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Have you ever gone house hunting and pretended you could afford anything you liked?
Without the small detail of money getting in the way of your plans, let your search take you to the suburbs you normally wouldn't dream of being able to afford. Do you like what you see?
This can be a really fun exercise. Try acting like that cliff-top property or penthouse apartment is totally within your means and imagine what life would be like in such a luxurious setting.
Of course, this is all well and good and a nice way to spend a Sunday afternoon, but come Monday morning it can be a bit sobering to return to the normal routine of home hunting with realistic restrictions back in the frame; namely, keeping to properties you can afford.
Rather than the unfettered freedom of considering any location regardless of how much properties sell for, a more sensible approach would naturally have you canvassing places where you are more likely to find something you have a chance of purchasing.
But is there really no reason why you'd return to a suburb on Monday that was the subject of home buying fantasy on Sunday?
If you're looking for real estate in Queensland, you might want to think twice before dividing the market up between those areas you can afford, and those you can't.
According to new analysis by the Real Estate Institute of Queensland (REIQ), there may be some truth to the supposition that if you look hard enough, you may just find a bargain where you least expect it.
After examining property sales data for the March 2013 quarter, the REIQ revealed this week (July 3) that in many instances home buyers had succeeded in picking up a reasonably priced dwelling in a suburb better known for prestige properties.
For instance, one canny buyer was able to nab a property for $405,000 in the Brisbane suburb of Hamilton - not bad considering that over the past year another property in the riverside spot went for $6.5 million and the median house price for the year ending March was $1.46 million!
That was just one example - though the most extreme - of the big disparity between the upper and lower sale prices in many Queensland suburbs traditionally seen as being towards the high end of the market.
Elsewhere, two homes in Minyama on the Sunshine Coast sold for $6.75 million and $360,000 respectively, and another two properties in the Coral Sea-facing Cairns suburb of Clifton Beach went for $935,000 and $312,000.
REIQ chief executive Anton Kardash says that affordable homes have been sold in desirable suburbs across all major regions in the past year.
That included in sought-after locations overlooking the ocean or river and in central city hotspots.
"Of course, the old adage of buying the worst house in the best street, or the best suburb, still applies, but buying wisely in these prestigious locations will help to underpin capital growth, perhaps together with some sweat equity over time," said Mr Kardash.
Mr Kardash said that taken together, these examples show that even in the most expensive suburbs it was possible to find hidden treasures, especially if you are prepared to look for them, and bide your time if necessary.
"The results are encouraging for upgraders, entry-level purchasers and investors alike with prime location no longer an unrealistic criterion in the quest for the perfect Queensland property."
This could well encourage more buyers to think outside the square and hunt for the treasure hiding in their ideal locations.
