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Wednesday, 4 February 2015

Inner north

Another part of Brisbane for which development is planned - the inner northern suburb of Hamilton.

To the west of the photos below new apartments are due to come online at Rivers Edge in 2016, which is around 4km from the city.

There is little doubt about who developers will target, being a combination of investors and first homebuyers using homebuyer grants.

Brochures are released in both English and Chinese, suggesting that a high proportion of new units will likely be sold offshore.

On an obliquely related note, the ABS announced yesterday that its first homebuyer figures have been under-reported.

Some lenders only report loans to first home buyers who have also received a first home owner grant. 

Thus some first home buyers not eligible for the grant were incorrectly excluded from the data.

You would have to say that this has been pretty obvious given the glaring mismatch between the data in, say, Western Australia, where first homebuyer numbers have been very high, and certain other states.

Moreover, ever more first 'homebuyers' are buying investment properties as a first step on the ladder and are thus never recorded.

The "homebuyer strike" meme always seemed likely to be a beat-up given the strength of the housing market. 

More credible is that we are seeing a generational shift in attitudes and trends - people buying their first home later in life or favouring investment property. 

Whether or not this persists over time isn't quite so clear.