First homebuyer market resurgence in SEQ

Orchard Property Group is taking advantage of a resurgence in the first home buyer market, spending in excess of $22 million on the purchase of two strategic residential sites across South East Queensland.

The Gold Coast based company, with a workbook of 10 projects across the Southeast, says first home buyers are re-entering the market in droves as they accept the ‘new normal’ of rising land prices and take advantage of increased government first homebuyer incentives.

“We’re certainly quite bullish about the market given the shortage of affordable housing in general and the incredibly high demand for housing in the more affordable corridors,” said Ted Cronin, CEO of Orchard Property Group.

“First homebuyers who may have been sitting back for the market to adjust are now eager to buy as prices continue to rise.

“They are more accepting of the new normal in terms of pricing.”

Some Orchard Property Group land is still selling in the high $200,000s, but Ted said he didn’t expect this to last long.

The company’s latest acquisitions in Lilywood and Victoria Point, totalling $22.15 million, underscore Orchard Property Group’s strategic foresight in meeting evolving market demands.

Notably, Orchard Property Group has invested a significant $8.3 million in a new Lilywood site, following the successful sell-out of its Greenvue project in Upper Caboolture.

Orchard Property Group’s next project launch, Aire, is scheduled for August, Aire expands the company’s footprint in the region and offers opportunities for buyers seeking quality residential options in one of north Brisbane’s hotspots.

“With six active developments currently being marketed it allows the company to service demand in multiple corridors around South East Queensland," Ted said.

“Our current projects are particularly resonating with first-home buyers, who constitute almost 75% of our sales in recent releases.

“First-home buyers are increasingly recognising the long-term value of property ownership despite the rising costs, which are unfortunately becoming the new reality in today’s market.

“While maintaining our commitment to keep owner-occupier volumes at 85% across all projects, first-home buyers remain the largest segment of this market.”

The availability of incentives, including the First Home Loan Deposit Scheme, has played a crucial role in bolstering this segment of the market over the past two and a half years.

Combined with competitive pricing across Orchard’s land portfolio and accessible build contracts from our building partners, these incentives have effectively enabled first-home buyers to maximise available grants.

"Orchard Property Group remains steadfast in supporting first-home buyers with developments in locations that allow us to deliver affordable options," said Ted said.

"Our strategy not only meets current market demands but also creates sustainable growth opportunities for homeowners and investors alike.”

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