How rentvesting is helping people buy their first home Real estate and property mogul Tamara Wrigley explains the mainstream strategy ‘rentvesting’. Picture: Empire Art Photography
Property Tamara Wrigley
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Subscriber only Australians are vigorously encouraged to enter the property market, but not everyone can relocate to an affordable area. Chances are, if you re currently renting, you made choices about your location out of sheer necessity or lifestyle considerations rather than financial considerations. The benefit of renting is that you can enjoy the affordability of a lifestyle that may have been less accessible if you wanted to buy in the same area. This is where rentvesting comes in.
Housing stock across the Central Queensland region has decreased 28.5 per cent in the past decade when compared to the previous decade. Data from the Queensland Government s statistician s office, which the LNP is using to argue the state is in a housing affordability crisis, shows Rockhampton is down 15.4 per cent from 3638 housing lot registrations between 2001 and 2010 to 3079 in 2011 and 2020. Livingstone has dropped 50.2 per cent from 3755 housing lot registrations to 1870 over the same period while Gladstone has dipped 23.2 per cent from 5370 to 4125. In smaller CQ towns, Banana has dropped a staggering 83.0 per cent from 601 to 102, Central Highlands has fallen 22.5 per cent from 1763 to 1366 while Woorabinda has remained stable, due to no data being provided in 2001-2010.
RCQ Constructions is building the two-tower, 85 apartment complex at Pikki St. Mr Rafter said government grants boosted first homebuyer interest in the development, while others saw the complex as an opportunity to get their foot on the property investment ladder. Buyer Christopher de Vos said he was attracted to the complex because of its central location. Maroochydore was already a meeting spot on most weekends for me for a coffee with friends and family who live in the area or close by, so this was a great opportunity, he said. Mr de Vos purchased a unit with the help of the first-home buyers and home builder grants and looked forward to moving in when construction was completed toward the end of the year.
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A proposal to allow first home buyers to access their superannuation for a house deposit will be “like throwing petrol on a bonfire” for Central Queensland property prices.
These are Industry Super Australia’s ISA thoughts on a push by Victorian federal coalition backbencher Tim Wilson and other MPs for the scheme to be legislated.
An analysis by ISA found median property prices in capital cities could jump by between 8 and 16 per cent, if first home buyers were allowed to access $40,000 from superannuation.
The news comes on the back of statistics showing the property market hit a record high in January, with banks predicting double-digit growth this year.