Quarterly market snapshot
Brisbane continues to be the flavour of the month as thousands espcape lockdown and move from Sydney and Melbourne to sunny Queensland. Lifestyle is now on the top of the wish list when it comes to buying a new home.
As the work from home lifestyle in the eastern states becomes the norm, a trend the Australian Bureau of Statistics expects to continue, potential homebuyers are keen to take advantage of all that Brisbane has to offer. According to data from CoreLogic, Brisbane’s median house price is less than half of Sydney’s, despite Brisbane’s annual housing value growth sitting at 18.4 per cent compared to the same time in 2020.
In our local community, we’ve found the most significant increase in house prices in the Banyo/Nudgee, and Wooloowin/Kalinga areas. Meanwhile, Windsor, a homebuyer favourite, has recently joined the new million-mark median house price club.
Units sales, however, continue to be slow. On average, prices haven’t increased since the unit boom of 2019, and property can sit on the market for extended periods without buyer interest. If you own a unit and want to sell, now might be time to hold. We monitor the market closely and will stay in touch with those landlords who’ve expressed an interest in selling. So, if you’re thinking of selling reach out and let us know.
With low housing stock volumes and houses selling on or before the first open for inspection, we expect the hot market to continue well into 2022.
Our results this quarter speak for themselves!
We had multiple offers on this stunning three bed, two bathroom family home in Paradise St Banyo. It sold after the first open for inspection.
This post-war three bed, one bathroom cottage in Jimbour Street Kalinga sold for $860,000. There were multiple contracts out on the property, and it sold before the first open house.
A spacious, stylish, and beautifully presented townhouse in Rossiter Street Morningside was sold after the first open for inspection. We had multiple offers on this property. Low maintenance living at its finest!
On the rental front
The influx of interstate buyers has also impacted the local rental market. Vacancy rates are at an all-time low as existing tenants remain reluctant to move. We’ve seen increased rents on all properties, with significant increases when properties are newly tenanted.
We’re monitoring the market closely, so you don’t have to, and we’ll keep you updated as we see developments in the local market.