Today is a great time to be a first home buyer in Queensland
with some of the most affordable homes on the east coast and some fantastic government incentives to take advantage of. There are all types of properties on the market to buy including apartments, townhouses and house and land packages. However, to get the most out of your money, it’s best to buy a brand new property to maximise your savings.
So, why should first home buyers be buying a brand new home in Queensland today? Here are 9 reasons you need to consider
9 Reasons why first home buyers should buy a new home in QLD today
1. First Home Owner Grant Extended
First home buyers in Queensland can still make the most of the $20,000 First Home Owner Grant which has been extended until 31 December 2017. After this date, the grant will reduce again to $15,000. This is one of the most effective ways to help families and young buyers get a foothold on the property market sooner. To be eligible, you do need to buy or build a brand new property (including off the plan) under $750,000 before 31 December 2017. Unfortunately, established homes do not qualify, so you might as well purchase new to pocket the $20,000.
2. First Home Concession
As well as being able to apply for the $20,000 First Home Owner Grant, you might also be eligible for the first home concession. To be eligible you must:
- Never have held an interest in residential land anywhere in the world;
- Have never claimed the first home vacant land concession;
- Buy a home valued less than $550,000;
- Live in the home as your principal place of residence;
- Are 18 years old or over.
If you bought a property valued at $530,000, you would only need to pay $6,300 stamp duty, whereas a home buyer would pay $9,800 stamp duty and an investor would have to pay $16,975.
Queensland is home to some of the most affordable properties on the east coast which is great news for first home buyers looking to buy their first property in Queensland. According to the latest CoreLogic results at 30 June 2017, the median dwelling price in Brisbane is $490,000. The median house price in Brisbane is $528,000, whilst the median unit price is $392,000.
Units and apartments, especially those off the plan provide an affordable way into the property market compared to buying a house, which is slightly more expensive. Currently, iBuyNew has a number of off the plan apartments less than $400,000, ideal as a first home or investment property. Call 1300 123 463 to learn more about these property options.
4. Doubling population
Alongside affordable properties in Queensland, the population in Brisbane over the next 15 years is set to double, rising from approximately 2.2 million in 2015 to reach roughly 4.6 million by 2031. This means that the city will require an additional 40% more new homes than what the city had back in 2006.
Brisbane also had the highest interstate migration for FY2016, with the highest net gain out of all capital cities (10,149 people) according to the Australian Bureau of Statistics (ABS). However, Sydney saw 23,179 people leave during the same period, mainly driven out of the state in search for more affordable homes.
With more and more people migrating to Queensland, there will be more competition to face, so it’s in your favour to get in earlier. And with an increased demand, property prices will also start to rise.
5. Major growth precincts
First home buyers in Queensland can also experience a wealth of new exciting infrastructure developments to revitalise the city. These major projects include the Brisbane Airport Redevelopment, Queens Wharf Precinct and the Brisbane Live Entertainment Arena, making Brisbane a much more exciting and vibrant place to live.
6. Low interest rates
Currently, interest rates remain at their historic low of 1.50 per cent. This means that now is a great time to approach banks and lenders for a loan, with low monthly repayments. It is important however to bear in mind that interest rates are likely to go up at some point, so make sure that the property you buy sits comfortably within your budget so that you can still afford the mortgage repayments each month. You might also want to secure a fixed loan so that you know what your monthly repayments are every month, to provide you with added security.
7. New world city status
Brisbane is also expected to become Australia’s next New World City by 2022 and has ranked within the top 30 per cent of the world’s fastest growing cities since 2000, helped mainly through job creation.
8. Fantastic lifestyle
Many of the properties that are entering the Queensland property market, especially off the plan apartments are conveniently located and have a wealth of lifestyle amenities within the development. This makes everyday living a breeze with everything you require at your doorstep including public transport, shops, restaurants, schools and parks. Inside the apartment development, you are also likely to find high end amenities including fully equipped gymnasiums, swimming pool, rooftop terrace, teppanyaki grills, private dining and bars as well as outdoor cinemas. First home buyers will therefore be living a life of luxury.
Alongside fantastic amenities, first home buyers buying property in Queensland can also soak up the wonderful weather that Queensland is blessed with. Enjoy warm, sunny days on the balcony throughout the year.
9. Turn your first home into an investment property later
There is also the option of turning your first home into an investment property later on if you want to build up your property portfolio. Many first home buyers will buy their first home in Queensland to take advantage of the First Home Buyer Grant and stamp duty concessions, and then turn this home into an investment property later on. This allows you to benefit from the best of both worlds – massive government savings alongside tax savings in the future.
Get in Touch
If you are a first home buyer thinking about buying your first home in Queensland then you are likely to need some assistance. Fortunately, iBuyNew is here to help. Our helpful Property Consultants can show you what properties are available to buy right now which sits comfortably within your budget and help to maximise your savings.
Call 1300 123 463
to find out more and book a meeting today.
Published on 22nd of August 2017 by Marty Stanowich