Focusing in on Chelmer through to Oxley, the centenary suburbs and Indooroopilly west to Bellbowrie and Moggill, including Kenmore and Chapel Hill.
We look at what’s happening in Melbourne and Sydney this year and how our market is very different to theirs. This wrap up covers off on some trends we’re starting to see both here in Brisbane and interstate.
So if this sounds interesting to you, read on and enjoy.
With Easter wrapped, we hope you and your family enjoyed a wonderful break and with any luck you managed to enjoy some of the Commonwealth Games highlights.
The first quarter of 2018 is now out of the way, we’ve found some interesting patterns and statistics emerging out of the market. Certainly in 2018 we’ve seen a stronger start than the sluggish start experienced across the Brisbane property market in 2017.
Momentum was building in September last year and has continued right through the Christmas period and into the first quarter of this year. In fact, our team here at Place Graceville had a record January, February and March on both the sales and rentals front.
Broadly, here in Brisbane, we’ve seen 1.1 per cent growth over the past 12 months. Although this figure doesn’t sound huge, our city emerges as the only major property bright spot on the horizon, with experts predicting a pricing boost for the River City over the next year.
Recent data from research group CoreLogic has shown that prices in Australia’s two biggest housing markets – Sydney and Melbourne are falling. Already in 2018, home values in Sydney are down 1.7 per cent and 0.5 per cent in Melbourne.
According to AMP Capital economist Shane Oliver, this is largely due to tightening of lending standards and more realistic price expectations. Oliver also predicts that Sydney and Melbourne property prices will fall another five per cent or so this year with further falls likely to continue into next year.
In a recent report by realestate.com.au, strong population growth is expected to continue and keep prices on an upward trajectory here in South East Queensland.
Median suburb prices are up almost across the board for the core suburbs we operate in, with the exception of a handful where there’s a lack of sales data to accurately reflect the change in median value.
Some stand out suburbs include St Lucia with 17 per cent growth, Chapel Hill with 9.2 per cent growth and Corinda with 6.5 per cent growth for the quarter.
It is in some of these suburbs that we have really good stories for local home owners. Something that has really stood out in the last quarter, is the number of new clients we have had come on board from other agencies, entrusting us after a previously poor real estate experience.
On the property management front, our rental team has reached and broken goals for the last quarter. Jaclyn was awarded as one of the top Business Development Managers within the entire Place Group for the extraordinary work her team have been doing.
A combination of hard work, client focussed services and stability within our team has seen some cracking results. In terms of the market going forward, the peak of the rental cycle has now passed, and the level of leasing enquiry will ease however this does pick back up again as we head into the middle of the year.
All in all, it has been a strong year for the local property market with some great client success stories. If we can help you with anything property related, please do not hesitate to get in touch with a member of my hard working and dedicated team on 3379 4311