PropertyBuzz, your daily dose of property news.
Brisbane’s median home price overtakes Melbourne, A cash rate reduction could be on the cards in 2024, and Is it time for an overhaul of Queensland’s stamp duty concessions?
Welcome to Property Buzz! I’m Orana Durney-Benson.
Today is Thursday the 11th of January, and Brisbane is now the third-most expensive city in Australia for median home values, with prices surging over 50 per cent since the onset of COVID-19 in March 2020.
– In spite of the recent weather events, Brisbane’s median dwelling value reached $737,000 in December 2023, surpassing Melbourne for the first time since 2009.
– Factors contributing to Brisbane’s property price boom include the increased interstate migration to Queensland, and a higher ratio of houses to units than Melbourne.
– CoreLogic’s head of research, Eliza Owen, predicts Brisbane will remain a seller’s market, but warns that rising home values could impact demand.
When it comes to cash rates, homebuyers and mortgage holders might experience a reprieve in 2024 thanks to recent inflationary indicators.
– The Consumer Price Index rose just 4.3% in the 12 months to November 2023, versus 4.9 per cent the year before.
– If this downward trend continues, the Real Estate Institute of Australia noted that financial markets anticipate a rate reduction for homebuyers.
Up in Queensland, a stamp duty overhaul may be on the agenda for first home buyers.
– The Real Estate Institute of Queensland has called for an increase in the stamp duty concession threshold for first time buyers from $500,000 to $750,000.
– The current threshold has not been reviewed since 2008, despite stamp duty almost tripling in the last decade.
– The Real Estate Institute of Queensland suggests that reforming stamp duty would help increase home ownership levels in Queensland, which are currently the lowest in the country.
That’s it for today.
See you again tomorrow, 12 January, for your daily dose of Property Buzz.