Where you can still buy a unit near the beach and the city for $90,000

• Apartments in Cairns available for $90,000
• Cheap unit as house prices rise in June

Apartments near the beach are still available for just $90,000 as house prices rise in Australia despite a series of aggressive rate hikes.

Housing-deprived youth, who can work from home and don’t want a big mortgage, have coastal options in Cairns, in the far tropical north queensland.

Manunda, near the city center, has an already affordable median apartment price of $213,228, CoreLogic data shows, but one-bedroom units are available for less than half that price.

A one-bedroom unit in Manunda is now available for $90,000 with a pool in the complex.

A 20 percent mortgage deposit would only cost someone $18,000, leaving a home loan of $72,000 with monthly payments of just $434.

In nearby Woree, a studio is even cheaper at $89,000.

Townsville is also affordable with Cranbrook in the west of the city having a median apartment price of $198,311.

A one-bedroom unit is on the market for $85,000.

Darwin is also cheap with a median unit price of $378,000, making it the most affordable capital market in June after a monthly drop of 0.12 percent, new PropTrack data showed.

But downtown, a one-bedroom unit is available for half that price at $199,000.

The 50 square meter size may be small, but there is a communal pool and views of Darwin Harbour.

Last month, the Reserve Bank raised interest rates for the 12th time since May 2022, taking the cash rate to an 11-year high of 4.1 percent as it continued the most aggressive pace of tightening. of monetary policy since 1989.

But house prices continued to rise in June, with Sydney’s median price rising 0.6 percent to $1.32 million.

Apartment values ​​rose 0.7 percent to a median price of $781,000. House prices in Melbourne rose 0.24 percent to $909,000.

Brisbane prices rose 0.18 percent to $818,000, but apartment values ​​fell 0.53 percent to $546,000.

In the Queensland region, which covers everything from the Gold Coast to Cairns, apartment values ​​last month fell 1.29 percent to $569,000.

Home values ​​in Adelaide rose 0.46 percent to $712,000.

Perth, Australia’s most affordable state capital city, saw median house prices rise 0.34% to $618,000.

The gains were not universal, however, as Hobart house prices fell 0.45 percent to $710,000 while Darwin house prices fell 0.07 percent to $557,000.

Economists expect the Reserve Bank to raise interest rates again on Tuesday, taking the cash rate to 4.35 percent.

But PropTrack economist Angus Moore said with rates nearly at their peak, buyers were returning.

“The 2023 house price recovery continued into June, despite the Reserve Bank raising the cash rate for the 12th time since May of last year,” it said.

“Interest rates will continue to be a drag on prices, but unlike 2022, the peak of interest rates is likely to be near.

“Higher interest rates are being offset by a limited flow of new properties coming onto the market, as well as strong fundamentals for housing demand.”