Springfield Lake and Ipswich’s housing markets have been getting a boost from first home buyers despite COVID-19 restrictions.
A recent report from the National Housing Finance and Investment Corporation (NHFIC) showed that these are two of the hottest sites where buyers secured a First Home Loan Deposit Scheme (FHLDS).
Whilst 62.2 percent of buyers preferred the major cities, more than half of first home buyers had homes 15 to 30 minutes away from the CBD. Nearly 70 percent of the buyers picked detached houses, 25 percent chose apartments whilst fiver percent bought a townhouse unit.
Of the 1850 FHLDS issued in the last six months, 70 percent were homes from the 4350 postcode comprising Toowoomba, Newton and Centenary Heights, among others. About 56 percent of buyers took deposits in Ipswich and the rest of postcode 4305. Postcode 4300, comprising Springfield, Brookwater, Goodna and Camira, was also in the top ten of preferred areas.
According to Realestate.com.au chief economist Nerida Conisbee, Springfield Lakes is attractive to buyers because there are heaps of new homes and potential building activities.
Queensland introduced the FHLDS on 1 Jan 2020, allowing 10,000 new homeowners to acquire a property by depositing just five percent of the value. Under the scheme, the government serves as the guarantor for the rest of the 15 percent, reducing the cost of mortgage insurance that normally comes with a 20 percent deposit for house purchases.