BRISBANE PROPERTY WRAP: SEPT/OCT 2023
Hey everyone! Let's dive into the latest happenings in Brisbane's property market.
1. Brisbane's Record-Breaking Streak Brisbane's real estate scene is buzzing. CoreLogic data suggests we're on track to break some records this October. Property values are just a whisper (0.6%) away from an all-time high. Since the start of the year, we've seen an impressive 9.1% jump in prices, even amidst increasing inflation and interest rates.
2. What's Fuelling the Confidence? The Reserve Bank of Australia's consistent approach has played its part. With the cash rate holding steady for three straight months, it seems buyers have become more comfortable with the borrowing landscape. Additionally, Brisbane shines as Australia's second most affordable capital city, trailing only Perth.
3. The Investor Magnet Brisbane’s affordability is drawing eyes nationally. In Queensland, a mortgage will typically require 31% of your income. In contrast, NSW demands a heftier 39%. It’s clear why investors are looking to Brisbane, especially given its relative affordability and strong demand.
4. Listings: The Supply Dilemma The demand is evident, but what about supply? New listings have been sparse. If you're in the market, brace for competition. The scarcity means properties are getting snapped up at record speeds.
5. Spotlight on Suburbs Park Ridge, Ripley, and Ormiston are seeing an influx in listings. However, places like Cornubia and Warner are witnessing a dip. Auctions in September were slightly cooler, potentially influenced by school holidays, but a notable portion of registered bidders remained actively engaged.
6. Housing vs. Apartments: The Stats September saw Brisbane’s median home value rise by 1.3%, settling at $761,739. The apartment sector held its ground too, with a median value of $539,169.
7. Rental Market Overview Vacancies in Brisbane are limited, with a rate of just 0.9%. While rents continue to rise, there's been a notable slowdown in growth over the past quarter. Still, with house rents increasing by 6.4% and apartments by 14% over the last year, it's a tight scene for tenants.
8. Attention Landlords: New Rules Ahead There are new rental law reforms in place from September, introducing minimum housing standards for all new tenancies. It’s essential to ensure compliance.
In Summary: The Brisbane property market is bustling, characterized by growing buyer confidence, limited listings, and ascending prices. As we step into October, indications are that this robust growth will continue. Sellers might find this an opportune moment to list, while buyers should be prepared for some stiff competition.
Stay informed, Brisbane, and until next time, happy house hunting!
Josh Pagotto # 0404 351 445
