Jumping on the ladder

FIRST-HOME buyers are lining up for property on the Gold Coast, with demand skyrocketing in the past month.

Latest realestate.com.au data shows inquiries from people wanting to get a foot on the property ladder jumped 42 per cent in January compared to the same period last year.

Upper Coomera was high on first-home buyers’ wish lists for houses, while Surfers Paradise was most popular for apartments. (Suburb, median house price)

1. Upper Coomera, $490,000 2, Coomera, $535,000

3. Southport, $575,000

4. Nerang, $465,000

5. Pimpama, $480,000 Source: realestate.com.au

Nerida Conisbee at realestate.com.au said low interest rates and the Federal Government’s First Home Loan Deposit Scheme were driving forces behind the spike.

“For a lot of people trying to get into the market, it’s far more achievable,” she said. “But there are limited numbers and you do have to be earning (under) a certain amount.”

The scheme allows 10,000 applicants each financial year to buy a home with a 5 per cent deposit instead of the unusual 10 or 20 per cent.

However, price caps apply, meaning eligible applicants can only buy a property worth $475,000 on the Gold Coast.

That could prove difficult for house hunters considering Upper Coomera’s median house price is $490,000, according to realestate.com.au figures.

Those looking for an apartment might have more luck with Surfers Paradise’s median unit price standing at $375,000.

Ray White Nerang principal Clint Hynes said he sold a few properties at Upper Coomera recently, all to first-home buyers.

“It’s starting to grow on people a little bit more,” he said. “There’s good value to be had on the western side of the highway (and) it has really good-sized blocks up there as well.”

But he said a surge in interest for both newer and older properties in the suburb meant there were fewer available.

“There’s not a lot of stock at the moment, which is going to make 2020 quite interesting,” he said.

Harcourts Coastal agent Katrina Keegan said Surfers Paradise was a hot spot for firsthome buyers because it was cheap to buy an apartment and offered a beachside lifestyle.

“They’re buying them for the lifestyle,” she said.

“It’s also a good place to start because it’s a good investment down the track.

“It’s like a safety net almost because you’ll never have a problem renting out a Surfers Paradise apartment.”

She said Chevron Island was a great place to start because most apartments offered low body corporate fees and were low maintenance.