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Brisbane Property Market

The bad news is Queensland property market suffered losses of 10.1% in November, wiping out gains made by other states.

However the good news amongst the gloom, the Gold Coast has enjoyed good numbers of property sales to first home buyers. According to the latest research by the Office of State Revenue, between July and December last year nearly 1770 first home buyers purchased a property, offering some hope to a desperate property market and signalling that the boost to the first homebuyer grant is encouraging buyers to the market.

House sales in the outer suburbs are out numbering those in the inner suburbs on Brisbane, as buyers look for bargins further afield. Despite the city's inner-ring circle being less than 5km from the CBD, the area is quiet for the first time in a decade. Although volumes are down in the outer-ring, the number of sales is sitll double that the inner-ring suburbs, according to data from Colliers International.

The Government's decision to increase the First Home Owners Grant to $14,000 and to $21,000 for first home buyers who bought newly-built homes has been welcomed by many, and seems to be doing it's job by tempting first homebuyers to the property market.  (However, after 31 December 2009 the grant will be reduced back to the original $7,000).

And the increases in sales to first home owners appear to be nationwide, with Australian Bureau of Statistic figures showing that first homebuyers represented 23.6 per cent of the national housing market in November, up from 19.5 per cent in October.

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