New builds offer many advantages over older properties, from lower maintenance costs and energy standards compliance, to accessing government grants or stamp duty concessions that make the initial purchase cost more manageable.
Before making any final decisions, it’s essential to carefully weigh up all options available to you and evaluate them carefully before committing. As a first homebuyer, your initial outlay may be less, but other costs must also be considered such as loan interest rates and ongoing expenses such as council rates or insurance costs – not forgetting waiting a number of years until your property reaches its true worth.
Queensland property market new builds is highly competitive, with many suburbs boasting million-dollar median values and strong demand from both local and interstate buyers. While rising costs have forced some prospective homeowners to delay homeownership altogether, opportunities still exist for those willing to wait patiently to purchase quality-built new homes.
Real Estate Institute of Queensland (REIQ) reports that Queensland’s median house prices increased 3.1% during March quarter, with Brisbane properties leading the charge and reaching nearer $1.16m median house value. This growth was fuelled by strong buyer interest both local buyers as well as those looking for more cost-effective lifestyle options.
Post-pandemic, international borders have reopened, leading to an influx of migrants entering Brisbane and creating demand for housing. As a result, capital gains may occur in suburbs near education and transport infrastructure as well as those popular among families and retirees.
Sunshine Coast and Moreton Bay regions should experience significant capital gains thanks to major infrastructure projects aimed at increasing connectivity and desirability, creating jobs, and helping residents commute into Brisbane for work. Coast lifestyle destinations like Mooloolaba, Peregian Beach and Noosa should continue to command premium prices if located within 30-60 minute commute of Brisbane.
The unit and apartment sector offers more nuanced path, catering to downsizers and young professionals priced out of the detached house market. Interest rate movements and new supply in coming months will likely have an effect on market strength; a softening economy could reduce buyer trust and slow price gains. Buyers should exercise care in selecting their market selections and negotiate with vendors, to find opportunities to save money. If you’re new to Queensland property market new builds and considering entering it soon, speak to a real estate agent in your locality who can advise and guide you towards an ideal neighbourhood and help inform decisions made about buying there. Alternatively, contact our team of experts now so they can discuss options available to you!
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