Patience pays off for Gold Coast first-home buyers

First-home buyers Joanna and Ryan Petersen outside their Ormeau home
First-home buyers Joanna and Ryan Petersen waited out the pandemic boom, instead making their move once FOMO had left the market.
The couple is among the first residents of the $100m residential development Amara by AVID Property Group, located at Ormeau between Brisbane and the Gold Coast.
Nurse Ms Peterson and her postman husband settled into their new home in October and currently have just two neighbours in the community, which comprises 180 houses.
“While we were saving for years, we have been busy searching to find the right place that suited both our lifestyles and the opportunity to start a family,” Ms Peterson said.
The couple is among the first residents in the northern Gold Coast community
AVID general manager Queensland Bruce Harper described the first residents to purchase in a
developing residential community as “property pioneers’’.
“They lock in their house value early and reap the growth that accumulates with the maturation of a new community,” he said.
Mr Harper said developers were currently focused on delivering land lots, after record pre-sales of new homes through 2021.
The property market was transitioning into a new phase which would stretch to July 2023, with buyers “sitting on the sidelines until it is clear that the current round of interest rate increases have peaked”.
AVID Property Group General Manager Bruce Harper.
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This followed an earlier “slowdown” phase which had begun around July.
“This phase saw a substantial increase in developer and builder costs, increased disruption to supply chains and the beginning of interest rate increases. This had the impact of dramatically slowing demand and stabilising price increases for new land and houses,” Mr Harper said.
Buyers ready to purchase now were taking time to research contract terms and conditions and seek out more secure purchasing options from well-resourced and long-standing companies.
Amara will comprise 180 homes
“Buying a property is a significant investment and people want to feel assured they’re in safe hands,’’ he said.
The northern growth corridor suburb of Ormeau will be home to 1 million residents by 2050, according to Australian Bureau of Statistics data.
House prices there climbed 18 per cent over the last 12 months, PropTrack data shows.

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