Six-year plan for first home
First home buyer, 26-year-old Josh Manion, has spent the past five years saving a deposit but admits he has another year to go.
Mr Manion, who manages a co-working office in Brisbane’s CBD, said his budget was up to $500,000, but that wouldn’t come close to buying what he wanted within a reasonable commute to work.
“The suburbs I’m looking at are Ipswich, probably down to Springfield and even north to Caboolture,” he said.
Mr Manion said ideally he would like to buy in Red Hill, Spring Hill or Bowen Hills.
“I was thinking of apartments originally, but the house and land package is the better investment, even if it will end up being just under million to pay back by the end,” he said.
But price wasn’t the only deciding factor in Mr Manion’s property decision, as he was considering his own wellbeing, local community and distance to the airport.
“I had a pros and cons list, including where did I want to go out with friends; was it close to a beach; were there fun things to do in the area; was there a rainforest or a hike nearby? “I think about my friends and family coming to visit and what is the driving distance from the airport.”
He said while he still had a little way to go before he was ready to purchase, he found home builder Porter Davis during his research over the past year.
He said the company’s recent “‘Rich Parents You Never Had’’ competition to win a $50,000 first home deposit was a great initiative and suggested more companies should go the extra mile to ease the pressure of finding a home.
“It’s not just about how Porter Davis are projecting themselves and the finance side of things, they’ve got their own idea,” Mr Manion said.
“They have a better understanding of how difficult it is for first home buyers.”
“At my age, I just wish there were more businesses coming forward and saying ‘this is what we offer’.”
Porter Davis’ sales and marketing general manager Shaun Patterson said figures from realestate.com.au revealed of all the would-be home buyers, 46 per cent week were seeking their first home.
“The high proportion of first-time buyers contrasts with New South Wales, where the proportion is 38 per cent, Victoria where it is 37.5 per cent, while Western Australia was 21.75 per cent and South Australia at 30 per cent,’’ he said.
“More than half (52 per cent) of first home buyers in Queensland would consider moving more than 20km from where they currently live to secure their first home.”
Mr Patterson said Porter Davis predicted that proposed financial and lending changes would add pressure to first home buyers, with banks reporting plans to reduce their loan amounts by 5 per cent compared with six months ago.
The Porter Davis range of new homes include Riviera (main); East Coast (below left) and Thorngate. First home buyer Josh Manion (below) is looking for a property.