Figures over the past five years reveal a clear shift in lifestyle preferences, with the average price of certain major cities like Melbourne moving down several ranks, while previously underrated areas such as the Sunshine Coast, Gold Coast and Brisbane have benefitted from a dramatic increase in popularity and value. Areas once considered budget-friendly locations have evolved into some of the most sought-after postcodes, requiring handsome deposits to get a foot in the door.
If someone had told me a decade ago when I first started working in real estate – bear in mind that this was the era of an extreme oversupply of rapidly-built high-density complexes designed to be sold primarily to foreign investors – that I would one day sell a one bedroom apartment for $1,050,000, I would have lost my mind. Renovated with superb attention to detail, 302/88 Macquarie Street set a suburb record for a one bedroom apartment.
At the end of last week, we celebrated my sales associate John’s first deal with a brilliant result for 241 Arthur Street. Our team’s EOFY dinner was the perfect backdrop to raise a glass to another record achieved for the building, with Unit 19 selling for $710,000.
As of July 1, the sub $1 million market – i.e. inner-city units such as 8/75 Harcourt Street – will become even more competitive. Announced as part of the 2025-26 Queensland Budget, the Boost to Buy home ownership scheme will come into effect, reducing the deposit gap for first home buyers.
Eligible first home buyers will be able to buy a home with as little as a 2% deposit to purchase a property up to $1 million, and for successful applicants, the government will offer an equity contribution of up to 25 per cent for existing homes, and 30 per cent for new homes.
While this new incentive will no doubt enable more Queenslanders to buy their first home sooner, a drastic increase in competition, further exacerbated if interest rates drop again later in the year, will only drive prices upward. While this is somewhat of a catch twenty-two, those leveraging the scheme as soon as it opens later in the year will no doubt benefit from the support. If you’re curious whether you, or someone you know, might be eligible for this scheme, now is the time to speak to a mortgage broker to get a clearer picture of your options.
Sought after by professionals looking for lock-up-and-leave inner city homes or down-sizers seeking practicality and convenience in attractive locations, apartments with large floor plans are also enjoying a sharp rise in popularity. 10/18 Helen Street is an apartment sure to tick all of those boxes, positioned just a short walk from some of Teneriffe and Newstead newest hotspots. Best offers close on Friday at 5pm – don’t miss out!
One opportunity that is no longer up for grabs is 306/50 Macquarie Street. On the top floor of the Saratoga Woolstore, this apartment was secured by the fantastic team at Buy Well Advocacy. A beautiful, light-filled apartment, I have no doubt the new owner will enjoy the proximity to the river and of course, Teneriffe icon Kin.
In case I left you wondering, had to make the pilgrimage (along with all of Brisbane apparently) to find out if Idle lived up to the hype. As always, Anyday’s latest destination did not disappoint. Expanding on Agnes Bakery’s delectable repertoire, with the addition of a mouth-watering all day menu served in an effortlessly cool location with laid-back but attentive staff, this hospitality group simply does not miss. All I can say is thank goodness for my waistband that Idle is not right next door to our office.
Talk soon,
Ben
