First home still within reach
THE AUSTRALIAN home ownership culture is here to stay in spite of the Reserve Bank’s rates fiddling.
“This year’s first home buyers appear likely to make their move into property ownership without the helping hand of increased grants and decreasing interest rates,” Fraser Coast Real Estate Institute of Qld chairman Alan Wetton said yesterday.
“I don’t see evidence of non-home owners giving up. I think they are more determined than ever to get the first foot on the property ladder and the Reserve Bank of Australia’s decision this month to hold the cash rate at 3.75 per cent has given them an extra boost of confidence.
“Young people, in particular, are taking a long-term view because they are watching what the up-graders are doing and plan to be there one day themselves.
“Singles are looking to build up equity and couples with future family plans are being clever about buying homes that may suit a young family before there is a possible upgrade.”
Mr Wetton says a two or three bedroom apartment or townhouse up to $260,000 in Maryborough is an attractive investment.
“Such buyers recognise they don’t need the four or more bedrooms, multiple bathrooms, and a rumpus room and double garage on a large block today, and perhaps they will never need it.
“Accessibility to parks and other facilities used by young families are becoming high on the agenda.”