The Weekend Post - Real Estate
Top 40 Qld suburbs for first homebuyers revealed
Anational real estate giant has unveiled 273 suburbs across Australia where first home buyers should be looking now, as home loan approvals rebound to prepandemic levels.
The Unlocking the Home Ownership Dream First Home Buyer Report 2024 by the LJ Hooker Group report identified entry-level suburbs in each state and the incentives available.
“For many Australians, especially young people, the dream of home ownership has become increasingly elusive but the data is showing people are wanting to secure a property whether as a place to live or perhaps later as an investment,” LJ Hooker
Group head of research Mathew Tiller said.
“It (the report) shows that no matter where you are – whether regional or in a capital city – there are suburbs that meet the criteria to get first home buyer assistance.”
In Queensland, the report identified 40 suburbs where first home buyers could purchase a house or unit that meets financial incentive criteria.
For detached houses in Brisbane, median sales prices ranged from $349,950 on Russell Island to $666,000 at
Springfield Lakes. Other suburbs included Macleay Island, East Ipswich, Bundamba, Caboolture South, Inala, Dakabin, Acacia Ridge and Darra.
In the regions, prices ranged from $215,000 in Blackwater to $750,000 at Caloundra West, with other suburbs including Roma, Rasmussen, South Gladstone, Chinchilla, South Mackay, Bowen, Point Vernon and Pimpama.
For units, prices in Greater Brisbane ranged from $275,000 (Goodna) to $490,000 (Kelvin Grove).The report advised first home buyers to also look to places such as Caboolture, Beenleigh, Kippa-Ring, Kallangur, Bowen Hills, Fortitude Valley, Richlands and Stafford.
Unit medians in the regions ranged from $182,875 in South Gladstone to $557,500 at Southport.
Other locations to consider included Woree, Emerald, Manoora, Mackay, Newtown, Townsville City, Torquay and Nerang.
Mr Tiller said that January lending figures, according to the ABS, showed a positive outlook for first home buyers with loan approvals at their highest level since the pandemic following record lows between 2021 and 2023.
Victoria dominates loan approvals with over 32 per cent of all new approvals, New South Wales represented 22 per cent, followed closely by Queensland at 19 per cent.
“The likelihood of further rate increases dissipates and we expect buyers, particularly those looking to purchase for the first time, to feel more confident about budgeting their future mortgage costs,” he said, adding that first home buyers could be missing out on assistance to build a deposit by not properly researching and understanding the specific eligibility criteria, application processes and potential benefits of government schemes available in their location.
“Seeking advice from financial advisors or mortgage brokers can help navigate the complexities of purchasing a first home and accessing available assistance programs,” Mr Tiller said.
Elsewhere, the report found that those looking to purchase for under $650,000 in Sydney should look to outer suburbs such as Mount Victoria, San Remo and Wilmot.
While in Melbourne, Melton, Dallas, and Brookfield offered good value for buyers with a budget under $560,000.