First home buyer surge at Providence

Providence is becoming a go-to destination for first home buyers.  

Located in the vibrant Ripley Valley just west of Brisbane, the master planned community is currently experiencing a surge in interest from first home buyers, who make up close to half (48 per cent) of its sales in the third quarter of this financial year (January to March 2024). 

This marks a three percent increase compared to the same period last year. 

First home buyers Nikita and Jenil Patel are amongst the many who recently secured land in new residential precinct Providence East.

Stockland Project Director David Franklin Stockland said the demand for new land at Providence during the first three months of 2024, was driven by its range of affordable and aspirational housing options, active lifestyle, and access to schools, shops, services and major roads. 

“Communities like Stockland Providence provide a range of affordable housing options which continue to drive demand, particularly among first home buyers. A total of 100 lots were released between January and March 2024 – all of which are now sold. Most of the interest has been from first home buyers, followed by upgraders and those looking to invest,” Mr Franklin said. 

Stockland General Manager for Queensland Development, David Laner, believes this continued interest from the first homebuyer market has been underpinned by those taking advantage of the doubling of the state’s First Home Owner Grant, which was announced by the Queensland Government in November last year. 

“Our customers have told us that the recent change to the state’s First Home Owner Grant has made home ownership more attainable and allowed them to get into the housing market sooner,” Mr Laner said.  

“We have also recently opened Lucas Drive in Providence – a one kilometre stretch of road that will unlock access to an additional 5,600 homes in Ripley Valley.” 

Nikita and Jenil Patel are amongst the many first home buyers who recently secured land in Stockland’s Providence East, a new residential precinct in the Providence community. 

Ms Patel said they had been looking to enter the property market for more than a year before settling on a block in the master planned community in February. 

“Our priority was to find the right location to suit our family’s needs – Stockland Providence is an established community with schools nearby and family friendly surroundings. It’s really a dream for us to have a house we can call our home,” Ms Patel said. 

“The recent doubling of the First Home Owners Grant was a major factor in helping us enter the market. The increase to $30,000 for the build was a game changer, as was only paying stamp duty on the price of the land.” 

Alongside the First Home Owner Grant, David Laner said Queensland’s lifestyle attributes and relative affordability were expected to continue driving demand, particularly for affordable housing options across South East Queensland. 

“Last year uncertain market conditions resulted in subdued demand, however data from the first months of 2024 is showing signs of increased buyer confidence,” Mr Laner said.  

“Housing affordability and community creation are at the heart of Stockland’s legacy and purpose, and for more than 70 years, we have helped more Australians achieve the dream of home ownership. We look forward to continuing to provide more affordable housing options to first home owners and young families across Australia.”