Thinking of selling? The latest data from CoreLogic indicates that Brisbane values have likely passed the bottom of the cycle.
Since interest rates started rising in March 2022, many people who didn’t need to sell or buy held off from making their move. The last few months have seen activity pick up across Brisbane and now, there is data to support this.
The latest data from CoreLogic showed that Brisbane values rose by 0.3% in April for the second month in a row. This was after a few months of decline, where the margin gradually got smaller and smaller until plateauing and now, increasing slightly.
There are a few reasons for this stabilisation.
Firstly, demand has returned. Interest rates have done most, if not all of the rising they will do, meaning people have a clear understanding of the repayments they will need to make and what they can purchase.
There has been a clear uplift in open-home attendees and registered bidders. Just recently, Place Estate Agents held THE DAY where 80 properties went under the hammer. The 14-day adjusted clearance rate from the day was 81% with an average of 4 registered bidders per Auction.
This strengthening clearance rate and number of registered bidders per Auction, provide clear evidence that the market has returned to a normal state.
Secondly, the number of homes for sale is very low, particularly in Brisbane.
New listings are -32.2% lower than the equivalent period last year, and total listings are -10.1% lower than the same period as last year.
This is creating a solid supply and demand balance, which is ultimately why sellers shouldn’t be afraid to list their homes as we head into the winter months.
Those considering selling and hoping to achieve what they may have in late 2021 have to accept that the peak of the market has passed. However, those who are upgrading (price-wise) should be pleased that though they will sell for a bit less, they will be buying for less too. That’s the benefit of buying in a market that has cooled.
It's clear that most buyers and sellers have adjusted to the market, competition has returned and solid prices are being achieved across all sectors of the Brisbane market. What we expect to see next is a period of stability and then further upward growth in values over time as we edge towards the 2032 Olympic Games.
Looking at selling? Request an appraisal here.
At Place, we are committed to providing timely market updates as the Brisbane market changes.
To keep up to date, subscribe to our blog below.