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Brisbane properties, especially inner-city apartments, are reportedly seeing increased attention from first home buyers, said KC Yeung, director of K&S Property Group.
He attributes the demand increase to government-led incentives, such as the Help to Buy Scheme.
“The election outcome has effectively lit a fire under the first home buyer segment,” Yeung said.
“This scheme is a game-changer. It will allow first-time buyers to seriously consider purchasing their first home in inner Brisbane suburbs that were previously out of reach.”
The recent scrapping of stamp duty for first home buyers across Queensland is another welcome change that could greatly contribute to an influx of borrowers.
Premier David Crisafulli said the reform would enable Queenslanders to save tens of thousands of dollars in upfront fees and enter the housing market sooner.
“Stamp Duty has been stamped out to make way for more home ownership for more Queenslanders,” Crisafulli said.
This could help home owners break into the Brisbane market. Yeung noted that traditionally, inner-city suburbs are generally out of reach for many potential first homebuyers.
However, Yeung is predicting market movements that will see current owners sell.
Despite this, the increased demand is likely to result in price spikes, he said.
“Homes and apartments under the $1 million mark – particularly in inner-city pockets – could see sharp interest and price increases.”
“These properties are ideally suited to young couples and families starting their home ownership journey,” Yeung said.
[Related: Qld government scraps stamp duty for first home buyers]
