If you live in Queensland and plan to buy your first home, you should make a decision before July 1, 2017.
That’s because first-time home buyers in the state will receive a funding grant worth $20,000 for a new house, apartment or unit amounting up to $750,000. By July 1, the state plans to scale back the programme back to $15,000.
Queensland Treasurer Curtis Pitt advised residents to take advantage of the funding boost before it becomes smaller. He said that $20,000 may be more than enough to cover a 10 per cent deposit payment for houses in regional areas.
The process for your first property acquisition should not be that difficult. Consider looking for home and land packages in Brisbane and other cities in Queensland. These offers normally cater to buyers that follow a certain budget. If you plan on splurging on your first property purchase, it’s best to consult with home builders first to determine how you can maximise your money.
The funding grant comes as cities like Brisbane recently recorded a spike in its home prices, according to a report. For 2016, median home prices in the city increased 4.5 per cent to $540,758 from $511,361 in 2015.
The price growth indicated a strong demand for homes. The median price for apartments, however, slumped 5 per cent due to a larger supply. Still, apartment prices may increase in 2018, so if you’re planning to buy one as an investment, now could be a good time to do so.
As home prices in Brisbane have increased in recent months, taking advantage of the funding grant can certainly ease the burden of paying a hefty sum for your dream house. Aside from that, you get to support job growth and the economy in Queensland when you sign up for the grant to buy a property there.