FIRST home buyers are taking advantage of the Gold Coast’s “slower property market”, new research reveals.
PropTrack data shows first homebuyer inquiry is up five per cent compared to the same time last year with the unit markets in Surfers Paradise and Southport the most popular followed by the housing markets in Upper Coomera, Pimpama and Nerang.
First homebuyer Erica Coffey has bought a unit in Surfers Paradise.
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Makeup artist Erica Coffey, who runs her own self-titled business, spent the first six months of 2022 searching for her first home.
She wanted a two-bedroom unit between Palm Beach and Surfers Paradise.
“It’s been a long process,” the 25-year-old said.
“I’ve been to at least 30 to 40 different inspections and made seven offers.
“The market was just crazy at the beginning of the year and I was so deflated by the end of April I basically gave up on my search.”
Makeup artist Erica Coffey bought her first home, a unit, in Surfers Paradise. Picture: Nigel Hallett
Last month she finally bought a Surfers Paradise unit for $385,000.
“I felt the market was going slower, property online was staying online a bit longer compared to the beginning of the year and I saw a big shift,” she said.
“I did originally want a two-bedroom unit but the two-bedroom units were going for ridiculous prices so I had to settle for a one-bedroom unit,” she said.
“It is a larger unit though which was important to me as I didn’t want a shoebox.”
PropTrack data shows first homebuyer inquiry is up five per cent compared to the same time last year with the unit markets in Surfers Paradise and Southport the most popular.
Ms Coffey bought her property through Katrina Keegan and Penelope Nicholls of Harcourts Coastal.
“First homeowners like the entry level prices and affordability that comes with owning an apartment,” Ms Keegan said.
“Often these purchases are their first time out of home or without flatmates and apartments offer an added security and community feel that sometimes free standing houses can’t offer.
Harcourts Coastal agent Katrina Keegan says first homebuyers like entry level prices and affordability. Picture Glenn Hampson
Ms Keegan said she believed Surfers Paradise and Southport offered the best value for money for a beachside purchase in the country.
“Compared to Sydney, Melbourne or Brisbane apartment prices we are still considerably well below our potential, so realistically prices should only really go up from here.
First home buyers are back in the market.
Area Specialist Property Solutions director Belinda Beekman, who has several houses on the market on the northern Gold Coast, said she was fielding lots of inquiry from first home buyers moving up from the city’s southern suburbs.
“They just can’t get into the market down there so they’re coming up to more affordable areas,” Ms Beekman said.
“But it’s townhouses and duplexes where most first home buyers are ending up.
“You can’t get a house unless you’ve got about $650,000 and a lot of first home buyers can only afford around that $500,000 mark.”
Andrew Henderson urged first home buyers to think long-term when it came to buying a property. Picture: Jerad Williams
REIQ Gold Coast chairman urged first home buyers to concentrate on getting into the property market.
“It might not be your forever home but it’s a starting point to launch into subsequent properties,” he said.
“Once you’ve got a property then you can build some equity and pay down your mortgage.”
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Top 10 suburbs for first homebuyer inquiry
1. Southport, unit
2. Surfers Paradise, unit
3. Upper Coomera, house
4. Pimpama, house
5. Nerang, house
6. Robina, unit
7. Coomera, house
8. Biggera Waters, unit
9. Palm Beach, unit
10. Helensvale, house
The post Where first home buyers are looking for real estate on the Gold Coast appeared first on realestate.com.au.