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Queensland the only state to see a rise in first homebuyers

Posted on 15/12/2016 by Rhiannon Smith
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Queensland was the only state to experience a rise in first-home buyers over the past quarter, after their number dropped 6.7 per cent nationally.

QUEENSLAND was the only state to experience a rise in first-home buyers over the past quarter, after their number dropped 6.7 per cent nationally.

Latest figures show there were 5295 first homebuyer loans in Queensland over the quarter.

It was 5.2 per cent more than the June quarter and 2.5 per cent higher than the same time last year, the latest Real Estate Institute of Australia/Adelaide Bank Housing Affordability report shows.

Newbies were also paying much higher levels for their first home, with the average loan at $303,967, about $10,000 more than the previous quarter and September quarter 2015.

“Of all Australian first homebuyers over the quarter, 24.3 per cent were from Queensland, while the proportion of first homebuyers of the state’s owner-occupier market was 16 per cent.”

Amid the surge, first homebuyers have been warned against jumping in without going beyond standard building and pest inspections.

Legal conveyancer GlobalX chief executive Peter Maloney feared some put themselves at unnecessary risk without looking at other items on their checklists, such as undermining searches, outstanding rates, and flood and heritage reports.

“People often get caught up in the negotiation process and forget about due diligence, which is equally – if not more – important than simply agreeing on price,” he said.

Read more at Realestate.com.au