First-home buyers are flocking back to the Gold Coast after hitting the lowest level in two years. Here is where they are headed.
FIRST-HOME buyers are flocking back to the Gold Coast after hitting the lowest level in two years.
And they are targeting the northern suburbs, Surfers Paradise and Southport.
The Queensland State treasury says 57 Gold Coast buyers accessed the $15,000 First Home in July, up from 38 approvals in June. The latter was the lowest figure since the data was first collected in 2018.
The Gold Coast had 72 grants approved in July 2019. The year-on-year decrease was bettered only by Sunshine Coast, which posted a 33 per cent decline.
Analysts believe lending, deposits and job security during COVID-19 were behind the fall. The Government’s HomeBuilder grant had contributed to the rebound.
REA Group data shows first-home buyers searched the streets of Coomera, Pimpama and Pacific Pines for houses in July.
Surfers Paradise, Southport and Robina all topped the list for newbies looking for units.
Net Worth Buyers Agents founder Craig Greer-Smith said while grants numbers had dropped, interest from prospective buyers remained.
“I know of plenty of people in their twenties who are looking but in that bracket it isn’t just prices that drive the market, it is also access to credit,” Mr Greer-Smith said.
“Plenty of people are in a situation where one partner is on JobKeeper or banks feel they are exposed in their particular field or area they buy in.
“Banks have also made it hard to use ‘mum and dad’ banks at the moment as they would have taken a hit to the super and retirement plans, so it is tough.
“Deposits also might not be as big as banks are looking for right now.”
Mr Greer-Smith said it came as no surprise that the city’s north was still the most popular area for the new home buyers.
“House prices are affordable in that area and there is a new shopping centre and a bit more land, so it suits the buyer.
“While there may not be as many grants, we are seeing indications that people are very interested in real estate on the Coast. A lot of people are rethinking where they live after the lock downs.
“As a buyer’s agent, September will be our biggest month in the four-year history of the company for settlements because of the buyers from Melbourne and Sydney. These, however, aren’t first-home buyers which are usually locals.
MOST INQUIRED ABOUT SUBURBS IN JULY FROM FIRST-HOME BUYERS HOUSES
3 Pacific Pines.
1 Surfers Paradise.
5 Palm Beach
1 Surfers Paradise — unit.
2 Coomera — house.
3 Southport — unit.
4 Pimpama — house.
5 Pacific Pines — house.
Source: REA Group
Note: This article was written by Kirstin Payne from the Gold Coast Bulletin (https://www.goldcoastbulletin.com.au/news/gold-coast/top-suburbs-for-first-home-buyers-on-the-gold-coast/news-story/155a7352b910d6088b70bd634c9774c5)