Teen spirit on the rise among first home buyers as Queensland hits its highest level in almost a decade

first_imgLouka Bogiatzis,19, has just built. Picture: Nigel HallettQUEENSLAND is seeing a rise in teenagers getting a foot on the property ladder with first home buyers hitting their highest level in almost a decade.Latest ABS figures show over one in four new home loans went to first home buyers in Queensland (26.6 per cent), with 18 to 19-year-olds among newbies that have jumped at strong concessions in the market.Houseandland.com.au chief executive Dean Kyros said there was “an urgency” now, with first-timers as young as 18 to 19 using “creative finance” to get in the market.“First home buyers are coming in as early as 19, concerned over the ever-increasing price of real estate. There’s an urgency that wasn’t there before and a fear of the market outpricing them.”SMART BUYING: Young couple lands major bargainBUYING FRENZY: Young buyers bid millions for unseen propertyGET ALL THE REAL ESTATE NEWS DIRECT TO YOUR INBOXHe said the state’s youngest buyers were getting in the market via a combination of Queensland’s generous $20,000 first homebuyer grant, developers chipping in with $10,000-plus rebates on house and land packages, savings they’d built from after-school and holiday jobs, and parents contributing either a donation or loan guarantees.More from newsMould, age, not enough to stop 17 bidders fighting for this homeless than 1 hour agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investorless than 1 hour agoAbout 47 per cent of 15 to 24-year-old Queenslanders studying full-time also had either a full-time or part-time job, while 76 per cent of those not studying were in employment, ABS labour data out yesterday said.Finder.com.au money expert Bessie Hassan said the rise “goes to show that the first homebuyer grants may be helping”.“While housing affordability is considered an issue around the nation, home loan rates are still historically low.” Queensland first home buyers have a much clearer path to ownership than other states. Picture: Jodie RichterTeenage mortgage holder Louka Bogiatzis saved for four years to buy his Coomera new build house.“I’ve been working after school and saved about $80,000 and my parents did help me through it,” he said.“I had the first home buyer grant of $20,000, paid $40,000 deposit for the contract for the land and home. I am now working full-time with better income so I’m saving up again. I plan to live in this one and I’m hoping to do another two more.”PRDnationwide’s Dr Diaswati Mardiasmo said Queensland had the second highest jump in first home buyer loans in the country over the past 12 months (up 8.5 per cent) with affordability levels above the Australian average.Mr Kyros said younger first home buyers were coming in all sorts of joint arrangements “from two friends coming together as well as couples and siblings”, with the key teenage homebuyer criteria being stable employment, a deposit and access to funds like parental guarantees.last_img read more