First homebuyers use government incentives to secure properties in swanky inner-Brisbane suburb

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News Corp Australia NetworkA swanky inner-Brisbane suburbs has become the unlikely target of first home buyers exclusive data has revealed. Picture: Stock image​
A swanky inner-Brisbane suburb has become the unsuspecting prime target of first homebuyers armed with government incentives.
Exclusive National Australia Bank data shows, there has been a 108 per cent increase in first homebuyer lending for properties in Hamilton between May and August.
The suburb is known for its swish homes and multimillion-dollar sales, with the median house price hitting $1.99m after rising 34.3 per cent over the past year.
Exclusive NAB data shows a 108 per cent increase in the first homebuyer loans for Hamilton residences. Picture: Supplied
But it’s not houses first home buyers have been purchasing during the pandemic driven property boom.
They are using the First Home Loan Deposit Scheme, Queensland’s First Home Owner’s Grant and First Home Concession, or a combination of the three, to secure units in Hamilton, said NAB homeownership executive Andy Kerr.
First home buyers have recalibrated their strategy mid-year and were either looking to buy within an hour’s commute of the CBD or an inner-city apartment, he said.
According to REA data, the median price for a unit in Hamilton is $509,013 after a 12.5 per cent jump over the past 12 months.
“First home buyers have capitalised on the apartment boom in trendy Hamilton, right on the fringe of the Brisbane River,” Mr Kerr said.
NAB homeownership executive Andy Kerr First says home buyers recalibrated their strategy mid-year to buy within an hour’s commute of the CBD or an inner-city apartment. Picture: Supplied
An artist’s impression of a recently approved 19-level apartment tower at Portside Wharf, Hamilton where first homebuyer activity has increased 108 per cent in four months. Picture: Supplied
“They have started to hunt bargains and value and that’s why outer metro (houses) and inner-city apartments came into play.
“Outer metro had been the real story in 2021 but in the last four to six months, we have seen start to move back to units.”
According to REA data, the median price for a unit in Hamilton is $509,013 following a 12.5 per cent over the past 12 months.
The NAB’s latest loan figures are due out in November but their most recent data (March) showed the average new loan had risen $12,000 to $401,000.
New builds in Ormeau have been spurred on by government incentives, says NAB executive Andy Kerr. Picture: Stock image
The suburb that attracted the biggest increase for first homebuyer loans, Acacia Ridge, some 16km south of the CBD, had a 115 per cent increase.
It’s where the median house price remains very much within entry-level budgets at $524,995.
Bray Park (60 per cent) had the third-highest increase in home loans followed by Springfield Lakes (51), Forest Lake (37), Ormeau (37) and Southport (31).
“The trends we are seeing are suburbs like Acacia Ridge, where this is good local shopping and restaurants, that are within striking distance, within a 45-minute commute (of the CBD), that is the sweet spot we are seeing in most cities,” he said.
“The impact of new builds in Ormeau was certainly something we did see because of the incentives that were offered.”
Of the regional cities, East Mackay topped the list with a 55 per cent increase followed by Beechmont in the Scenic Rim with a 39 per cent rise.
 
First homebuyer property hot spots (May- August)
SEQ
Suburb – percentage increase
Acacia Ridge – 115
Hamilton – 108
Bray Park – 60
Springfield Lakes – 51
Forest Lake – 37
Ormeau – 37
Southport – 31
Regional
Beechmont – 39
East Mackay – 55



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