Its a moody property market
Do your research before buying or selling in Queensland.
While house prices in Sydney and some parts of Melbourne are on the decline, Queensland cities all differ.
Real Estate Institute Queensland (REIQ) CEO Antonia Mercorella said overall, Queensland’s property market continues to operate at two spends.
“The south-east corner is performing well, with Sunshine Coast, Gold Coast, Brisbane and Toowoomba growing consistently,” Ms Mercorella said.
“We’re seeing some recovery in the major regional centres – Bundaberg, Mackay, Fraser Coast – while the centres of Gladstone, Rockhampton and Townsville are yet to really make meaningful improvements.”
Noosa on the Sunshine Coast has stolen the Gold Coast’s title as the region with the strongest annual growth in the state, with the median house price increasing 6.9% in the last 12 months.
“This is a highly-desirable part of the world with stunning natural features, world-class beaches, beautiful climate year-round, outstanding shopping and dining precincts and, crucially, exclusivity,” Mr Mercorella said.
“There is limited housing supply being added to Noosa and competition is obviously driving price growth.”
Townsville and Gladstone are both facing continued challenges in the house market with the median house price falling 6.8% (Gladstone) and 3.3% (Townsville). Find out more.
Tips for buying a home
Saving a decent deposit helps you in two ways. First up, it shows you’re financially responsible. By saving a deposit you’ve proven you know how to budget and that you’ll easily meet your mortgage repayments. Secondly, a bigger deposit opens more lending opportunities, so you can get a better deal and save money. The larger your home deposit is the less likely you’ll need mortgage insurance and the less debt you’ll take on.
Plan your budget
Talk to a mortgage broker or lending specialist who can help you understand the costs of buying your first home. They’ll also be able to tell you how much you can afford with your size deposit, including how much your repayments will be each month. Having a firm budget lets you know straight away how much you can spend so you can get to the exciting part of finding the right house.
First home owners grant
The Government assists first home buyers by offering a grant that can really help with your deposit. There are some criteria that needs to be met, but you can easily check whether you’re eligible on the Government First Home Owner Grant website. When you’re applying for a home loan, just apply for the grant at the same time through your lender.
Some of us want to renovate a home to maximise profit, others want a new house that they can just move in and enjoy. Think as an investor – will you make money on this property if you sell it in two years? Are you able to rent it out easily if it doesn’t sell? Do you want to be closer to the city, or closer to a beach? Check out the suburb profiles online to find the best suburbs for your budget. You’ll even get information on recent sales in the area.
It’s worthwhile paying for building and pest inspections before buying a house. These let you know if the home is in good condition, or if it needs work done. Sometimes your bank will get them done so they can check you’re not overpaying.
Making an offer
You’ve done a lot of research you have a clear budget, now it’s time to make an offer. Be confident and make a fair offer under the asking price and see how it’s received. There’s often a bit of negotiating but don’t be daunted – just stick to your budget. Sometimes an agreement can’t be reached but stay positive. There’s plenty of other homes out there – just think how much you’ve learnt for next time round. If you’re buying at auction you’ll have a clear budget and the process is similar to making an offer. If you need any help, see if you can use a buyers’ agent who can work with you.
If you’re wanting to take a step on the property ladder, check out our online tools so you can see how much you can borrow and what your repayments will be.