BRISBANE: SECOND BEST PERFORMING CAPITAL FOR PRICE GROWTH
Today, we have exciting news to share. Brisbane's real estate market is soaring once again and has secured its spot as the second best performing capital in Australia, trailing only behind Sydney. Let's dive into the latest market update for Brisbane!
Continued Price Growth
Brisbane's property buyers have shown unwavering enthusiasm for real estate, marking four consecutive months of price growth. The market's recovery has been primarily led by detached houses, outpacing the growth rate of units for the second consecutive month. Despite the impact of rising interest rates and school holidays, the market's strength has remained remarkable.
Stable Auction Market
The auction market in Brisbane has displayed stability from May to June, with a slightly lower average clearance rate of 65% compared to the previous month's 66%. However, an encouraging trend is that a higher percentage of registered bidders actively participated in making bids, rising to 63.95% across the two months.
Low Supply Challenges
As with the broader national trend, Brisbane is facing a scarcity of available properties. New listings have decreased significantly compared to last year, making it challenging for property buyers to find suitable options. Some suburbs have experienced a notable decrease in listings, while others offer more choices for buyers.
Affordability Draws Buyers
Brisbane's property market remains more affordable compared to other east coast capitals, such as Sydney, Hobart, Adelaide, and Melbourne. The dwelling value-to-income ratio is lower in Brisbane, contributing to an influx of buyers relocating from the south. This affordability factor has attracted buyers looking to stretch their budget further and secure high-quality properties.
House Values Outpace Units
Brisbane's housing market has shown strong performance for the second consecutive month, with median house values outpacing unit growth. While units have performed better over the past year, houses have now taken the lead in price growth. However, it's worth noting that rental demand for units remains robust due to international migration and student returns.
Mercy in the Rental Market
Brisbane's rental market has shown signs of mercy, with vacancy rates remaining stable at 1%. Certain regions within Greater Brisbane are experiencing an increase in vacancy rates, indicating shifting rental demand. International migration, especially from countries like New Zealand, the United States, and the United Kingdom, is driving rental searches and impacting rental prices.
Brisbane's real estate market is flourishing, and the city is now the second best performing capital for price growth. The continued demand for properties, coupled with the city's affordability, makes it an attractive destination for buyers. The housing market has shown remarkable growth, with houses taking the lead, but units are still in high demand for rentals due to international migration. Let's keep an eye on the ever-changing Brisbane property landscape as it continues to surprise us with its resilience and growth!
Josh Pagotto # 0404 351 445
