Latest news with #firsthomebuyer
News.com.au
5 days ago
- Business
- News.com.au
Young tradies pays $80k over reserve for first home in Belmont
A young tradie has scored his first home at a hotly contest Belmont auction that landed $80,000 above reserve. Targeting a smaller two-bedroom townhouse as an entry point to a sought-after riverside precinct proved a winning strategy for the Ocean Grove buyer. He was one of four bidders to raise a hand for 10 Victoria Tce, Belmont, which sold under the hammer for $710,000. 'Strong turnaround' for Geelong housing market Highton home's bar channels pub vibe Jellis Craig Geelong agent Ross Bywater said given the modest size of the 368sq m property, the reserve had been set at $630,000. But buyers saw greater value in the well-presented residence that felt more like a 'little house than a unit'. 'Four bid on the day but we had a couple that didn't even get a chance,' Mr Bywater said. 'For that property it was a mixture of first-home buyers and downsizers. They had done a lovely renovation so it had new carpet, new paint and the kitchen and bathroom had been done at some stage. 'It was just a combination of the layout of the property, the fact it was on its own title and the closeness to the river.' The brick townhouse is just the second property to trade in tightly held Victoria Tce since 2023. A spacious lounge and adjoining kitchen/dining area, both flowing out to a rear deck overlooking a north-facing back yard, are highlights of the home. It also features a walk-in wardrobe and updated two-way bathroom off the main bedroom and single garage with backyard access. 'It was lovely for the owners because it was their first home and they have loved it and to see it go to another young person was a happy event,' Mr Bywater said.
News.com.au
7 days ago
- Business
- News.com.au
Pascoe Vale townhouse sells for $705k at auction
A young couple's six-month search for their first home has come to an emotional end in Pascoe Vale, with 3/8 Stewart St selling $25,000 above the advertised price guide after a fast-tracked campaign and a tightly contested auction. The two-bedroom townhouse changed hands for $705,000 under the hammer, with three active bidders among eight registered on the day, all of them owner-occupiers. Ray White Glenroy's Sebastian Rello said the result was fuelled entirely by first-home buyer demand. 'Not a shoebox': Windsor buyer wins big 'All owner-occupiers. Not a single investor. It was a genuine first-home buyer market today,' Mr Rello said. The new owners, Hayden Rayner and Monique Nagle, had spent the past six months looking for the right home before securing the keys. 'We were attracted to this property because of its homely feel — we're actually renting something similar,' Mr Rayner said. 'We like the area and being close to the station. It's been a long time coming … now we can finally focus on other things, like a wedding.' Set in a boutique block of just five homes, the property features two downstairs bedrooms with built-in robes, a renovated central bathroom, full-sized laundry, study nook and remote lockup garage. Upstairs, a light-filled open-plan living and dining area flows onto an oversized balcony — a major drawcard during inspections. 'The outdoor area really helped push the price,' Mr Rello said. 'It sat directly over the garage and was essentially the size of another living room. Buyers loved the idea of covering it in the future, subject to owners corp approval.' Mr Rello said the campaign was originally set to run four weeks but was shortened to three after a strong surge of early interest. 'We had over 50 inspections in just three weeks — 13 midweek groups and another 23 on Saturday in week one alone,' he said. 'With that sort of traction, we felt it was better to bring the auction forward and capitalise on the momentum. The seller made the call, and it paid off.' He said the decision helped capture rising buyer urgency across the market. 'Over the past month, we've seen a real shift. Buyers are more intentional, and if you don't act on that interest early, you risk losing them,' Mr Rello said. Despite the Reserve Bank holding steady this month, Mr Rello said expectations of a rate cut later this year were already influencing buyer behaviour. 'If you find something you like — go for it. Don't wait,' he said. 'Once interest rates drop, we'll likely see even more competition and pressure on stock. The smart buyers are getting in now, before that happens.'
News.com.au
07-07-2025
- Business
- News.com.au
First-home buyer snaps up home after 12-month search
A first-home buyer has scored the keys to a Hoppers Crossing house after 12 months of trying their luck in Melbourne's real estate market. The woman purchased the four-bedroom residence at 8 Woodville Park Drive for $670,000 on the weekend, triumphing over three other bidders. The owner of 25 years, Graham Woods, said he had previously lived at the abode with his wife and stepsons. After moving to a nearby suburb they retained the house, that features an open-plan living area, formal lounge room, pergola and large backyard, as an investment property. Mr Woods' treasured memories of the home included hosting barbecues in the rear garden and installing a bar room. He's a big fan of the location that's near a medical centre, the Pacific Werribee shopping centre, public transport and has a football ground across the road. 'It's pretty close to everything,' Mr Woods said. 'The only reason we're getting rid of it is because I'm moving on.' He said that as he and his wife were planning to move interstate and travel, it would be a relief to not worry about paying the mortgage and council rates on the house. Hockingstuart Werribee director Justin Tong said that the auction began with a $560,000 bid, at the lower end of the $550,000-$600,000 asking range. He called the house on the market at the $615,000 mark. The successful buyer was keen on the home due to Hoppers Crossing train station providing good access to Melbourne's CBD, he added. 'She was excited to buy but I think she stretched herself a bit to do so, she has been looking for 12 months,' Mr Tong said. He added that mostly first-home buyers and investors, including some based interstate, who had shown interest in the home. 'Anything that is presented really well and priced accurately is doing extremely well at the moment which I think is the same across areas,' Mr Tong said. He noted that buyers who were prepared to update their homes through measures such as repainting and updating flooring often got 'a bit more bang for their buck' with move-in ready residences in demand.
News.com.au
26-06-2025
- Business
- News.com.au
Big bank exec reveals Aus hottest housing markets
A Big Four bank executive reveals the hottest housing markets that buyers are flocking to as the country prepares for imminent back-to-back interest rate cuts. Denton Pugh, who is the National Australia Bank executive for home lending, explains below where the momentum is currently building and which housing markets are seeing strong growth nationally from a borrowing perspective. Govt pays $3.3m for unliveable derelict house We might be deep into the winter months, but there's definite signs of warmth returning to Australia's property market. Home values across the country have nudged higher again, rising 0.5 per cent in May and lifting the national index 1.7pc over the first five months of the year. And every capital city recorded growth. A sign that confidence in the market is continuing to grow. We're seeing this confidence play out in people like Emily Chalk, a 32-year-old first-home buyer who recently bought a home just outside of Rockhampton, in regional Queensland. She'd spent six months looking for a place to call home. A conversation with her banker helped her understand how the Government's Home Guarantee Scheme could help get her into her first home sooner than she thought. Within weeks she'd bought a home in the town she grew up in. Stories like Emily's are becoming increasingly more common. It's not just upgraders or investors sitting on equity returning to the market. Many first-home buyers have been waiting for banks to reduce home lending rates so they can not only borrow more but also have that confidence to take the leap into homeownership. New NAB home lending data shows lending to first home buyers is up 16pc since February, and up 32pc to home buyers more broadly. While interest rates are still relatively high, recent rate cuts are helping. These cuts combined with initiatives like the Home Guarantee Scheme, we're starting to see more people take that first step into homeownership. Of course, we can't ignore the bigger picture. While monthly growth is returning, the annual pace of property price increases has slowed. Not great news for investors but good news for those trying to break into the market. We're also seeing strong momentum in regional markets; a trend that's been building since the pandemic years and is not going away. 10 hottest regional markets so far in 2025: 1. Toowoomba – QLD 2. Burnett – QLD 3. Springfield – Redbank – QLD 4. Geelong – VIC 5. Sunshine Coast Hinterland – QLD 6. Mandurah – WA 7. Loganlea – QLD 8. Ballarat – VIC 9. Maryborough – QLD 10 Mackay – QLD In fact, Queensland regional hotspots dominated our list of the five hottest regional markets so far in 2025. Toowoomba, Burnett, Springfield-Redbank, and the Sunshine Coast Hinterland all ranked high for home loan activity. Geelong in Victoria was the only non-Queensland regional hotspot to break into the top five. It may be the weather, or the lifestyle, but regional markets offer more than just charm and appealing work life balance. They offer affordability and the potential for long-term growth. For buyers like Emily, the appeal of staying close to family, and finding space for a young family was strong. 'I already know most of my neighbours, I definitely didn't have that when I was living in Brisbane,' first-home buyer, Emily Chalk. This continued momentum is promising, but it also highlights one of the biggest challenges still facing the market – we need more homes. Lower rates are helping on the demand side, but affordability and supply remain big hurdles. Addressing those issues will take time, commitment, and smart policy. Particularly when it comes to getting new housing built in the places people want to live. The winter months are usually quieter for the housing market, however, with most economists expecting further interest rate cuts this year, winter activity is expected to be a little higher than usual, continuing to build for the busier spring period.
News.com.au
22-06-2025
- Business
- News.com.au
Homebuyer's first step makes big impact for crisis support charity
A homebuyer's first step onto the property ladder in Lara is set to help a Geelong charity provide crisis accommodation for the next four years. Samaritan House Geelong received the financial boost after the $675,000 sale of the four-bedroom house in Reflections Crescent, Lara. Bisinella Developments donated the 518sq m Lara Lakes Estate lot to Samaritan House Geelong, facilitating the Hamlan Homes construction, with styling by Moda Interior Styling. Landscaping was arranged and funded by Bisinella as a further donation to the project. Which states lead first-home buyer surge Coulter Legal, a longstanding supporter of Samaritan House Geelong, provided the conveyancing for both the land donation and the property sale. The property was purchased in May by first-home buyers from Altona Meadows for $675,000 and the property was expected to be settled in late June. The four-bedroom residence has two bathrooms and an open-plan living, dining the kitchen area that opens to the back yard. The proceeds from the sale will support the Samaritan House Geelong's work providing crisis accommodation and essential services to men experiencing homelessness in the region. Samaritan House Geelong Director Wally Pelaccia said Bisinella's contribution was 'deeply impactful'. 'The success of this project is a reflection of the power of community partnerships,' he said. 'Bisinella's donation will underpin our operations for the next four years, giving us stability and allowing us to plan ahead.' Bisinella Developments director Richard Bisinella said it's an important cause. 'Homelessness is a critical issue across Australia that Bisinella Developments and our partners are committed to solving at a local level,' he said. 'Supporting organisations like Samaritan House is one way we can help make a real difference to people's lives. 'We are grateful to have been a part of this fantastic initiative and look forward to welcoming the new homeowners into our Lara Lakes Estate.' Mr Pelaccia said Samaritan House Geelong, which was established in 2012, offers much more than shelter. 'It's a space to reconnect, to build friendships and to believe in a better tomorrow,' he said. 'Guests often form bonds that lead to shared work opportunities and long-term housing, helping to break the cycle of homelessness. 'Support of Samaritan House Geelong enables those men who have fallen on hard times a chance to breathe and re-evaluate their lives.' Inspired by the success of this initiative, Samaritan House Geelong has placed the idea of a second home build on its agenda, although no immediate plans are in place.
