Buying A House in 2024?

 

 

 

The real estate market for Brisbane and Queensland is shifting. We’re covering what you need to know when it comes to Queensland interest rates in March 2024.

UPDATED March 2024;

In March 2024, Queensland’s interest rate landscape is ripe with opportunity for first home buyers.

Recent data indicates that the average interest rate for home loans in the state sits at a competitive 3.2%. This figure has remained relatively stable in recent months. This is providing reassurance and predictability for those looking to enter the property market.

Additionally, Queensland’s housing market has shown resilience, finally! With median house prices experiencing a notable 8.5% increase over the past year. This exciting growth reflects the state’s strong economic foundations whilst hinting at promising returns for potential homeowners.

With Queensland interest rates at such appealing levels, now is an optimal time! If you’re a first-time buyer, it’s a great time to take the plunge and live your dream of homeownership in Queensland. You can always stay up to date on more from the Reserve Bank  here.

The Rise of the Suburban Haven: 

In 2024, the suburbs are stealing the limelight as more Aussies are opting for the charm and serenity of suburban living.

With the rise of remote work, homeowners are no longer tied to the bustling city centres. Instead, they’re seeking spacious homes, leafy streets, and a genuine sense of community. Suburban properties like North Brisbane’s, provide generous yards and family-friendly environments. These lifestyles are becoming the new beacon for prospective homebuyers.

Kedron and Gordon Park have been some of the best areas for suburban living, these suburbs are just a stones throw away from the Brisbane CBD of 12 kms. They’ve even been built around the beautiful parklands called the Kedron Brook. These suburbs offer a great lifestyle with bike paths and off leash dog areas – a great place to take a stroll with your morning coffee!

The average age of these suburbs are between 20 to 39 so they’re highly sought after by young families and first home buyers.  

Sustainability and Energy Efficiency: 

A breath of fresh air is sweeping through the real estate scene, and it smells like sustainability. Increases in homes that incorporate eco-friendly features and energy-efficient designs. The demand for solar panels, rainwater tanks, and smart home technologies is on the rise. This progression isn’t just to reduce the ecological footprint but also to cut down on electricity bills. You can expect to see a surge in green initiatives as homeowners embrace a more sustainable way of living.

 

Across the Brisbane north region there are some suburbs such as Elimbah and Naragba that have the highest uptake of solar panel installations.  Elimbah has 63% of all properties with solar power installed. This is a huge increase compared to what we saw a decade ago. So, if you’re looking for a home already fitted with solar, this may be a good place to look.

 

Tech-Driven House Hunting: 

In the age of technology, house hunting has gone digital. Virtual reality (VR) property tours and AI-driven chatbots are becoming the norm in the way we explore potential homes. The convenience of perusing properties from the comfort of your couch is undeniable!

Queenslanders are catching on. This trend will gain even more momentum in 2024. We think this will make the house hunting experience more accessible and engaging than ever.

 

Queensland Interest Rates;

Now, let’s talk budgets. Interest rates have always been a hot topic, and in 2024, North Brisbane and Greater Brisbane are no exclusions. The good news is that interest rates should hopefully remain relatively stable, creating a favourable environment for purchasing.

The Reserve Bank of Australia’s commitment to supporting economic recovery means we will benefit from historically low-interest rates for a bit longer. It’s a great time to explore your mortgage options and secure a rate that suits your financial goals.

With the December 2023 CPI figures released, there has been a slowdown in inflation from 1.2 per cent in September 2023 down to 0.6 per cent. This is a great sign for homeowners with a mortgage as this will indicate the interest will stay steady over the first half of 2024. There is also potential decrease of interest rate in the second half of 2024.  More to come on this!

 

Wait – there’s more good news… The CPI number from the Reserve Bank of Australia (RBA) announced the office cash rate will stay unchanged at 4.35% for the month of February 2024.   

 

Queensland’s Unique Property Landscape: 

The Sunshine State is vast and diverse, especially Brisbane and (our favourite) North Brisbane! The property market reflects this diversity. From the vibrant coastal communities to the tranquil hinterlands, there’s something for everyone.

Coastal properties along the northern Brisbane suburbs such as Shorncliffe and Sangate continue to be a hot commodity. Beautiful suburbs like these are offering stunning views and a laid-back lifestyle.

Meanwhile, regional areas are gaining attention for their affordability and potential for growth. Stay tuned for the unfolding landscape of Queensland’s distinct property markets in 2024.

 

The world of home buying in Queensland is evolving, and 2024 is shaping up to be an exciting year for prospective homeowners. The sunshine state will see an average of 27,000 people per year over the next decade moving to Queensland. We’re anticipating an increase specifically among Brisbane and North Brisbane.

So, whether you’re captivated by the allure of suburban living or the promise of sustainable homes…The Queensland property market has something for every discerning buyer.

 

At North Brisbane Mortgage Brokers, we’re not just mortgage experts; we’re your partners in turning homeownership dreams into reality. As you navigate the ever-changing landscape of the real estate market, trust us to provide guidance, support, and tailored solutions to make your journey seamless. Queensland interest rates are our specialty…(We also have some fantastic cafe recommendations around North Brisbane 😉

 

If you’re ready to embark on your homeownership adventure, contact us today, and let’s make your dream home a reality!