First homebuyers get ready, experts say conditions are right for a major surge — especially across South East Queensland.
The triple effects of affordability, good lending options and a retreat by investors were creating the right conditions for the next generation of buyers, according to First Home Buyer Buddy co-founder Daniel Baxter.
Mr Baxter, who’s had to double registration for his First Home Buyers Masterclass scheduled for Pimpama on February 28, said “a softening property market probably has a little to do with it, although Brisbane and the Gold Coast have come out almost unscathed compared to Sydney and Melbourne”.
“Investors are retreating to some extent so they now feel like they have less competition and maybe a little more choice,” he said.
“Property is still really affordable in these areas too, and you don’t have venture too far from the Gold Coast or Brisbane CBD to find a great house, apartments or land to build on. This is obviously extremely appealing for Millennials.”
He said it was important to dispel myths, especially around home loans and deposits, for first time buyers.
“These days they have so many more lending options than just going with one of the Big Four banks, who let’s face it, rarely have an appetite for first home buyers with small deposits.”
Among the advantages for Queensland newbies was the state’s first homeowner’s grant of $15,000 for new builds.
“It’s a very popular and affordable option for a lot of first-time buyers,” Mr Baxter said.
“And then you also have access to stamp-duty concessions as well, which certainly helps.”
He said it was easier to get a new first home build with builders “certainly catering to this market in terms of locations of land and design”.
But, he warned, that learning about the new build process, pitfalls, and even questions to ask were important for first timers.
“It can be really confusing. Some of these building companies are like massive marketing machines, selling the dream and reeling in the buyer with low advertised pricing, and then hitting them up for extras and site costs that the first homebuyer thought were included.”