It’s Spring Selling Season once again, but this time around we’re likely to see a boost to listing numbers will provide good news for buyers in what remains a competitive market.
A low supply of homes for sale across the inner-city of Brisbane is the key reason why property values continue to remain resilient despite the monthly doomsday predictions.
Rising rates typically subdue the market but demand has been outweighing supply, which continues to surprise even the wisest of pundits.
Demand is strong still strong for three key reasons:
• Low unemployment, and a large cohort of cash buyers unaffected by interest rate rises.
• Surging migration with 715,000 (net) new migrants expected to arrive in Australia over the next two years (most will settle in Sydney and Melbourne).
• The return of foreign investors, including parents buying homes for their children who are coming back to Australia to recommence in-class university studies.
The number of homes for sale in Brisbane has been low for a while due to the market correction late last year and earlier this year, and in addition to that, continuing rate rises.
CoreLogic data shows listing numbers began increasing during the Winter season, which is a bit unusual for Brisbane – we’ve very much a start of the year or end of the year selling city.
Seller confidence should return given the prospect of improving prices and the likelihood that rates will stop rising soon (or hopefully come down), and looking ahead to Spring, increased stock will rebalance supply and demand.
The pace of home value increases has moderated in Brisbane recently, with prices up ever so slightly month-on-month, up 1.4% in July and 1.3% in June.
The rental market remains strong in Brisbane with most of our assets under management renting off-market or being under application within 7-14 days.
If you’re considering buying, renting, selling or looking for a new property manager this Spring please reach out to us we would love to be of assistance.
As we welcome back the warmer months, I look forward to seeing you out and about in our amazing community.