Why you should buy property on the Gold Coast?

The Gold Coast is a leading tourism, business and events city boasting arguably one of the best lifestyles in the world. Situated in the south east corner of the state of Queensland, the Gold Coast stretches along 57 kilometres of coastline and is home to over half a million people.

The Gold Coast was originally known as the SouthCoast (because it was south of Brisbane). However, inflated prices for real estate and other goods and services led to the nickname of “Gold Coast” from 1950. … Today the Gold Coast is known for its golden sanded surf beaches, theme parks and rainforest hinterlands.

The Gold Coast has become a stable city. We’re no longer dependent on the tourism industry. We’ve got people moving here interstate for the lifestyle and the new job opportunities being offered. There is also new infrastructure being developed, like the $550 million Gold Coast Health and Knowledge Precinct and M1 upgrade.

Property analytics group CoreLogic recently published figures in a piece about the rising values in regional areas. It stated that the Gold Coast is currently experiencing more rapid growth than Brisbane and demand from southern buyers looking for lifestyle properties has contributed to the increase. Median house values on the Gold Coast showed an increase of 7.5% in the last 12 months, and median unit values increased by 6.2%.

Lifestyle factors will continue to make the Gold Coast an attractive holiday hotspot and retirement option, which together with improved health and educational facilities and a diversifying economy, could just see it be a solid investment option for property over the medium term.

First Home Buyers Grants

The Queensland First Home Owners‘ Grant is a state government initiative to help first home owners to get their new first home sooner. Depending on the date of your contract, you’ll get $15,000 or $20,000 towards buying or building your new house, unit or townhouse (valued at less than $750,000).

Do first home buyers have to pay stamp duty in Qld?

Stamp duty can be a substantial additional cost of buying a property, so theQueensland government has decided to help first home buyers out by giving them a rebate on all or part of the cost of the stamp duty. … You pay this when buying an established home or vacant land.

Can I use first home buyers grant as deposit?

Yes you can use the First Home Owners Grant (FHOG) as a deposit. However, it isn’t normally enough on its own. … If you’re building a home then your grant isn’t available until construction commences. In total, you’ll typically need 5% to 10% of the purchase price, including the FHOG.

Will you be eligible for the FHOG?

If you are buying or building a new home, you may be eligible for the FHOG ($10,000) if you signed your contract on or after 1 July 2013. A $20,000 FHOG for regional areas may also apply.

More about FHOG for regional Victoria

Your new home must be less than five years old. It can be a house, townhouse, apartment, unit or similar, but it must be valued at $750,000 or less and be the first sale of the property as a residential premises. You’re not eligible for the FHOG if you or your spouse/partner have already:

            •           Received the FHOG in Australia.

            •           Owned a home or other residential property in Australia, either jointly or separately, prior to 1 July 2000.

            •           Lived in a home in Australia which either of you owned or part-owned on or after 1 July 2000, for a continuous period of at least six months.

These criteria apply even if your spouse/partner is not an applicant with you for the FHOG.

You may still be eligible for the FHOG if you or your spouse/partner purchased property on or after 1 July 2000 and have not lived there as your home. For example, Tom bought his first property in July 2004. It was a house and Tom has always rented it out. As he has never lived there himself, this house is not considered to be his first residential home and he may be eligible for the FHOG.

Additionally:

            •           All FHOG applicants must be at least 18 at settlement or completion of construction (although there is discretion with this age requirement).

            •           You (or at least one applicant) must be an Australian citizen or permanent resident:

            ◦           In the case of the purchase of a new home, as at the date on which the applicant/s become entitled to possession of the home under the contract (this generally occurs on the date of settlement).

            ◦           In the case of the entering into of a comprehensive building contract, as at the date on which the building is ready for occupation as a place of residence (this generally occurs when the construction of the home is completed).

            •           You (or at least one applicant) must occupy the home as your PPR for at least 12 months, commencing within 12 months of settlement or completion of construction. From 27 June 2017, Australian Defence Force personnel are exempt from this residency requirement. The exemption applies to current members of the Australian Army, Air Force or Navy who are enrolled to vote in Victorian elections and are either on duty or leave. The exemption does not apply to Australian Army, Air Force or Navy reservists or to Australian Public Service staff.

New Zealanders holding a special category visa under s32 of the Migration Act 1958 and anyone holding a permanent visa under s30(1), are considered to be a permanent resident of Australia. To be eligible, NZ citizens must be in Australia at the time of settlement.