Six-year plan for first home

The Courier-Mail - Home - - NEWS - EMILY BLACK

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.

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