2020 and 2021 saw the residential property market flourish for sellers, with many changes to how properties were sold, leased, and of course, purchased. Here’s a rundown of what the property market looks like in April-May 2022 based on CoreLogic research.
- The number of properties for sale has decreased since the floods in late February.
- The number of sales is still high, with more than 60.00% increase in the number of transactions across the city, compared to 2021.
- In March 2022, the number of homes sold at auction in Brisbane fell by 42.00% and 53.00% in the two weeks after the floods, but then rose again. According to Domain, on the last weekend of March, clearance rates were back up to 64.00%.
- CoreLogic released new data on the Hedonic Home Value Index on April 1, 2022, that shows the median price of a home in Brisbane went up by 2% over the previous month.
- The median price of homes in Greater Brisbane on April 1 was $749,293, which was $26,860 more than it was a month previously.
- Brisbane house prices have risen by 32.1 percent over the last year, CoreLogic data shows, though the rate of price growth was found to be slowing down.
- As of April 2022, the Brisbane housing market was still the best-performing housing market in all of Australia’s capital cities.
- There was a 15.10% increase in the value of units in Greater Brisbane since March 2021.
- Vacancies in Brisbane fell again between January and February 2022 at a city-wide level.
- During the year, the cost of renting a home in Brisbane has gone up by 11.60%. This is the fastest rate of rent growth in all of Australia’s capital cities.
Moving forward, we have the federal election and inflation to deal with. There is also a risk that interest rates will rise. Affordability remains an issue, so people are turning more towards units and apartment living, and demand from interstate remains high.
*Disclaimer: This article is for general information only and should not be relied on as advice. You should consider your personal situation and seek advice that is specific to your circumstances before making any decisions based on this information. If there are any issues you would like us to discuss with us arising from this article, please contact us*