First timers vital for market
Green shoots of price growth in 2013 made homeowners and real estate agents happy, but what is to come?
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.