Softer mortgage demand is working in favour of existing owners, with mid-tier and challenger lenders cutting variable rates while the major banks largely hold their advertised pricing. Canstar Data Insights Director Sally Tindall says, “If you’re willing to look beyond the majors, there are genuine deals on the table.” For South East Queensland owners who have built equity and kept repayments on track, that is a reason to review the loan rather than let it run, weighing fees, offset and redraw alongside the headline rate.

The wider outlook is a slowdown rather than a collapse. RBA assistant governor Sarah Hunter expects weaker values and turnover to weigh on activity and on new construction through 2027 and 2028 without tipping the country into recession. Household balance sheets remain strong and mortgage defaults are still below 1%, despite mortgage rates at a 15-year high. The national mean dwelling price eased 0.7% to $1.1 million over the June quarter, with the largest falls in New South Wales and Victoria. Supply is the longer-term concern, as weaker project feasibility points to further pressure on rents.

That backdrop also changes the arithmetic for owners wanting more space. Higher priced homes have generally fallen further than affordable ones, so a 5% decline on an $800,000 home is $40,000 while the same fall on a $1.4 million property is $70,000. Selling and buying in the same market can narrow the gap, and softer competition allows time for proper due diligence. Comparable local sales, rather than national averages, remain the guide.

Johnson Real Estate covers sales and rentals across South East Queensland. Call 1800 SELL SMARTRE, or email sellsmartre@johnsonre.com.au.