Port Douglas property: Shift predicted for typical first home buyer
FIRST home buyers in Queensland have clearly benefited from the state government’s Queensland First Home Owner’s Grant with more than 8,000 people purchasing their first house, unit or apartment.
But it is interesting to note that opinion has changed regarding the average age of the Australian first home buyer (FHB).
A June 2017 paper from the Commonwealth Bank of Australia (CBA), CommBank Connected Future Report, found that buyers generally entered the market for the first time at 32 years old. This has remained unchanged for 20 years.
However, data from government-backed South Australian lender, HomeStart Finance, reveals that fierce competition and high house prices are pushing up the average age of first-home buyers.
They claim that in the next decade a typical first-home buyer will be in their 40s or 50s, not in their early 30s.
“Between 2011 and 2015, the number of first-home buyers over 40 increased by more than 50 per cent. And those aged 50 and over increased by more than 100 per cent.
“In the same period, the number of first-home buyers between aged 18-29 years decreased by more than 50 per cent, and those aged 30-39 decreased by 20 per cent.
“Even more telling is the total percentage of first-home buyers aged over 40 years. In 2011, just 18 per cent of first-home buyers were over 40-years-old. In 2015, this ballooned to more than 40 per cent,” the report
But the Palaszczuk Government’s continues to encourage potential buyers to capitalise on the 20,000 grant.
“Queenslander’s are getting in quick to access the $20,000 grant which ends on 31 December this year to make sure they don’t miss out,” said Treasurer Curtis Pitt.
“The $20,000 grant is available for people buying newly built dwellings worth up to $750,000.
“It’s not only helping more people into home ownership, it’s also helping support jobs in our building industry and support industries.”
Mr Pitt said housing affordability was also a motivating factor in many people’s decisions to move to Queensland from southern states.
“We are tapping that market through our targeted Move Up in the World campaign running in southern states to attract new residents and business operators to our state,” he said.
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