How the rental market is failing families struggling with disaster – realestate.com.au

Siarn and Sam Kennedy managed to afford their first home in 2022, but a shocking fire forced their family to immediately return to the expensive rental market.

The couple were raising two twin boys when they found their Morayfield home in November, having bought it for $550,000.

“When we bought this house it was just the best thing in the world,” Mrs. Kennedy said.

“We are originally from Cairns and moved to Brisbane. We reduced our bonds to be able to make a down payment; it has taken us many years.”

But just three months after moving in, the family had to leave after an electrical fire in the barn.

“It was devastating,” Ms. Kennedy said. “We were all safe in the end; luckily we were all able to afford a rental property, but it took a very long time because of the rental crisis that is going on at the moment.”

The family had to spend the next six months coping with the rental market they had just left while their home underwent a complete renovation.

“I don’t know if you’ve ever had to deal with insurance, but it’s not fun,” she said. “We had to replace everything we just bought for this house, including the children’s belongings.”

Queensland’s rental crisis has only worsened since the family went through the ordeal in 2023, and house prices have risen with it.

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“At the end of the day we were all safe… [but] we had to replace everything we just bought for this house.” Photo: Steve Pohlner

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But despite the trials the family has endured, Mrs Kennedy said she was still grateful they entered the housing market when they did.

Brisbane’s first home buyer market is now tougher than Sydney’s, according to research from data company Foundit.

Across Greater Brisbane, only 3.2 percent of homes were priced under $500,000 in the past 12 months; even smaller than the 4 percent figure in Australia’s most expensive city.

The Kennedys’ home cost $550,000 in November 2022. By 2025, only 3.2 percent of homes will be priced under $500,000, like this Woodridge home at 1/12 Arac St.

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More than 37 percent of homes in major cities now sell for more than $1 million, with the average sales price currently at $980,000.

“Even a simple house under a million is very hard to find these days,” Ms Kennedy said.

Thanks to a good relationship with their insurers and builders, the Kennedys were able to move back into their new home just before Christmas.

“By the time we moved back in, the house was immaculate and in perfect condition,” she said. “Even though it was just a terrible situation, in a positive way it was like moving into a brand new house.”

The Kenendys were able to get through their rental nightmare and return to a home that was even better than when they bought it. Photo: Steve Pohlner

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The family spent the next two years in the four-bedroom house at 152 Graham Rd, but recently decided to look for a larger home in the area.

“We have two sets of twins: our eldest, four and a half, and our youngest, nine months old,” Mrs Kennedy said.

“We just need to find something bigger that’s closest to family… when we bought this house, we only had a family with two kids. Now we have four, and they’re all boys, so you can imagine what that’s like.”

The family are selling their home together with Melissa Brooker of Place Caboolture.

A previous ad photo 152 Graham Rd, Morayfield, with updated images at the campaign launch.

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Similar homes in the Morayfield area have sold for around $900,000, and the suburb itself has Brisbane’s second largest equity share, between $750,000 and $1 million.

Ms Brooker said homes in this range often see at least 15 to 20 groups at open houses: thanks to their appeal to downsizers, upsizers and investors alike.

“I think to be competitive, the listings have to be very clean,” she said of hopeful future buyers. “So minimum conditions, and prior approval with their broker or financial organization before they make their offer.

“The nice thing a few buyers have done lately is write a note about who they are and what their families stand for.

“Not all of my sellers want to sell to investors… they might say, ‘That offer is $10,000 less, but we’d like it to go to a family instead of an investor.’