Queensland Has More Homebuyers Than Anywhere Else in Australia
According to data from the Australian Bureau of Statistics (ABS), the number of first-time homebuyers in Queensland has risen by 16 per cent during 2017, amidst low interest rates and a state government grant.
Low interest has led buyers to apply for housing loans with approvals increasing almost 20 per cent in the last 12 months. This partly led the state to have the most active first-time buyers than anywhere else in the country.
Home prices in the state are relatively among the cheapest in Australia; although a $20,000 state government grant prompts more Queenslanders to buy houses. According to Domain Group senior economist Andrew Wilson, the grant successfully convinced more people to buy their first homes.
The interest to apply for a grant became higher when people thought the grant would end in June 2017, Wilson said. The state government had planned to scale back the funding amount to $15,000 on June 30, but it decided to extend the programme until the end of this year. As such, sellers should ramp up their project marketing in Gold Coast, Brisbane and other cities to make the most of the strong demand from first-time buyers.
Homebuilding trade group Master Builders Queensland said that there were 48,151 new homes completed in the 12-month period that ended in June, up 25 per cent year over year. The figure represented an all-time high, thanks to a 45 per cent increase in construction activity in Southeast Queensland.
Despite the numbers indicating peak levels of home construction, the state still outperforms every other region in terms of residential and non-residential building activities, according to Master Builders’ deputy CEO Paul Bidwell.
The current level of low interest rates and the state funding grant for first-time buyers make it a good time to buy a house. Residents should consider their options and look for properties that meet their needs and budget.