As we gear up for the festive season and look forward to the new year, it’s an opportune time to delve into the forecasts for the Greater Brisbane property market in 2024.
In this week’s edition, we’re focusing on what the major banks are predicting for property prices and how these insights can shape your investment strategy.
Interest Rates on the Decline
The good news is, that all major banks are pointing toward a decline in interest rates, starting in the third quarter of 2024.
This downward trend is expected to continue into 2025, offering a positive outlook for cash flow. For instance, NAB projects a drop from the current RBA cash rate of 4.35% to around 3.1% by 2026.
This gradual decrease is anticipated to align with a reduction in inflation, fostering confidence among property owners and mortgage holders.
Property Price Projections
While banks are traditionally conservative in their forecasts, their predictions for next year are surprisingly positive.
NAB, for example, anticipates an average 5% increase in property prices across Australia.
Notably, Greater Brisbane, as the fastest-growing region, is poised for substantial growth, with a forecasted capital growth of approximately 6.5%.
This robust projection is underpinned by the significant influx of population into the Greater Brisbane region.
Government Initiatives Fueling Demand
Recent initiatives by the Queensland Government, such as doubling the First Home Buyer Grant from $15,000 to $30,000, are expected to further stimulate the market.
This move aims to assist those aspiring homeowners in stepping onto the property ladder.
Already, we’re witnessing increased interest from first home buyers, leading to heightened competition in the Greater Brisbane region.
Developers are adjusting their strategies, favouring owner-occupiers over investors, creating an environment that may drive property prices upward.
Your Next Steps: Book a Strategy Call
As you contemplate these insights and plan your next moves in the property market, it’s crucial to tailor your strategy to the evolving landscape.
To discuss personalized strategies and explore how you can leverage these forecasts for your benefit, I invite you to book a strategy call with me by clicking here.
Let’s navigate the opportunities and challenges together, ensuring you make informed decisions in the ever-changing property market. Here’s to a successful 2024!
Have a fantastic week, and I look forward to connecting with you soon.
Regards,
Geoff Tomkins
Buyer’s Advocate
PH: 0404 852 781
