Townsville and First Home Buyers get a chance
The prospects of a strong recovery for Townsville in both the property market and jobs sector is looking more and more likely.
The latest 'Townsville in Focus' report from Herron Todd White suggests that there are plenty of emerging signs that Townsville's Residential Property market is already better off than from last year.
Investor's interests in our city is also on the rise with there being a continuing perception that larger cities down south are 'overcooked' and becoming harder and harder for investors to get a foothold.
Jason Searston, Director of Herron Todd White Townsville, has said that there are enough signs to declare Townsville's Residential Property market is in recovery mode, with the Commercial and Industrial markets not far behind.
"The report pointed to a surge in business confidence, a big jump in job advertisements and a 2.7 percent increase in the median house price to $337,500 in the six months to January." writes Townsville Bulletin's Tony Raggatt.
According to one Townsville Business Confidence Survey for the March quarter, business confidence surged to its biggest quarterly increase in four years.
This is especially seen in Townsville's City and fringe suburbs with housing prices rising throughout January to April which is expected to continue as confidence in the market grows.
The number of property listings has recently increased by 30% and in comparison to some median sale prices, the demand for property continues.
This may all be a little daunting for first home buyers, however, the recently announced Federal budget aims to give some relief for those looking to purchase for the first time.
The aim is to incentivise prospective first time buyers.
"From July 1, you can start saving for a home deposit by salary sacrificing into your super fund.
Withdrawals will be taxed at a lower rate, but the amount you can contribute is capped at $15,000 a year and $30,000 all up.
Both members of a couple can take advantage of the scheme." reports Elizabeth Tilley.
The aim of the Government is to allow first time buyers to save approximately 30% faster. However, midnight on June 30th 2017 the extra $5,000 increase to the first home buyers grant reverts back to $15,000 total. This leaves roughly seven weeks to take advantage of this plan, with some local and state government officials signaling they would like to see it extended.
Although the Federal Budget '17 may leave the property market in Sydney and Melbourne wanting more, overall it's good news for the rest of Australia and particularly Townsville as it continues moving towards a long awaited recovery.
QUEENSLAND FIRST HOME BUYERS — WHAT YOU NEED TO KNOW
*June 30 — Queensland First Home Buyers Grant increase expires, dropping from $20,000 to $15,000
*July 1 — The First Home Super Saver Scheme kicks in, allowing first home buyers to funnel up to $30,000 into their super account at a lower tax rate
*The First Home Buyers Stamp Duty Rebate still applies for buying an existing home or building a new home when the value of the property is less than $550,000
- Lydia Kellner, realestate.com.au, "Townsville rental listings rise by more than 30 per cent", http://www.realestate.com.au/news/townsville-rental-listings-rise-by-more-than-30-per-cent/
- Lydia Kellner, realestate.com.au, "Townsville property market on the up", http://www.realestate.com.au/news/townsville-property-market-on-the-up/
- Elizabeth Tilley, realestate.com.au, "Budget 2017: What Queensland first home buyers need to know to get on the property ladder faster", http://www.realestate.com.au/news/budget-2017-what-queensland-first-home-buyers-need-to-know-to-get-on-the-property-ladder-faster/
- Tony Raggatt, Townsville Bulletin, "Townsville residential property market in recovery, says report", http://www.townsvillebulletin.com.au/business/townsville-residential-property-market-in-recovery-says-report/news-story/81d56d9fbe9779a0f64233fbaad20c6c