How first home buyers are breaking into Toowoomba market

TIM and Kara Cannon’s advice to other first-home buyers is simple - take the leap.

Tim and Kara Cannon with their daughter Rose inspect their block of land in Glenview Estate, Glenvale where they will build their first home, Wednesday, January 3, 2018. Picture: Kevin Farmer

TIM and Kara Cannon's advice to other first-home buyers is simple - take the leap.

"You're better paying off your own house than paying off someone else's mortgage," Mr Cannon said.

The young couple is one of many first-time home buyers who purchased recently, with the aid of the State Government's $20,000 First Home Buyers Grant. After the scheme's extension last week, there has been a spike in inquiries from would-be, first-time home owners.

Mr Cannon said he and his wife realised two and a half years ago it was "impossible" to rent and save for a deposit.

They were fortunate enough to be able to move in with their parents while they saved.

Now, they've landed a block of land at Glenview Estate, Glenvale, and are looking forward to building their first home.

"We're just over the moon," he said.

"There's a whole heap of pressure taken off us. It's a giant leap and nerve-wracking because it's a lot of money, but knowing you had the assistance from the government with the grant made a big difference."

Colliers International Toowoomba's Brad Lipp said the inquiry rate from first-home buyers had ramped up in the past week since the First Home Buyers Grant was extended for another six months, fielding 19 inquiries.

"It's only been a few days and it's been quite a significant rise in inquiry rate from them, which has been very good," Mr Lipp said. He said the extension would only see inquiries increase.

"We're doing a lot more to getting the marketplace to know about it, especially in Toowoomba… people are starting to realise they can purchase a house and land package for close to what they're currently renting a property for.

"Inquiry will increase, absolutely it will."

Mr Lipp said new homes and blocks of land at Cotswold Hills, Glenvale, Wyreema, Cambooya and Westbrook were all selling well. Colliers International Toowoomba director Dominic Ryan said the extension of the First Home Buyers Grant would see continued confidence in Toowoomba's real estate market.

"You come across these first-home buyers who would have loved to have done something in December but weren't quite ready to get the tick of approval in time," he said.

"It's just good to see they have got six more months up their sleeve to get their act together and save up a little extra money and take advantage of the $20,000 boost."

Mr Ryan said the grant, restricted to new homes, was impacting the "traditional" first-home buyers' market, making existing homes in the sub-$400,000 bracket extremely good value.
 

Originally published as How first home buyers are breaking into Toowoomba market