Exciting Changes Ahead for First Home Buyers in the Hinterland

From October 1^st, the Australian property market is set to become more accessible for first home buyers seeking to secure a property in the highly sought Sunshine Coast region. The Federal Government will launch changes to the existing First Home Guarantee allowing first home buyers in Qld metropolitan areas to enter the market with as little as 5% deposit for properties up to $1 million replacing the previous $700,000 cap. The scheme eliminates the usual cost of Lenders’ Mortgage Insurance (LMI) which applies to borrowers with deposits of less than 20%, and with previous income caps now removed, the door will open to a greater number of eligible first home buyers.

So, what does this mean for our beautiful Sunshine Coast hinterland? According to Cassi Nuske, Sales Agent at McGrath Coast & Hinterland, demand for properties priced up to $1 million can be expected to increase. “The change to price thresholds under this scheme is very welcome and now more accurately reflects increases across the Sunshine Coast in recent years. Buyers already see the hinterland as a desirable lifestyle location, and with these changes, even more will have the chance to begin their property journey here”.

A recent sale at 14 Sahara Road, Glass House Mountains highlights the current strength of the entry-level price range in our local market. The property attracted eight offers after only four open homes, selling in less than a week and achieving $40,000 above the $700,000 asking price. “This level of competition shows how motivated buyers are to secure real estate in this region,” says Cassi. “For sellers, it reinforces the importance of having a strong marketing strategy and experienced agent to realise the true worth of your property.”

If you’re thinking of selling, we’d love to chat about a tailored strategy for your property. If you’re looking to buy, reach out to join our buyer and off-market databases to be alerted to new opportunities as soon as they arise.