Your Property News January 2024

The official figures are in – despite the challenges posed by high inflation and interest rates, Brisbane’s property market grew 13.1% during 2023 according to the latest CoreLogic data .

CoreLogic’s national Home Value Index (HVI) rose 8.1% in 2023, a significant turnaround from the 4.9% drop seen in 2022, but well below the 24.5% surge recorded in 2021. December’s 0.4% increase saw 2023 finish with a relatively soft monthly rise in home values.

“This was the smallest gain in our national monthly HVI since values started rising in February,” said Tim Lawless, CoreLogic’s research director. “After monthly growth in home values peaked in May at 1.3%, a rate hike in June and another in November, along with persistent cost of living pressures, worsening affordability challenges, rising advertised stock levels and low consumer sentiment, have progressively taken some heat out of the market through the second half of the year.”

One of the main trends through the year has been the widening disparity in the rate of home value growth across the capital cities.

Dwelling values have been rising at more than 1% each month on average across Perth, Adelaide and Brisbane since May, while in Melbourne and Sydney the pace of growth has slowed sharply since the June rate hike. Melbourne values declined through November and December while Sydney home values are stabilising with a monthly growth rate of just 0.2% in the final two months of the year. The smaller capital cities have been soft through most of the year, with Hobart (-0.8%) and Darwin (-0.1%) recording an annual decline in values in 2023, while the ACT recorded a rise of just 0.5%.

If you would like to find out greater detail on our local market, we have just completed Our Property Market 2023 report. If you’d like to receive a copy – please email or call and we will forward to you our analysis of our local market as compared to last year and 5 years ago.

At Butler+Co, we don’t just continue to perform, we outperform. Is it time for your next move? Use our experience and expertise in the local market to guide you out of your current home and into your new home. If you are looking to buy, sell or start researching the market, we can help. You are our focus.

Looking to rent or buy? We have several available properties in the area currently not advertised. Please reach out if you’d like additional details.

Butler+Co is here to assist you with all your real estate needs.

Amanda Butler – Principal – 0438 767 439 – [email protected]

In our Clients words

We recently sold our family home with the invaluable assistance of Butler+Co Estate Agents. Amanda Butler provided expert guidance for every step of the way. Her advice with respect to presentation of the property, timing of inspections, etc was spot on and greatly valued. Amanda is extremely knowledgeable with respect to the local market, and she helped us to achieve a great outcome from our sale. She is a consummate professional, and we cannot recommend her highly enough.

Lyn, Ascot