Right time to enter housing market
WITH affordable housing prices and a growing need for rentals, Warwick is in the midst of a buyer’s market.
Harcourts agent Matt Mauch said despite what has been said in conflicting media reports, now was the perfect opportunity for property investment.
“Property prices have plateaued and there are deals to be done,” he said.
“It’s especially a good time for young people to get into the market. The (Federal Government’s) first home owner’s grant still exists and with prices the way they are, it’s good value for money.
“The home prices are some of the lowest we’ve seen for a long time.”
Mr Mauch said some banks were also encouraging people to snap up houses by loosening up mortgage contracts.
In doing so, he said they were trying to reverse the trend which came out of the Global Financial Crisis, which has seen consumers be more frugal. “One major bank in Warwick is going from cautious to confident with their lenders,” he said.
“They’re being a bit more flexible with their lending and telling customers they don’t need as big a down-payment for their home loan.
“It’s also been the same with small acreage and lifetyle blocks – this particular bank has said people don’t need as much of a percentage (of the house price) to purchase.”
Mr Mauch also said now was the time for investment buying, with a lot of people on the hunt for rental properties in Warwick.
“Our demand is outweighing our supply with rentals at the moment,” he said.
“It’s a great opportunity to purchase investment properties and rent out.
“People I think are still a bit scared about spending the money, but now is the time to get into the housing market.”
Meanwhile, first home buyers have been encouraged to take up an $11,000 offer from the State Government to buy new-build homes outside South East Queensland, including the Southern Downs and Granite Belt.
Since the Regional First Home Owner Grant was introduced on June 1, 2010, 433 applications worth $4.752 million have been approved.
“There is no doubt the grant is encouraging people to choose to own their first home in regional Queensland with uptake more than doubling since November,” Acting Treasurer Rachel Nolan said. “Queensland’s regional centres offer some of the most attractive lifestyles on earth and I encourage more people to get on board to continue to promote their growth.”