Most googled property questions

1. Is 2024 a good time for first-home buyers to get into the market?

There’s never going to be a “perfect” time to buy your first home – it’s all about your personal finances and readiness. But here’s the scoop: yes, 2024 still presents opportunities, especially with home price growth slowing down​. Sure, interest rates are up, but if you’ve got your deposit and financing in order, jumping in now means you can start building equity while others sit on the fence. Plus, the First Home Owner Grants and stamp duty exemptions are still worth looking into, depending on your state.

2. How do interest rates affect property investors in 2024?

Higher interest rates are making financing more expensive, no doubt about it. But here’s the thing – rents are going up too, so if you already own an investment property or you’re buying in a high-demand rental market, you could offset those costs with higher rental yields​. The trick is to be savvy: run the numbers carefully, and look for properties in areas where rental demand is strong, like near city hubs or growing regional towns.

3. What’s the best property investment strategy for 2024?

In 2024, the focus is on positive cash flow properties – that’s properties where the rent covers your mortgage and other expenses. With rents on the rise, particularly in areas with low vacancies, finding these kinds of properties is easier than it used to be​. Another hot tip? Look into renovation flips in growing suburbs. Buy a place, do some smart renos, and sell at a profit, or even better, rent it out for more once it’s improved.

4. Where should first-home buyers look to buy in 2024?

You don’t have to be in the heart of Sydney or Melbourne to find a great first home. First-home buyers are being pushed toward the suburbs or regional areas where they can still get value for money. Check out places with solid infrastructure projects underway or areas with growing employment opportunities – that’s where you’ll find growth potential. It might be worth looking at newer suburbs on city fringes or up-and-coming regional towns, where prices haven’t spiked yet.

5. What should first-home buyers avoid in 2024?

Don’t get caught up in FOMO (fear of missing out) and rush into a purchase without doing your research. Watch out for off-the-plan developments that promise the world but might not deliver – especially in areas where there’s too much new supply. And don’t forget about those sneaky hidden costs, like lenders mortgage insurance (LMI), stamp duty (if it applies), and all the extra fees that pop up during the buying process​. Stay within your budget and keep a cool head.

So whether you’re taking your first steps into homeownership or looking to boost your property portfolio, 2024’s market has its challenges, but also its rewards. The key? Stay informed, run your numbers, and make calculated moves. Sort out your strategy and build your future!