Renting vs Buying in North Brisbane 2025: A First Home Buyer’s Guide

If you're a first-home buyer in North Brisbane, deciding between renting vs buying in 2025 is a major financial and lifestyle decision. With rising property prices, evolving rental markets, and changing interest rates, choosing the right option can feel overwhelming.

This guide is tailored to help North Brisbane residents compare the pros and cons of renting versus buying a home. Whether you're trying to build equity or looking for short-term flexibility, this resource will help you make an informed decision.

Let’s break down everything you need to know.

Current Property Market Trends in North Brisbane

The North Brisbane property market in 2025 is experiencing steady demand, particularly from first-home buyers and young families. Suburbs like Chermside, Aspley, and North Lakes have become hotspots due to their lifestyle appeal and proximity to the CBD.

While property prices have grown moderately since 2024, they remain relatively affordable compared to Sydney and Melbourne.

Key factors influencing the local market:

• Continued infrastructure development
  
  
• Stable job opportunities in the northern corridor
  
  
• Government incentives for first home buyers
  
  

Renting in North Brisbane: Pros and Cons

Pros of Renting

• Flexibility: Renting offers the ability to relocate easily for work or lifestyle changes.
  
  
• Lower upfront costs: No need for a deposit, stamp duty, or other purchase-related expenses.
  
  
• No maintenance responsibilities: Repairs and upkeep are typically handled by the landlord.
  
  

Cons of Renting

• No equity building: Monthly payments go to the landlord, not towards your own asset.
  
  
• Rental price increases: Annual rent hikes can make budgeting challenging.
  
  
• Less stability: Tenancy agreements are often short-term, and landlords can choose not to renew.
  
  

Buying in North Brisbane: Pros and Cons

Pros of Buying

• Building equity: Your repayments contribute to owning a valuable asset.
  
  
• Stability: Ownership offers long-term security and control over your living space.
  
  
• Tax benefits and grants: First Home Owner Grant (FHOG) and stamp duty concessions apply in Queensland.
  
  

Cons of Buying

• Higher upfront costs: A deposit, legal fees, stamp duty, and other expenses are required.
  
  
• Maintenance and rates: Homeowners must cover ongoing upkeep and council rates.
  
  
• Less flexibility: Selling and moving can take time and incur additional costs.
  
  

Financial Comparison: Renting vs Buying

To make an informed decision, consider your current financial situation. In North Brisbane, average weekly rents for a two-bedroom apartment range from $480 to $580, depending on the suburb.

Meanwhile, entry-level properties for first home buyers often start around $550,000. Assuming a 10% deposit and average interest rate of 6.2% (as of late 2025), monthly mortgage repayments could be around $3,000.

Additional costs to consider when buying:

• Stamp duty (though discounts may apply)
  
  
• Lenders Mortgage Insurance (LMI) if deposit is less than 20%
  
  
• Building and pest inspections
  
  
• Ongoing maintenance costs

If you plan to stay in your home for at least five years, buying may offer better long-term value. However, if your employment or lifestyle is uncertain, renting might be more suitable in the short term.

Government Incentives for First Home Buyers in Queensland

First home buyers in Queensland have access to several financial incentives that can reduce the cost of buying:

• First Home Owner Grant (FHOG): A $30,000 grant for new homes valued under $750,000.
  
  
• Stamp Duty Concessions: Full or partial exemptions on transfer duty for eligible first-time buyers.
  
  
• First Home Guarantee Scheme: Buy with as little as 5% deposit without paying LMI, subject to income and price caps.

Before proceeding, it’s wise to speak with a mortgage broker to determine your eligibility.

Lifestyle Considerations

It’s not just about dollars and cents; your lifestyle goals matter too.

Renting Might Suit You If:

• You're not sure where you want to live long-term.
  
  
• You plan to travel or work overseas.
  
  
• You want to test out different suburbs before settling down.
  
  

Buying Might Suit You If:

• You’re planning to stay in North Brisbane for several years.
  
  
• You're ready to start a family and want stability.
  
  
• You prefer to customise or renovate your home.
  
  

Long-Term Wealth Building

Buying a home is one of the most effective ways to build wealth over time. Homeowners in North Brisbane have seen significant capital growth in the past decade.

Renting can help you save and invest in other assets if you’re disciplined, but it generally doesn’t offer the same equity gains as owning property. For first home buyers with stable income and clear financial goals, buying is often a strategic move.

Role of a Mortgage Broker When Choosing to Rent vs Buy

A mortgage broker can help you:

• Understand your borrowing capacity
  
  
• Access a wide range of lenders
  
  
• Compare home loan products
  
  
• Apply for grants and incentives
  
  
• Navigate the buying process with ease

At Kelly Brothers Finance, we’re experienced North Brisbane mortgage brokers who work closely with first home buyers to secure competitive loans and offer trusted advice. If you’re uncertain about choosing to rent or buy, start with a consultation with us to clarify your next step.

FAQs

Is it better to rent or buy a house in North Brisbane in 2025?

It depends on your financial goals and lifestyle. Buying may be better for long-term equity, while renting offers flexibility.

What government grants are available for first-home buyers in Queensland?

You may be eligible for the First Home Owner Grant ($30,000), stamp duty concessions, and the First Home Guarantee Scheme.

What’s the average house price in North Brisbane in 2025?

Entry-level homes for first-home buyers typically range from $550,000 to $700,000, depending on the suburb and property type.

Are mortgage repayments cheaper than rent in Brisbane?

Not always. While rents are rising, mortgage repayments can be higher due to interest rates. It depends on the loan, deposit, and location.

Can I buy a house with a 5% deposit in Queensland?

Yes, through the First Home Guarantee Scheme, you may be able to purchase with a 5% deposit and no LMI, subject to conditions.

What suburbs are best for first-home buyers in North Brisbane?

Chermside, Bracken Ridge, and North Lakes are popular due to affordability, infrastructure, and lifestyle amenities.

How can a mortgage broker help first-home buyers?

Mortgage brokers offer tailored advice, compare loans, assist with applications, and guide you through grants and paperwork.

Wrapping Up

In 2025, the renting vs buying decision in North Brisbane is more complex than ever. Property prices are rising steadily, but so are rental costs. For first home buyers, government support and low deposit options have made purchasing more accessible than in previous years. 

Yet it’s crucial to align your choice with your lifestyle, finances, and future plans.

At Kelly Brothers Finance, we’re here to guide you every step of the way. Our experienced North Brisbane mortgage brokers can help you compare options, secure the best home loan, and make confident financial decisions. Call us at 07 3847 9450 to get started today.