First timers vi­tal for mar­ket

Green shoots of price growth in 2013 made home­own­ers and real es­tate agents happy, but what is to come?

The Courier-Mail - Property - - MARKET OUTLOOK REALESTATE -

WHAT will 2014 bring for Queens­land’s real es­tate mar­ket? Boom, bust or some­thing in be­tween? Real es­tate agents are by na­ture op­ti­mistic, so you can guess how most of us see the New Year pan­ning out.

With that said, all too of­ten we can be guilty of as­sum­ing that more is bet­ter. Does ev­ery­one win when real es­tate prices rise? In­vest with the stock mar­ket and a price surge ben­e­fits all in­volved.

Not so with home prices, where those who al­ready own, ap­prox­i­mately 70 per cent of us might smile, but those want­ing to en­ter the mar­ket can find the go­ing tougher.

Queens­land’s typ­i­cal first home­buyer is get­ting older. And many are do­ing their sums, with the gap be­tween rent­ing and own­ing en­cour­ag­ing them to make the leap.

Nat­u­rally they’d like to time their pur­chase to per­fec­tion, strolling onto the mar­ket-train at a leisurely pace then will­ing it to break­neck speed as soon as they’re on board.

Un­less you’re buy­ing or build­ing new — and only a small per­cent­age of first home buy­ers in Queens­land are do­ing this — there’s no longer a gov­ern­ment grant for you. But be­cause they start the hous­ing ‘cy­cle’, first-timers are im­por­tant to mar­ket ac­tiv­ity. They start the wheels turn­ing, so all of us need them.

First home­buyer pur­chases are still well be­low his­tor­i­cal av­er­ages but hope­fully 2014 will see them re­turn in the num­bers the mar­ket needs for sus­tain­able long-term ac­tiv­ity.

And what of those reen­ter­ing the real es­tate mar­ket at later stages in life? Out in the field each day we meet home buy­ers from all walks of life and di­vorcees, for ex­am­ple, of­ten strug­gle to find a suit­able home within their bud­get.

Could you match your cur­rent life­style with half the money?

The best re­sult of 2013 wasn’t the green shoots of price growth in many parts of the State — happy as it makes home­own­ers and real es­tate agents alike. The best out­come from the past year was a busier mar­ket with higher turnover of prop­er­ties. If you want to sell there’s now a much more ready mar­ket than we’ve had in some years.

So here’s a wish­list for 2014: An op­por­tu­nity for ev­ery­one who wants to buy a home to do just that. And an op­por­tu­nity to sell and buy again for home­own­ers want­ing to re­lo­cate, down­size, up­size or even just out­ma­noeu­vre their 20-some­thing stay-at-home off­spring.

What­ever part of the mar­ket you’re in, have a sen­sa­tional 2014.

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