First homeowners are dominating the real estate market, with young buyers eager to get their foot on the property ladder. Real Estate Institute of Australia figures show first-home buyers make up a greater percentage of property owners than they have in the last 10 years. Realestate.com.au has revealed Queensland’s most popular suburbs among first-home buyers, with the Gold Coast and Greater Brisbane suburbs coming out on top.
According to the data, Upper Coomera, Coomera and Pimpama on the northern Gold Coast are the most in-demand among first home buyers when it comes to houses.
Springfield Lakes is part of Greater Springfield and is one of the fastest growing developments in Australia.
The privately owned masterplanned city is home to more than 45,000 residents, with a forecasted population of 80,000 by 2030.
Springfield City Group managing director Raynuha Sinnathamby said first home buyers were taking advantage of federal and state incentives to enter the Greater Springfield market.
“We’re finding these grants are encouraging and assisting home-ownership in Greater Springfield, and for eligible borrowers, it can be a helpful bridge towards life as a property owner,” Ms Sinnathamby said.
Buyers are not restricted to local residents, with about 10 per cent of buyers coming from interstate.
“They are coming from not just Victoria and New South Wales, but the Northern Territory and WA as well,” she said.
Chief Economist for realestate.com.au, Nerida Conisbee, said first homebuyer activity had accelerated since COVID-19, with federal and state government incentives encouraging more first time buyers into the market.
Ms Conisbee said suburbs like Pimpama on the Gold Coast had become popular because of the large amount of house and land packages available.
“HomeBuilder switched a lot of people who were looking at units to houses, and as a result, we saw a lot of first home buyers looking at new home locations, so they’ve become more dominant than they were before,” Ms Conisbee said.
“It’s definitely having a big impact on the new home sector and house and land.”
Lower interest rates, relaxed lending restrictions, declining home prices — particularly units — and the desire for more space and a better lifestyle was also driving first homebuyer activity, she said.
But Ms Conisbee said one of the other factors could be the lack of investors in the market for first home buyers to have to compete with.
“They seem to be picking up a lot of the investor-type apartments that were built with investors in mind,” she said.
When it comes to units, first home buyers are looking to get in to Surfers Paradise and Southport on the Gold Coast, and the inner city suburbs of Nundah, Coorparoo and West End in Brisbane.
“Surfers Paradise tops the list for units,” Ms Conisbee said.
“There are a lot of apartments there and they’re pretty cheap.
“It could also be a lifestyle choice.”
Whilst coastal apartments have become widely popular, AVID Property Group General Manager for Queensland, Bruce Harper, said he has noticed an increased desire for first home buyers to purchase larger homes.
“They’re now wanting to purchase larger blocks of land and larger homes,” Mr Harper said.
“With the government incentives on offer, buyers want to stretch their money that extra distance, so instead of accepting a 300 sqm block of land, they’re looking for at least 450 sqm.”
Top 10 In-Demand QLD Suburbs Among First Home Buyers
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