First time home buyers are starting to return to the property market after a recent drought, Queensland has seen the biggest increases throughout the country.
With news in on the latest report from the Real Estate Institute of Australia and The Adelaide Bank reveals the number of loans to first time buyers increased by 14 per cent during the June quarter, with increases in all states and territories apart from Tasmania.
Even despite some government grants for first time buyers not effective until July 1 for some states, this has not deterred them.
Queensland has recently welcomed more first-home buyers into the market than any other time over the past year, with the number of loans increasing by nearly 12 per cent in the June quarter and almost 20 per cent compared to the same time last year. The average loan size for first home buyers in the state increased 1.5 per cent during the quarter to $296,033 helping boost the housing economy once again.
Real Estate Institute of Queensland spokesperson Felicity Moore confirmed the Queensland market’s viability and good value proposition. “It’s also a reflection of the impact of the Government’s first-home buyer grant boost of an additional $5000 to a total of $20,000,” she said. “Young Queenslanders have seized upon the opportunity to jump on the property ladder and take their first steps to personal wealth creation.”
Of all buyers in the market for their first home in the three months to June 30, more than a quarter were from Queensland. But Victoria tops the charts as the state with the largest number of first home buyers, followed closely by Queensland.
Original Source: Gold Coast Qld Gov Website