House prices will keep falling while interest rates keep climbing – it’s just one of the predictions for South East Queensland’s property market. But agents remain buoyed by the number of house hunters they’re seeing.
The South East Queensland property market is seeing a climate shift as the combination of house prices falling and interest rates climbing continues to unfold. Despite this, local real estate agents remain upbeat due to the strong demand they’re observing among house hunters. With increased competition in the market, prospective buyers are encouraged to move quickly and think ahead if they want to make the most out of their search.
The property market in South East Queensland has been on a seemingly endless run of growth since the pandemic began. However, recent predictions suggest that this trend may be coming to an end. Property prices are predicted to fall further in South East Queensland as interest rates continue to rise.
This is due to the fact that higher interest rates make it more expensive for people to borrow money and purchase property, which can lead to a decrease in demand and therefore a drop in prices. This is compounded by the fact that many people are already struggling financially due to the economic impacts of the pandemic, making it even harder for them to afford property.
Despite this, there are still some areas of South East Queensland where house prices remain relatively stable or even increasing. These include locations such as Townsville, Cairns and Wide Bay, which have so far resisted the downward trend seen elsewhere in the region.
It is also expected that there will be a surge in growth across South East Queensland after the 2032 Brisbane Olympics, with some suburbs predicted to experience huge gains in median house prices. This could provide an opportunity for those looking to invest in property over the long term.
Overall, while it is likely that property prices will continue to fall further in South East Queensland as interest rates rise, there are still opportunities for those who are willing to take a longer-term view on their investments.
