There are several steps that can be taken throughout Queensland to make real estate in Caboolture more affordable for first-time buyers, and one of them is increasing supply. This is according to the Real Estate Institute of Queensland (REIQ), which outlined measures that could help people get onto the housing ladder.
"The simple truth is that not enough houses are being built and every year the pent-up demand for housing grows," noted REIQ CEO Antonia Mercorella.
She stressed the need for first-time buyers to be given all the help they need, which means making existing housing stock as affordable as possible. In addition, the REIQ is calling for new schemes to be introduced to give younger people the incentives they need to consider property ownership.
"We all have to start somewhere and your first home, whether it is an apartment or a small house a bit further out, is just your starting point," noted Ms Mercorella.
Stamp duty is another area that the REIQ believes must be addressed as a matter of urgency. This would bring down the cost of purchasing property in Caboolture and other parts of the state, especially those where prices are higher than average.
There is some good news for first home buyers, however, as the latest lending figures show that the number of mortgage approvals is rising. Analysis of data from the Australian Bureau of Statistics by the Housing Industry Association (HIA) shows that approvals for new dwellings in Queensland alone were up 3.4 per cent between March and April.
Meanwhile, across the nation as a whole, there was a 4.3 per cent rise in the number of owner occupier loans for construction. Lending for investment in new residential properties therefore reached $9billion per year for the first time, the HIA revealed.