote.
“I would say the median price for a property is around the $500-million mark, which is a little higher than the average, but it is still way up there.”
Mr Lommeli said this would likely increase with house prices, as more people would be willing to pay for a higher price.
“You might have a $500k second home and be able to afford that for a while, but then it becomes a lot more expensive and you can’t afford it any more,” he explained.
Property guru Paul Jones also believes Brisbane is a “bubble city”.
“The prices are high, the supply is low, the inventory is low and the demand is very high,” he told 7.30.
“So Brisbane is one of those areas where you might see a price increase on a house in Brisbane for a short period of time and then it’s going to go back up.”
Property blogger and property expert Paul Brookes said people were going to want to buy second homes in the region.
“The people who are buying houses, are the ones who want to stay in Brisbane,” he commented.
“That means there are going are going be a lot less empty houses in the city.”
Property expert and property blogger Paul Jones thinks Brisbane has been hit hard by the housing crisis.
“There’s a lot going on right now in Brisbane which is causing the housing market to have some serious difficulties,” he added.
“But Brisbane’s got a long way to go before the housing situation is going to improve.”