WHAT will $700,000 buy you in Toowoomba over Sydney? Apparently, three more bedrooms and an extra bathroom.
With housing prices in capital cities the source of increased media coverage over the past six months, Toowoomba has been cited as a potential destination for young, first-home buyers looking to crack the market.
Deputy Prime Minister Barnaby Joyce suggested in January that aspiring home owners should look to regional areas like Toowoomba or Armidale.
Speaking on ABC Radio National, he said water views were always going to be expensive but properties were cheaper in places like Toowoomba and Tamworth.
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"I get annoyed when people talk about that the only house that you can buy apparently is in Sydney and it's too dear," he said.
"Houses are much cheaper in Tamworth, houses are much cheaper in Armidale, houses are much cheaper in Toowoomba."
Looking at median house prices, Toowoomba is vastly cheaper at $355,000, compared with Sydney ($852,000) or Brisbane ($486,000).
But does this stack up? Do you actually get more value for your money in Toowoomba?
The Chronicle found three different properties, all worth between $600,000 and $700,000 in Toowoomba, Brisbane and Sydney.
To keep it consistent, the houses are a similar distance away from the CBD and the target market is for a young couple.
Property: 7 Bridget Ct, Middle Ridge
Features: 4 bedrooms, 2 bathrooms, 2 car spots
Land size: 718sq m
This Toowoomba property is just five minutes away from the CBD and sports four bedrooms, two bathrooms and plenty of space.
Despite its large number of rooms and its vast space, it's actually the cheapest property on this list.
In the online listing, the house is described as constructed by "award-winning builder Jeff Bubeck" with architectural flair.
Middle Ridge properties go for an average of about $530,000.
Property: 69 Frederick St, Toowong
Features: 3 bedrooms, 1 bathroom, 3 car spaces
Land size: 405sq m
Situated next to Mt Coot-tha west of Brisbane's CBD, this classic Queenslander is nearly $700,000 with three bedrooms, and sits on far less land than in Middle Ridge.
The listing paints the property as "brimming with character, preserved ornate fretwork, high ceilings and polished timber floorboards throughout".
Like the Middle Ridge property, the gardens are strongly developed.
For more information, check the online listing or call Tim Douglas from Place Paddington on 0413 877 000.
Property: 8/17 Harriette St, Neutral Bay
Features: 1 bedroom, 1 bathroom, 1 car space
Floor space: Not available
The most telling thing about trying to buy a house in the inner suburbs of Sydney for less than $700,000 is that none appear to exist.
One of the closest things is this apartment in Neutral Bay, which for $695,000 gives you just one bedroom and one bathroom.
The major selling point on the online listing surrounds the property's "potential" and good location.
To try and get close to a house near the centre of Sydney, you could buy a townhouse in Surry Hills for $1.15 million upwards.
What do you think about housing prices in Toowoomba? Let us know by emailing email@example.com.
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