Why the property market is outpacing traditional saving for first-home buyers in South East Queensland
The rapidly growing property market in South East Queensland is making it impossible to save a large deposit, forcing first-home buyers to explore alternative strategies.
Full transcript
What's the biggest change that we're seeing in the property market over the last couple of years? The big one in South East Queensland is that prices are escalating faster than they ever have. We're effectively in a very supply constrained market.
What that means is that all the same demand that we've always had has less properties for people to buy. And because of that, that's forcing prices up at a faster pace than what we've ever seen.
Now, what that means for you as a first home buyer, if you're trying to go down the traditional route of trying to save a very large deposit, you're trying to outsave a rapidly growing market. We're in Greenbank today. If I looked at prices here last year of say $750,000, that same comparable property is now worth $950,000.
There is no way that you are going to outsave a market growing at that pace. That's why it's critical. When you have the opportunity, look at the alternative strategies. What grants can you use? How can we stack that deposit and how can we get you in today?
And that would be the most important recommendation that I have for any first home buyer who's looking to get into the market now.