“Over the past five years, there has been really good growth in the equity of homes in the Redlands and South East Queensland. The near future will bring more increases and could deliver as much as 8%-10% price rises in the next 12-18 months. That’s a substantial upside for owner occupiers who trade up now rather than waiting around.”
Jan said people who buy into the myth South East Queensland is not a boom market, will miss out. “Yes, Sydney and Melbourne have seen huge price rises but as always, the market corrected itself with huge price collapses,” she said.
This hasn’t happened in the Redlands and South East Queensland. Growth here has been reasonable and consistent without any major troughs in the market, which means that real estate is working the way that it should. The recent Census figures also showed capital city house prices rose consistently for a fourth quarter … that is good news for owner occupiers in a national market worth $6,6 trillion.
“Owner-occupiers find themselves in a different position with banks keen to win their business and offering favourable rates to do so and it is a good time to capitalise on this. To add value to their existing property, in a sensible way. We are not talking about extravagant flourishes but when people buy a home they are looking for generous outdoor areas, low maintenance gardens, big kitchens, flow from space to space and plenty of parking.
“Today people are busy, traffic is more congested, it takes longer to get places and when they get home, they want to enter their little slice of paradise. So for the owner occupier, it makes sense, while the market grows and their equity grows, to tap into it to make improvements.”
All round interest rates are currently low which means mortgages are cheap compared to recent years but it’s worth bearing in mind that in the future this will lead to rate rises and extra payments.
Owner-occupiers need to do their sums to make sure their mortgage is affordable. Of course, rising equity offsets some of that risk because houses will be worth more tomorrow than they are today.
“South East Queensland is a solid property market for Australia and currently has nothing but growth potential to offer real estate owners”, says Jan.
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