{"id":35541,"date":"2021-11-10T10:20:09","date_gmt":"2021-11-09T21:20:09","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=35541"},"modified":"2021-11-10T10:20:09","modified_gmt":"2021-11-09T21:20:09","slug":"first-home-buyers-settle-for-less","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/first-home-buyers-settle-for-less\/","title":{"rendered":"First home buyers settle for less"},"content":{"rendered":"<p><strong>PHOTO: First home buyer Lizzie Delaney bought a two-bedroom unit in Toowong for $450,000.<cite class=\"_3gxdk _3rsys _1srG4 _3PhF6 _10YQT _2Cu8q\" data-component=\"Figure__cite\">(<span class=\"_16znc _3rsys _1cBaI _3PhF6 _10YQT _2Cu8q\" data-component=\"Byline\"><span class=\"_3rsys _1srG4 _3PhF6 _10YQT _2Cu8q\" data-component=\"Text\">ABC News: Lexy Hamilton-Smith<\/span><\/span>)<\/cite><\/strong><\/p>\n<p class=\"_1HzXw\">Queensland first home buyers are bucking the national trend by snapping up real estate at the fastest rate in 13 years, the Real Estate Institute of Queensland (REIQ) says.<\/p>\n<div class=\"_2X-83 g1U-R v-gc3\">\n<section class=\"_1uHEE _2Mryn\" role=\"contentinfo\" aria-label=\"key points\" data-component=\"KeyPoints\">\n<h2 class=\"wYJvU _1o1Da _1cBaI _18377 _2yZBa _3I3Xh _2uBSR _10YQT _1lh6E\" data-component=\"Heading\">Key points:<\/h2>\n<ul class=\"_1PvbE\" role=\"list\" data-component=\"List\">\n<li class=\"\" data-component=\"ListItem\">First-home buyer loans are at the\u00a0highest level since 2008<\/li>\n<li class=\"\" data-component=\"ListItem\">Market analyst Terry Ryder says first-home buyers need to lower their expectations for their first property<\/li>\n<li class=\"\" data-component=\"ListItem\">Banks have begun\u00a0applying a higher mandatory interest rate buffer on loan applications<\/li>\n<\/ul>\n<\/section>\n<\/div>\n<p class=\"_1HzXw\">With prices soaring &#8220;through the roof&#8221; at a 20-year high, savvy young buyers are settling for less just to get their foot in the door.<\/p>\n<p class=\"_1HzXw\">REIQ chief executive officer Antonia Mercorella said first home buyers were buying\u00a0around 3,000 homes every month in the Sunshine state.<\/p>\n<p class=\"_1HzXw\">Australian Bureau of Statistics (ABS) data said\u00a0a year ago that figure was down to around 2,000 a month, but sales started to outpace other states early on in the new year.<\/p>\n<p class=\"_1HzXw\">&#8220;Certainly what we are seeing the market doing nationally is pretty extraordinary and so you can understand why there is a lot of talk around affordability, and that first home buyers are being shut out of the market,&#8221; Ms Mercorella said.<\/p>\n<figure class=\"_2XhY1 _2X-83 g1U-R _3V6uS\" role=\"group\" data-print=\"inline-media\" aria-labelledby=\"100599434\" data-component=\"Figure\" data-uri=\"coremedia:\/\/imageproxy\/100599434\">\n<div class=\"_3C2ok\" data-component=\"IntersectionObserver\">\n<div class=\"_3C5J1\" data-component=\"AspectRatioContainer\"><img decoding=\"async\" class=\"_1sqAO WIJbJ\" src=\"https:\/\/live-production.wcms.abc-cdn.net.au\/fdd5feb75dd8f9bdaebc38f277b805c6?impolicy=wcms_crop_resize&amp;cropH=3333&amp;cropW=5000&amp;xPos=0&amp;yPos=0&amp;width=862&amp;height=575\" sizes=\"100vw\" alt=\"Head shot of Real Estate Institute of Queensland chief executive officer Antonia Mercorella\" data-component=\"Image\" \/><\/div>\n<\/div><figcaption id=\"100599434\" class=\"_1WKJ_ _3rsys _1srG4 _3PhF6 _10YQT _2Cu8q\" data-component=\"Figure__figcaption\"><em><strong>REIQ\u00a0chief executive officer Antonia Mercorella says first home buyers are not being shut out of the market in Queensland.<\/strong><\/em><\/figcaption><\/figure>\n<p class=\"_1HzXw\">&#8220;But I think when you look at Queensland it is quite a different story and the statistics tell us that actually in Queensland, when we look at first home buyer loans, they are at the highest level we have seen since 2008.<\/p>\n<aside class=\"_2X-83 g1U-R _1VIKT\" data-component=\"Pullquote\">\n<blockquote class=\"_2Bzft\">\n<p class=\"_1HzXw\">&#8220;So it does tend to fly in the face of this argument that first home buyers are being shut out and not active in the market, that is certainly not the case here in Queensland.&#8221;<\/p>\n<\/blockquote>\n<\/aside>\n<h2 class=\"_3HiYf _2K_6X _1cBaI _2b-O4 _2yZBa _3I3Xh _2uBSR _10YQT _1lh6E\" data-component=\"Heading\">Calculated risks to get a foot in the door<\/h2>\n<p class=\"_1HzXw\">Lizzie Delaney, 27, had her heart set on a small, old Queenslander but realised she had to downsize her expectations as prices soared.<\/p>\n<p class=\"_1HzXw\">&#8220;It was hard but just something I had to do, you have to get your foot in the door at some point, so it is a good start,&#8221; she said.<\/p>\n<figure class=\"_2XhY1 _2X-83 g1U-R _3V6uS\" role=\"group\" data-print=\"inline-media\" aria-labelledby=\"100599390\" data-component=\"Figure\" data-uri=\"coremedia:\/\/imageproxy\/100599390\">\n<div class=\"_3C2ok\" data-component=\"IntersectionObserver\">\n<div class=\"_3C5J1\" data-component=\"AspectRatioContainer\"><img decoding=\"async\" class=\"_1sqAO WIJbJ\" src=\"https:\/\/live-production.wcms.abc-cdn.net.au\/d92949e3911426ab4643cb6641048c59?impolicy=wcms_crop_resize&amp;cropH=1344&amp;cropW=2016&amp;xPos=0&amp;yPos=5&amp;width=862&amp;height=575\" sizes=\"100vw\" alt=\"Lizzie holds up house key sand a bottle of champagne.\" data-component=\"Image\" \/><\/div>\n<\/div><figcaption id=\"100599390\" class=\"_1WKJ_ _3rsys _1srG4 _3PhF6 _10YQT _2Cu8q\" data-component=\"Figure__figcaption\"><em><strong>First home buyer Lizzie Delaney celebrates after cracking into Brisbane&#8217;s real estate market.<cite class=\"_3gxdk _3rsys _1srG4 _3PhF6 _10YQT _2Cu8q\" data-component=\"Figure__cite\">(<span class=\"_16znc _3rsys _1cBaI _3PhF6 _10YQT _2Cu8q\" data-component=\"Byline\"><span class=\"_3rsys _1srG4 _3PhF6 _10YQT _2Cu8q\" data-component=\"Text\">ABC News: Lexy Hamilton-Smith<\/span><\/span>)<\/cite><\/strong><\/em><\/figcaption><\/figure>\n<p>READ MORE VIA <a href=\"https:\/\/www.abc.net.au\/news\/2021-11-09\/qld-housing-property-first-home-buyers-bank-lending-queensland\/100599204\">ABC<\/a><\/p>\n<p>https:\/\/www.instagram.com\/p\/CWCoa05hMCZ\/?utm_source=ig_web_copy_link<\/p>\n<h3 class=\"widget-title\"><span class=\"accent-typo\">MOST POPULAR<\/span><\/h3>\n<ul class=\"widgets-list-layout no-grav\">\n<li><a class=\"bump-view\" title=\"From footy star to pub baron: Sam Burgess buys in to $38million waterfront hotel\" href=\"https:\/\/propertynoise.co.nz\/au\/from-footy-star-to-pub-baron-sam-burgess-buys-in-to-38million-waterfront-hotel\/\" data-bump-view=\"tp\"><img decoding=\"async\" class=\"widgets-list-layout-blavatar ls-is-cached lazyloaded\" src=\"https:\/\/i2.wp.com\/www.propertynoise.com.au\/wp-content\/uploads\/2021\/11\/Sam-Burgess.jpg?fit=640%2C360&amp;ssl=1&amp;resize=40%2C40\" alt=\"From footy star to pub baron: Sam Burgess buys in to $38million waterfront hotel\" width=\"40\" height=\"40\" data-pin-nopin=\"true\" data-src=\"https:\/\/i2.wp.com\/www.propertynoise.com.au\/wp-content\/uploads\/2021\/11\/Sam-Burgess.jpg?fit=640%2C360&amp;ssl=1&amp;resize=40%2C40\" \/><\/a>\n<div class=\"widgets-list-layout-links\"><a class=\"bump-view\" title=\"From footy star to pub baron: Sam Burgess buys in to $38million waterfront hotel\" href=\"https:\/\/propertynoise.co.nz\/au\/from-footy-star-to-pub-baron-sam-burgess-buys-in-to-38million-waterfront-hotel\/\" data-bump-view=\"tp\">From footy star to pub baron: Sam Burgess buys in to $38million waterfront hotel<\/a><\/div>\n<\/li>\n<li><a class=\"bump-view\" title=\"How an accountant earned $47MILLION by secretly selling clothes out of her parents' garage\" href=\"https:\/\/propertynoise.co.nz\/au\/how-an-accountant-earned-47million-by-secretly-selling-clothes-out-of-her-parents-garage\/\" data-bump-view=\"tp\"><img decoding=\"async\" class=\"widgets-list-layout-blavatar ls-is-cached lazyloaded\" src=\"https:\/\/i1.wp.com\/www.propertynoise.com.au\/wp-content\/uploads\/2021\/11\/Jane-Lu.png?fit=654%2C364&amp;ssl=1&amp;resize=40%2C40\" alt=\"How an accountant earned $47MILLION by secretly selling clothes out of her parents' garage\" width=\"40\" height=\"40\" data-pin-nopin=\"true\" data-src=\"https:\/\/i1.wp.com\/www.propertynoise.com.au\/wp-content\/uploads\/2021\/11\/Jane-Lu.png?fit=654%2C364&amp;ssl=1&amp;resize=40%2C40\" \/><\/a>\n<div class=\"widgets-list-layout-links\"><a class=\"bump-view\" title=\"How an accountant earned $47MILLION by secretly selling clothes out of her parents' garage\" href=\"https:\/\/propertynoise.co.nz\/au\/how-an-accountant-earned-47million-by-secretly-selling-clothes-out-of-her-parents-garage\/\" data-bump-view=\"tp\">How an accountant earned $47MILLION by secretly selling clothes out of her parents&#8217; 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