BRISBANE’S REAL ESTATE ROUNDUP: APRIL'S EXCITING MARKET INSIGHTS!
Hello, Brisbane! As your local real estate enthusiast, I’m here to spice up your day with the latest figures from CoreLogic’s April 2024 Housing Chart Pack, and let me tell you, it’s a real page-turner for property buffs!
First up, big news from the big cities – Brisbane, Sydney, and Adelaide are strutting their stuff at the top of the charts for the highest annual dollar value growth in real estate. It seems our vibrant markets are not just about great weather and beautiful beaches; they’re solid gold mines for property investments too!
Diving deeper, CoreLogic's Head of Research, Eliza Owen, shares some eye-opening insights. Fancy the suburbs of Perth? Well, Armadale has been a superstar with its median dwelling value skyrocketing to $609,672 – that’s a jaw-dropping 28.6% increase over the past year! Brisbane isn’t far behind, making a strong showing in the top growth areas as well.
But here’s a twist – while percentage growth is dazzling in places like Armadale, when we switch gears to dollar value growth, the plot thickens. Sydney’s swanky Warringah, for instance, saw a more modest percentage increase but led the charge with a whopping $254,000 jump in median home values. This just goes to show, sometimes the flashiest growth figures come in dollar-sized packages!
Eliza points out a crucial nugget of wisdom for investors: the high-flying end of the market, like Warringah with its $2 million median value homes, might seem alluring with its big dollar jumps, but it’s a fortress few can breach due to steep transaction costs and concentrated investment risks.
In contrast, the more humble abodes in the lower-priced markets are showing some serious muscle, outpacing their pricier counterparts. This sector saw values rise by 3.1% just in the last quarter, tripling the growth rate of the top-tier properties. It seems affordability is the new black in real estate investment!
And there’s more good news on the national scene – Australia’s residential real estate value hit a stunning $10.3 trillion by the end of March. Plus, home values nationally have ticked up by 1.6% this quarter, marking the largest increase since the heady days of November last year.
On the sales front, activity is buzzing with over 48,000 homes finding new owners in March alone, and auction rooms were bustling right before Easter, hitting numbers not seen in nearly two years.
As for the rentals? They’re climbing too, with an 8.6% increase over the past year, driven by a surge in house rents. It’s a great time to be a landlord!
So, whether you’re thinking of buying, selling, or just sipping coffee while pondering your next big move in real estate, Brisbane’s market is ripe with opportunities. Keep your eyes peeled for more updates, and remember, in the world of real estate, timing is everything!
Stay savvy, Brisbane! Until next time, happy house hunting!
Josh Pagotto
