According to new research by CoreLogic, residential property market movements in Brisbane have taken a turn as dwelling prices have shown signs of stabilising.
The uncertainty around increasing interest rates likely played a part in changes in market conditions during the second half of 2022. Buyer confidence dwindled and attendance at open homes and auctions diminished. And with the tenth consecutive rise in the official cash rate and more rate increases predicted over the coming months, it is assumed we are nearing the peak in this cycle and buyers are pricing in their worst-case scenario and pushing forward with purchasing decisions regardless of what lies ahead.
The Queensland State government’s $7 billion commitment for Brisbane 2032 Olympic and Paralympic Games is set to make a long-term positive impact. The city will become a global destination with increased economic activity resulting in more job opportunities and increased prosperity.
Statistics show that listings across Greater Brisbane are currently down 29% compared to the five-year average, while new listings have decreased 22.4% over the past year – suggesting sellers are not stirred into action by panic or urgency.
On the flip side, some suburbs including Greenbank, Park Ridge and Burpengary East have seen an increase in properties up for sale whereas others such as Thornlands, Eagleby and Calamvale list less available stock than before.
Despite a slight slowing in the rate of price falls across Greater Brisbane, dwelling values continue to retract. Data shows that in February 2023, house prices fell 0.4% after experiencing a 1.4% decline in January. The median value of a house in Greater Brisbane is now $767,781.
The unit market has outperformed the housing one month-on-month with no change in March. Values have increased overall by 15.6% over the last 12 months for units and houses, pushing up gross rental yields.
Meanwhile accurate figures regarding the rental crisis are hard to come by as vacancy rates fluctuate between 0.8% and 1.1%. According to reports, now is an ideal time for investing in Brisbane real estate market, as long-term growth prospects remain strong overall despite pressures on prices and rents.
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