The Queensland Government recently announced it would increase the first homebuyers grant to $20,000. So what can a first time home buyer in Brisbane get in that price range, that’s brand new?
While $20,000 is a substantial gift to first homebuyers struggling to get a foothold in the ladder, it’s only available to those who purchase a newly constructed home and it’s only available for the next 12 months.
Place agent Michael Stewart said there was already a sense of urgency amongst first homebuyers to get in and do it quickly.
“The impact [of the announcement] has been immediate – I’ve been getting emails all week from people asking about specific properties eligible for the grant,” he said.
Mr Stewart, who sells mainly in the Nundah area, said those who were ready to buy now were sitting waiting for July 1 to tick over.
“Twenty thousand is a lot of money. A lot of young buyers already favoured new property but with this extra $5000 I think we’ll see more lean that way.”
Mr Stewart said when it came to brand new property, first homebuyers would need to be prepared to live further out.
“Generally they’re looking within that seven to 12 kilometre radius for a townhouse, perhaps closer for a small apartment,” he said.
“For a brand new house, they’ll need to go out further again.”
Jose Peralta, agent at Belle Property Carina, said apartments within small boutique complexes were popular with first home buyers who wanted a modern home without high body corporate fees.
One development at Adelaide Street in Carina, in Brisbane’s east, had been designed solely with owner occupiers in mind.
“They don’t want to pay a high body corp and they want a more spacious home that they can be proud of, so they’re willing to come little further out of the city,” Mr Peralta said.
“Predominantly these developments are bought by young professional couples or singles.”
Developer Lex Davies, who sells brand new house and land packages in Brisbane’s northside, said suburbs like Northgate, Everton Hills and Warner all offered fantastic value to first home buyers prepared to live a little further out.
“If you can get a block of land and build a house on it, you’re pretty much set,” he said.
“Often you’ll find the house will be worth more than what you’ve paid for it as soon as you move in. It’s worth moving further out for.”
Original article published at www.domain.com.au by Ellen Lutton 17/6/16