First Home Buyer (QLD) under 500k - Open to all suggestions!

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  swapsey on 03/02/2019 - 10:28

  +5

  Unless you really really have to buy right now, wait 6 months. There is an anchor attached to prices at present and it's prudent to let it do it's work (and we haven't even seen the report from Royal Commission).

  • 

    urahara on 03/02/2019 - 10:29

    stocks of major banks have already dipped before even report is final ..thereby suggesting that there is a tornado coming for banks :)

  • 

    littleDealFish on 03/02/2019 - 22:02

    I know there has been a lot talk over the years of a housing bubble so I am curious - For example, i've been overseas in Canada for the last 2 years and house prices are up there with Australia yet people get by on a much lower wage.

    Obviously it's not just about salary, as you can't get anywhere without finance from banks (I assume that's what you mean by the royal commission) so are we talking that people will need to save more for deposits if lending is tightened up? For e.g if there is a 10-20% drop in house price, will it really effect Brisbane? (as it appears to be a lower priced market than Sydney or Melbourne).

    Will people just hold onto the inner city areas until there is a rise back in prices?

    If someone already owns property then they actually have collateral to borrow further from the banks thus further perpetuating the divide for first home buyers?

    Not attacking, genuinely interested to hear your thoughts further as getting lots of information but am not thoroughly convinced either way.

    • 

      [Deactivated] on 05/02/2019 - 18:40

      Rich Chinese but anything at any price

  • 

    HighAndDry on 04/02/2019 - 16:43

    Seconded. Imo, market is a long way from bottoming out at the moment. But OP: If you're looking to buy to live in (and hold) long-term, a few months of price fluctuations won't make too much of a difference in the long run.

    And just personal preference, but if you can swing it: House > Townhouse.

  • 

    [Deactivated] on 05/02/2019 - 18:55

    The royal commission report came out, now what?

    • 

      swapsey on 05/02/2019 - 19:17

      Unless you really really have to buy right now, wait 6 months.

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  renster72 on 03/02/2019 - 12:24

  Depends on income and how much deposit you have, is going to get more difficult; impact will be lower house prices hard to get a loan so those with money will be the winners..

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  Kangal on 03/02/2019 - 12:58

  How much income do you have? $40,000? $80,000?
  How much money have you saved up? $20,000? $80,000?
  And what is your current age, and the field of study?

  These three answers will help greatly to answer your question.

• 

  Meho2026 on 03/02/2019 - 12:59

  +1

  I looked at all of those exact suburbs recently, I ended up buying in Moorooka. Theres some great buys there, 2 bed, 2 bath units going for $340K, bog standard 2 bedders under $300K, good rental returns too.
  Saying that if I intended on living in the unit, I would probably go for Greenslopes cos Moorooka is a hole and Greenslopes is nicer and not much more expensive.
  Thats from a bargain buyer point of view, if your budget is $500K you can afford to spend more for the same thing in either Yeronga or Fairfield. I thought these were great suburbs but I am risk averse and the flood potential really put me off.
  http://floodinformation.brisbane.qld.gov.au/fio/
  That extra room you want is going to be tricky unless you consider a LUG as a potential recording studio.

  • 

    dcep on 03/02/2019 - 14:28

    i think OP wants the grant to make up the deposit

    so only looking at newly established

    unless there is developer actually selling 2 bed 2 bath @ $340k ?

    • 

      littleDealFish on 03/02/2019 - 22:18

      It would be nice ha! :P seriously though i'm just looking at all options/possible ways of saving money but like you say it does seem like a rarity considering the developers jack the price up!

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    littleDealFish on 03/02/2019 - 22:11

    Yeah that flood map is great! I've been checking the flood map since i started looking - good old Brisbane built on a flood plain lol

    Yup previous rentals i've used a LUG, however it would be nice to have a large sealed room with aircon in it :)

    Moorooka does seem achievable to get a house, however like you said the area is not as great (could change though i guess) so i'm not sure how it would go for tenants/rental return?

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  The Wololo Wombat on 03/02/2019 - 14:17

  +2

  Free Stamp duty always for FHB. FHG for new builds only. They are not mutually exclusive.

  My advice is to buy an existing house in Moorooka. You will get the best value for $$, best capital growth (it's the closest suburb to the city that you can afford a decent house for under 500k, even around 400k some decent houses)

  Otherwise, spend 300k and buy an existing unit in Greenslopes. Now is the time to buy imo (1 year ago actually, for Greenslopes)

  But Moorooka is gentrifying fast so better capital growth there for sure.

  EDIT: This is my precisely my 1000th comment on Ozbargain, so it must be good advice lol

  • 

    dcep on 03/02/2019 - 14:29

    Hehehe, that's very optimistic considering what's currently happening in the market now and what's about to come.

    • 

      The Wololo Wombat on 03/02/2019 - 21:51

      Brisbane house prices are rising especially in affordable areas.

  • 

    littleDealFish on 03/02/2019 - 22:18

    Thank you for your input!

    • 

      The Wololo Wombat on 03/02/2019 - 22:34

      https://www.realestate.com.au/australian-property-market/pro…

      • 

        [Deactivated] on 05/02/2019 - 18:52

        I don't believe what property marketers say. They send letters to my 'rental'house every week. They live on sales. What is the reality now is that house prices are going down for another half year at least.

        There is no reason it should go up when nothing had changed from a year ago apart from a prospect of recession appearing.