Briefly, we will check in on and compare Brisbane to southern markets, including Melbourne and Sydney and how the market is vastly different in those places compared to what we’re experiencing here at home.
If you are in the market, as a Buyer, Seller, Tenant or Landlord – what you will find by reading on may be of interest to you. (Alternatively, tune in and turn up the volume HERE).
It’s fair to say the 2017/18 financial year has been kind to us here at Place Graceville and I would like to start this video by thanking our amazing clients. With a total of 198 sales for the year, we’ve meet and helped more buyers, more sellers, more landlords and more tenants than anyone else locally. According to rate my agent our office made it into the Number one spot for local agencies, conducting the most business over the financial year.
The new financial year is upon us and although Sellers seem to be in hibernation at the moment, Buyers certainly aren’t. The winter months have seen less people bring their home to market causing an increase in the amount of competition from buyers in the market place. And this is good news for Sellers that are choosing to act now rather than waiting for the traditional spring rush as the increased competition is ensuring they’re getting a great result with less time on the market.
Looking at the year that was, according to the REIQ, Queensland Market Monitor, the median annual house price in Brisbane achieved a record high of $670,000 – up 3.1%. Another example of Brisbanes steady, consistent performance.
Oxley was the local suburb that saw a massive change over the past financial year. They went from 138 sales to 86 – down a whopping 38% however, their medium price went up from $543,000 to $580,000, an increase of 7%
Indooroopilly was similar with a reduction in sales volumes from 125 down to 94, a 25% reduction and an increase in the median price from $813,000 to $997,500, up 18%.
This story is similar across the board, with the majority of the suburbs that we service showing comparable results.
As Southern markets continue to cool, Brisbane has bucked the trend with lower listing volumes and greater competition driving price growth. Significant factors that have underpinned the continued growth of the Brisbane market are steady population growth as well as strong economic fundamentals such as increasing employment and infrastructure investment.
The falling listings volumes are going to be an issue for this market as they’re down 6.4% compared with March 2017. Homes for sale is currently sitting at extremely low levels meaning that buyers have to move fast and there is no doubt, this fall in homes for sale is causing a lot of frustration for buyers.
On top of that, according to Census Data, Queensland has now become the number-one destination for internal migration, taking over from Victoria. Also, our overseas migration is at its highest level in years, which means demand for accommodation will continue.
Increases in population growth over the past two years have been largely led by migration. In 2017 an estimated 31,000 people migrated to Queensland from overseas, an increase of 64% compared to 2015, whilst interstate migration increased by an impressive 159% in 2017 over the same period!
First home buyers here in Queensland got some bitter sweet news with the First Home Owners Grant being extended for another 12 months, however it has been reduced to $15,000 and was not extended to include established homes.
Although we have seen downward pressure on weekly rent prices, we don’t expect this to last. The rental market is currently operating in the healthy range, with vacancies at 3.1 per cent and given the increase in demand, we expect this downward trend to reverse in the near future.
All in all, it has been a strong twelve months for the property market. If we can help you with anything property related, please do not hesitate to get in touch on 0409 543 546 or 0414 773 437.