Your Property News November 2022

Is now the right time to sell, buy or invest? What is going to happen to prices in the coming months with more interest rate rises forecasted?

Industry expert Michael Yardney believes the Brisbane property market is very resilient.

Brisbane was the strongest property market in 2021 exhibiting astonishing growth, with many locations experiencing 30+% house price growth.

And as growth slowed across Australia, Brisbane’s housing markets continued to perform strongly during the first half of 2022.

After recording one of the most significant upswings across the capitals, Brisbane housing values have moved into a decline phase, with values falling -4.3% since peaking in May.

Despite the sharp adjustment from growth to decline, the monthly rate of change actually eased a little bit last month, from -1.8% in August to -1.7% in September.

Brisbane’s unit sector is holding up much better, with housing values only -0.3% below their recent peak, while house values are down -5.2%.

Home sales are also trending lower, with estimates for the September quarter indicating a -19% drop in sales relative to the same period a year ago.

Rents are still rising rapidly, but the rate of rental growth has also eased over recent months, from a monthly change of 1.5% in July to 1.0% in September.

CoreLogic reports that Brisbane’s dwelling values are up 17.5% over the last year and are now at new highs, but as always the housing market in Brisbane is very fragmented.

Digging deeper into the stats some properties have far outperformed others and freestanding Brisbane houses within 5-7 km of the CBD or in good school catchment zones have grown in value strongly.

It’s really a tale of two cities – while some properties overperform, while others underperform.

The bottom line is that for those with a secure job and who have their finances under control, now is still a great time to buy into the Brisbane housing market.

Currently, due to a short supply of A-grade homes and investment-grade properties, and a surplus of buyers, quality property is a seller’s market where asking prices could just keep rising.
Article published in PropertyUpdate.com.au – Michael Yardney October 2022

According to CoreLogic the top 5 sales in the last 6 months include:-

35 Morgan Street, Ascot – $12,000,000
15 Towers Street, Ascot – $7,500,000
2 Florence Street, Clayfield – $6,950,000
3 Sykes Street, Ascot – $5,600,000
7 Whyenbah Street, Hamilton – $5,350,000

Buying, selling or managing your investment – we are your local property professional. You and your property needs are our focus.

Amanda
Amanda Butler – Principal
0438 767 439

In our Clients words

Above and Beyond – I bought and sold my property in Clayfield with Butler+Co and cannot speak more highly of Amanda and her team. They treat their clients as family. Keep you fully briefed through a monthly newsletter that highlights property sales and includes extensive, comprehensive and up to date industry highlights. A regular “touching base” call from Amanda provides an opportunity to discuss your personal real estate questions. During the recent sale of my property there were a number of contentious issues that needed addressing. Amanda handled everything with ease, kept the lines of communication open and ensured everyone was well informed. I have bought and sold a number of properties over the years…..Butler+Co in Ascot would have to be the most efficient and professional team I have met.

Randy