An expansion of the first-home-buyer scheme is unlikely to impact Logan’s most rural markets, according to local Di Taylor estate agent Courtney Reeve, where larger properties are selling for more than $1.2 million.
Ms Reeve is currently selling 73-75 William Humphreys Drive in Mundoolun, which is an area where lifestyle properties, often on large land blocks, dominate.
“The price point for many Mundoolun houses, like 73-75 William Humphreys Drive, is around $1.7 million, which is too high for most first home buyers who I find usually have a maximum budget of $1.2 million,” Ms Reeve said.
“This is definitely a more substantial purchase for someone who is looking to upsize from their current property.”
Ms Reeve said she didn’t think the first home buyer scheme, which went into effect last week and allows first-home buyers to buy a home with a 5% deposit rather than the previous 20%, would impact the market in Mundoolun and its surrounding suburbs.
“A lot of the acreage properties that we sell are upwards of $1.2 million, which for a first home buyer is quite a bit of a stretch,” Ms Reeve said.
“But in terms of residential properties, like those in Jimboomba or Flagstone, I think that’s definitely going to increase the prices again.”
So far, the property has drawn interest from locals already living nearby in Logan or the Gold Coast.
“The property itself is definitely oversized and large with a beautiful rear outdoor deck overlooking the rest of the property,” Ms Reeve said.
The house, which is 604sqm, has five bedrooms and four bathrooms.
The lower level has the potential to be used as a second dwelling for multi-generational families, Ms Reeve said.
Outside the house, on the 5000sqm block, there is an in-ground pool, a garage with room for five cars, and a large backyard.
“This property is next to a reserve, so you only have one set of neighbours, which could be a positive for some,” Ms Reeve said.
