MORE FOR MONEY
YOUNGER than average buyers are driving sales at AVJennings’ Villaggio.
So far about 70 per cent of the 142-townhouse development at Richlands has sold, with about 15 per cent of stock still to be released.
Sales consultant Paula Pigott said even though interest rates were at historic lows, and first home buyers had government incentives, some young buyers were still finding it difficult to purchase a home.
“Despite positive market conditions, buyers throughout Australia are taking longer to save a deposit for their first home than in years gone by,” she said.
Ms Pigott said while the average age of first home buyers was over 30, Villaggio had seen an influx of younger buyers.
“While many Generation Y buyers are focused on saving a hefty deposit to live in the city centre, with lifestyle amenities being at the forefront of their decision, many of our buyers are recognising that by living just 15km out of the city, and just a 30-minute commute by train to the city, they are getting more for their money, without actually sacrificing any lifestyle benefits,” she said.
Alex Gravenall, 23, bought a three-bedroom townhouse at Villaggio after being in the market for almost three years.
“I wanted to escape the rent cycle but I simply could not justify spending $390,000 on a second hand one-bedroom apartment in New Farm when I could buy a brand new threebedroom townhome for $30,000 less a little further out and be eligible for the first home owners grant,” she said.
BETTER VALUE: First home buyer Alex Gravenall bought a three-bedroom townhouse at Villaggio, Richlands.