Staff at Elders Real Estate Gladstone, Rentals Division. Colin Burke, left, and receptionist Kayla Belcher.
Staff at Elders Real Estate Gladstone, Rentals Division. Colin Burke, left, and receptionist Kayla Belcher. Brett Mc Waters/The Observer.GLA

First-home buyers claim sky-high share of loans

AUSTRALIAN Bureau of Statistics data is revealing heightened interest in the property market by first-home buyers.

First-home buyers across the country claimed 18.3 per cent of all owner-occupier loans in November, a 0.2 per cent increase from the month before.

This is the highest share claimed since October 2012.

Gladstone Elders Real Estate principal Colin Burke said first-home buyer activity in Gladstone mirrored the national figures as younger residents took advantage of depressed house prices.

"The market is very good for first-home buyers, there's low interest rates and low prices,” Mr Burke said.

Mr Burke said it would be difficult to make a mistake in the region's current property market climate that and it was important to get a foot in the door before investors.

"If someone buys now they would be relatively safe against downturns,” he said.

"The mistake would have been if first-home buyers tried to enter the market at the top of our boom, they would have been burnt very badly.

"Gladstone, Tannum Sands, Boyne Island or Calliope are all good places to be buying at the moment because the prices are very competitive.”

Mr Burke said first-home buyers would benefit from consulting an expert to manage their finances and secure a bank loan.

"I would probably deal with a broker and let the broker find out what loans are out there, not just with one bank but several banks,” he said.

"There's some very strict rules around deposits now like (instances) where parents have given their kids the money.”

RateCity.com.au research director Sally Tindall said first-home buyers around Australia were "squirreling away savings and waiting for the opportunity to strike”.

"While the banks still have serviceability requirements on a tight leash they're welcoming first-home buyers in the door, provided they've got a decent deposit and have a proven track record of frugal spending,” Ms Tindall said.

Noor Gillani



$760m dredging project likely to impact water, marine life

premium_icon $760m dredging project likely to impact water, marine life

A new report has revealed the finalised impact the Gladstone Port duplication is...

IT'S ON TODAY: Schools’ soccer students to clash from 4pm

premium_icon IT'S ON TODAY: Schools’ soccer students to clash from 4pm

The six-round competition, which caters for under-12s, will be on every Thursday...

‘Money leaving Gladstone’: Call to buy out of town stuns

premium_icon ‘Money leaving Gladstone’: Call to buy out of town stuns

Business says HookUp going against its community mantra