5 Things Home Buyers Are Looking For Right Now
Buyers come in all shapes and sizes – from first homeowners to experienced developers looking to add to their portfolio.
But what are the driving forces behind their decision to purchase right now? We explore the top 5 things buyers are looking for in 2020.
1. Land and renovation projects – thanks to the new HomeBuilder grant
We’ve seen land almost flying out the door in Toowoomba in the last couple of months. This is down to the new HomeBuilder grant.
Because of the COVID-19 pandemic, the government is doing everything in its power to stimulate the economy and encourage Australians to spend their money.
The new HomeBuilder grant aims to keep the construction industry steady. Moreover, it gives Australians the opportunity to build a new home or substantially renovate their current one, with a $25,000 grant for eligible owner-occupiers. It’s a fast-tracked scheme, so make sure you get the contracts signed before 31 December 2020 and work begins within three months of signing.
2. Property with subdivision potential
Whether you own a home right now or want to build one, there are many reasons why you’ll want to ensure it’s on a large block of land. Not only does it give you more space and privacy for yourself, but in the future you may want to consider its subdivision potential. And we’ve seen great demand for homes on large blocks of residential land this year.
Subdividing land in Queensland needs careful planning, and can cost a significant amount of money, but it isn’t actually as hard as you might think. And there’s certainly demand for blocks of land suitable for housing in a growth area like Toowooomba. If you decide to subdivide and sell or build an additional home – a duplex or townhouses, for example – you may even make an income.
3. Larger family homes
Large, quality family homes with all the bells and whistles are always in great demand from buyers.
The ‘Great Australian Dream’ of owning a quarter-acre block may be a thing of the past in many cities, but not Toowoomba.
In Toowoomba there are great opportunities for buying a large family home for the long term. Prices are far lower than in major cities, suburbs like Mount Lofty and Rangeville are perfect for families, and you’ll easily find a home large enough to grow into as the kids get older.
4. CBD blocks for developers
Toowoomba is a rapidly growing city that’s home to a wide diversity of locals. And with many Aussies looking to escape the hustle and bustle of the capital cities and instead live somewhere that’s perfect for families with a lower entry point to buying property, it’s the perfect lifestyle choice.
That’s why developers are looking at the CBD to create their newest investment. Whether it’s house-and-land packages in East Toowoomba – just a hop, skip and a jump from the CBD – or commercial projects like turning the historic Bellevue Hotel into a modern office space, there is so much potential in and around the CBD.
5. First home buyers want a chance to spend all their grant money
Has there ever been a better time to be a first home owner? When you look at all the grants at their disposal, it’s hard to disagree! That’s why First Home Buyers are looking to spend all their grant money in order to get their foot on the property ladder. And we’ve seen many more of them in the property market in 2020.
In addition to the brand-new $25,000 HomeBuilder grant, first-time buyers could be eligible for up to $15,000 from the First Home Owners’ Grant, avoid paying lenders’ mortgage insurance with the First Home Loan Deposit Scheme, make voluntary contributions into their super and use up to $30,000 of it (or $60,000 as a couple) towards their first home purchase, not to mention all the stamp duty concessions available.
Is it your time to buy?
Whether you want to build your dream home from scratch, upsize your property for your growing family or use all those fantastic government incentives to buy your first home, there’s every reason to purchase property in 2020.
Contact an experienced local agent today and we’ll help you find an incredible Toowoomba home.