We’re often told home ownership is out of reach of many young Australians, but it seems that’s not quite true in Queensland. More young Australians are buying homes in the Sunshine State than anywhere else in Australia, according to new research from CreditSimple.
The Australian credit rating website analysed mortgage application data for the first half of 2017. It found Queensland had the highest percentage of buyers under 30 years old. Seventeen percent of Queensland’s buyers were in this younger demographic, well above the national average of 15 percent.
Western Australia also posted better than average results, with 16 percent of all home loan applications coming from under 30s. South Australia was in line with the national average.
Victoria (14 percent), New South Wales and Tasmania (both 13 percent), the Australian Capital Territory (12 percent), and the Northern Territory (11 percent) were less favourable real estate markets for young people, with results below the national average.
It’s easy to see why Queensland is so attractive to young homeowners. In July 2017, the median house price in Brisbane was $490,000. That’s far more accessible than homes in the New South Wales and Victorian capitals, which sat at $856,000 and $655,000 respectively.
“It’s really showing that Queensland is a more affordable place and Queenslanders under 30 are more active in the property market, particularly in regional areas like Toowoomba,” CreditSimple spokeswoman Emily Price told news.com.au.
Surprisingly, despite Victoria posting results less than the national average, the Victorian suburbs or Truganina, Hoppers Crossing, Craigieburn, and Roxburgh Park had the greatest percentage of young home buyers in the country. Kearney’s Spring and Glenvale in Queensland and Liverpool and Moorebank in New South Wales are also very popular among young buyers.
If you’re ready to turn your dreams of home ownership into reality, Chase Edwards can help. Whether you want to purchase your dream home or an investment property, our advisers can put you on the right path and guide you through the process until the keys are in your hands. Call us on 1300 854 833 to learn more about our services.