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Property News

First time buyers return to Queensland market

June 14, 2012

The Queensland property market is becoming more appealing to first time buyers following two years of subdued activity, new figures show.

The Real Estate Institute of Queensland (REIQ) explained that latest first home buyer commitment figures are above the long-term average - and 35 per cent higher than the same period of 2011.

REIQ chairman Pamela Bennett said that there are a number of reasons for this trend, including declining interest rates and the removal of the First Home Owners Boost.

"Interest rates are now lower and they can also access the $7,000 First Home Owners Grant and stamp duty concessions of up to $15,000, which are all attractive propositions for first home buyers," she commented.

Ms Bennett emphasised that there are plenty of affordable residential properties to be found throughout the state, including those in Cairns, Bundaberg, the Fraser Coast and Rockhampton.

Earlier this month, REIQ revealed that those interested in buying property in the state were showing a preference for units, as sales increased 11 per cent compared to the 2011 December quarter.

A dramatic rise was seen in the number of units sold that were valued between $250,000 and $350,000.

 



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