First home buyers are not being deterred to enter the property ladder, despite the five-thousand-dollar reduction in the Queensland First Home Owners Grant that occurred in July.
The Queensland First Home Owners Grant, which only applies to new builds up to $750,00, dropped from $20,000 to $15,000 on the 1st of July.
ABS data shows that nationally, the number of finance approvals for first home buys is at its highest level in eight years.
Queensland alone has seen an almost 10% increase in the number of approvals.
Suggesting that the state’s decreased grant does not frighten buyers from buying their first home.
REA Group chief economist Nerida Conisbee said while the number of finance approvals for investors and upgraders had dropped, first home buyers were opposing the trend.
“We are now seeing the highest level of first home buyers since 2010,” she said.
She said while Albion and Gold Coast's Tugun are two suburbs within the reach of first home buyers, where the median prices are $750,000 and $647,000, there is more value in the Brisbane market.