Number of FHBs at their highest in seven years in Queensland: Bankwest

Number of FHBs at their highest in seven years in Queensland: Bankwest
Number of FHBs at their highest in seven years in Queensland: Bankwest

The number of first home buyers in Queensland grew in double digits in the year to June 2017, reaching the highest number in seven years, new data from Bankwest reveals. 

The number of first time buyers (FTBs) in the state rose by 11.2% in the year to June 2017 to 22,465, a new report from Bankwest reveals. This was the strongest growth in the nation during the reporting period, it said.

Meanwhile, there was a drop of 1% in second time buyers and investors in the same period.

FTBs account for 17.4% of dwellings purchased in Queensland in the year to June 2017, up 1.6% compared to 2016. 

These findings are part of the 2017 Bankwest First Time Buyers Report.

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 Number of FHBs at their highest in seven years in Queensland: Bankwest

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Number of FHBs at their highest in seven years in Queensland: Bankwest

Bankwest general manager personal and small business banking, Donna Dalby said Queensland’s FTBs have been responding to a number of factors. 

“The strong growth in first time buyer numbers is largely a result of relatively affordable housing in the sunshine state, as well as the extension of the $20,000 home owners grant for new homes until December 31, 2017,” said Dalby. 

“Whats more, with the benefit of being able to see the latest ABS data, we know this growth has continued, with the number of Queensland first time buyers increasing by 15.0% in the year to August 2017 to a total of 23,315,” she said. 

The time need to save for a deposit is also less compared to the other East Coast states.

FTB couples will need to save for an average of just 4 years for a $92,240 deposit on a median priced house, on par with 2016 (3.9 years) and below the national average of 4.6 years. 

This saving time is also well below New South Wales (6.0 years) and Victoria (5.4 years). 

At a city level, Brisbane FTBs will need to save for an average of 4.5 years for a deposit on a median priced house, in line with 2016 (4.4 years) and below the capital city average of 4.9 years. 

While most FTB couples will be looking to get a house as quickly as possible, those in no hurry could look to try to buy in Queensland’s Noosa area. 

FTBs there will require an average of 6.3 years - the only area in Queensland to need more than six years - to save a median deposit of $127,895, making the area the least accessible in the state. The saving time here rose by seven months YoY, driven by a 13.6% increase in house prices. 

A four-bedroom house at 9 Gidyea Street (picture above) in Blackall sold for $190,000 in October 2017.

A four-bedroom house at 63 Garden Street, Blackall sold for $185,000 in August 2017. It previously sold for $160,000 in 2011, according to CoreLogic data.

Number of FHBs at their highest in seven years in Queensland: Bankwest

Tags: 
First Home Buyers Queensland

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