A Caboolture family was forced to pay up to $2,000 a week for temporary accommodation during the pandemic before securing their first home in the area.
Rob and Jacinta Orth, with their four children, faced immense pressure in the rental market on the Sunshine Coast when the pandemic hit. They found themselves priced out of their previous rental property and, at one point, resorted to staying in holiday apartments and Airbnbs, enduring significant weekly expenses.
The couple explained that they would have slept in their car if not for having a newborn baby at the time. Even after securing a house, they reported that the rent kept increasing, prompting their move to Caboolture to pursue more affordable housing while simultaneously saving for a deposit.
Securing a Home Amidst Soaring Prices
Last month, the Orth family purchased a “fixer-upper” in Caboolture for $640,000. Mr. Orth described the purchase as a complete fluke, stating they were simply driving by and decided to attend an open house, intending to practise the home-buying process. They made an offer without expectation, and to their surprise, it was accepted.
The biggest hurdle for the Orths was saving for a deposit in a continuously fluctuating market. They had started saving before the pandemic, but house prices relentlessly climbed. They felt compelled to enter the market when they did, believing that continued waiting would only necessitate saving even more money.
Hopes for Rate Cuts and Future Plans
Now facing a mortgage, the Orths are hopeful for an interest rate cut. Mr. Orth notes that paying interest alone costs them $750 a week. He said any savings from a rate reduction would be channelled back into reducing their loan principal.
Mr. Orth also expressed relief at having bought their home already, considering that a drop in interest rates might cause prices to surge further. He commented that if such an increase occurred, they would not have been able to afford a home in Caboolture, and he had been preparing to move even further out, to places like Kilcoy, commuting for work and changing his children’s schools.
As carpenters and electricians, Mr. Orth and his wife deliberately chose an older property on a larger block. They intend to add value to the home themselves, transforming it into their desired living space.
Given the current market conditions, they believe this approach is necessary, as it allows them to acquire a property with a decent yard. Their ultimate goal is to increase the property’s value, ensuring they retain a good investment even if the market experiences a downturn.
Published Date 22-May-2025
Photo Credit: Pexels
