Where to buy property for under $200k

First home buyers, investors have the chance to snap up property for less than $200,000.

FOR SALE: Harcourts estate agent Sam Devlin at the new housing development on Henderson Street, Redbank. Picture: Cordell Richardson

FIRST homebuyers and investors looking for a bargain have the chance to snap up property for less than $200,000.

About 50 house lots have hit the market as part of the new Henderson Heights development at Redbank and shows how healthy the affordable housing market is in southeast Queensland.

The development is included in the Queensland First Home Owner Grant, which means first-time buyers could be eligible for up to $15,000 from the government.

Seven blocks have already sold, with others ranging between 420sqm and 505sqm still on the market, priced from $185,000.

Harcourts estate agent Sam Devlin said the development boasted quiet streets with transport and road links and were located close to all amenities.

"Henderson Heights is minutes from Redbank Train Station and metres away from the bus stop. Major shopping centres are close by, including a new complex with more than 400 shops," Mr Devlin said.

"Henderson Heights offers convenient access to the Ipswich motorway, meaning an easy commute to Brisbane CBD by car and 35 minutes by train and or bus."

Nearby schools include: Staines Memorial College High School, Bellbird Park High School and primary schools such as Redbank State, Redbank Plains, and Augusta State. There are also churches of every denomination within Redbank.

"Redbank is located in the dynamic city of Ipswich which is enjoying some of the highest housing growth figures in the Country. It is on a strong growth trajectory with an abundance of job opportunities across a wide variety of industries," Mr Devlin said.

It comes as data released this quarter shows buyers are increasingly turning their backs on the housing market in capital cities, with the weighted average median prices decreasing across Australian capital cities decreasing by 0.8 per cent for houses and 0.3 per cent for other dwellings.

The weighted average vacancy rate for the eight capital cities fell to 2.5 per cent during the June quarter indicating a tighter rental market.

About the First Home Owner Grant

The grant is a state government initiative to help first homeowners buy their first property sooner.

The scheme was introduced in 2000 to offset the effect of the GST on home ownership. It is a national scheme funded by the states and territories and administered under their own legislation.

Under the scheme, a one-off grant is payable to first home owners that satisfy all the eligibility criteria.

Depending on the date of the contract, buyers will get $15,000 or $20,000 towards buying or building a new house, unit or townhouse valued at less than $750,000. To be eligible for the grant, the applicant or their spouse must not have previously owned property in Australia that they lived in, must be buying or building a brand new home, the value of the home including the land is less than $750,000, move into the new home as the principal place of residence within one year of the completed transaction and live there continuously for six months.

Contracts dated between October 2012 and June 2016 and July 1, 2018, or later are are eligable for $15,000 grants.

Originally published as Where to buy property for under $200k