First home buyers snap up Redlands properties, local agent says

GRANTS: First home buyers are snapping up properties in the Redlands, Louise Denisenko from LJ Hooker Cleveland says.
GRANTS: First home buyers are snapping up properties in the Redlands, Louise Denisenko from LJ Hooker Cleveland says.

THE number of Queensland first home buyers is at its highest level in 11 years, and Redlands properties are being rapidly snapped-up, according to a local agent.

September data shows the number of loan commitments for Queensland first home buyers is the highest since June 2009, with young people taking advantage of state government grants intended to keep the real estate market afloat during COVID-19.

First home buyers have been given a $15,000 boost, and people looking to build a home can score an extra $25,000.

Louise Denisenko from LJ Hooker Cleveland said the incentives had seen many young people entering the market, including the Redlands.

"Younger people tend to like closer to train lines and bus routes," she said.

"A lot of the first home buyers and young families are buying around Birkdale, Thorneside, Capalaba or Alex Hills."

The Redlands was popular for its lifestyle qualities, Ms Denisenko said.

"There's a few what you might call satellite areas popping up outside the Redlands that a lot of young people are looking at, but in terms of lifestyle, I think the Redlands is still quite undervalued," she said.

"People have been spending more time at home with their families so a lot of people are re-evaluating lifestyle and what's important to them.

"A lot of them are looking for bigger blocks.

"We're seeing a lot of interest from New South Wales and Victoria, they're snapping properties up."

Image Property sales director Adam Empringham said the rental market across the southeast was struggling with more demand than supply in many areas, with rents rising as a result.

"When rents start to increase, it is usually the start of a market growth cycle as more renters becomes property owners," he said.

Ms Denisenko predicted a slight drop in the market in the new year, after state government grants ceased.

"A lot of people took a break from their mortgage, not realising that if they could pay, they probably should have, because now their payments are going to be more," she said.

"I think all of that is going to impact the market, and people will be offloading properties if they are struggling financially.

"The market's predicted to drop but it depends who you talk to. We don't have a crystal ball."