Spring is always a fantastic season to sell. As the warmth of the sun and the natural beauty of Spring begin to return, so does the level of activity we have come to expect during this special time of the year for Brisbane, as it continues to be one of Australia’s best performing property markets.
In residential real estate, Spring traditionally brings the highest levels of market activity. Amongst other reasons, timing plays a big role; moving at this time allows people to purchase and/or sell their home and settle in by Christmas.
Many are questioning what it might look like this year, considering the patterns over the last two years. Will Brisbane experience a typical Spring selling season? All signs point to yes.
Forecasting where housing trends are going in the short-term is incredibly difficult. What we do know is that buyer demand for Brisbane property still remains incredibly high, interstate migration remains extremely strong, and interest rates, although higher than recent times remain historically low, providing great conditions for both sides of the transaction. Most importantly, lots of people are still buying and selling houses.
And while short-term trends might be the talk at a weekend barbecue or in the media, long-term trends and the cycles within them can provide educated insights about the future of the property market.
As Place CEO Damian Hackett discussed in his recent piece, he has worked through every stage of the cycle numerous times in his 30+ years of working in property. What remains true is that long term, Brisbane Property has been a very strong investment.
Patience is a virtue, especially when it comes to Australian's penchant for residential property. The latest CoreLogic Property Pulse report highlights how Australian's tend to hold their homes a lot longer than a typical market cycle, meaning that most homeowners aren't immediately impacted by sudden changing values. It makes you wonder why the immediate fluctuations the market experiences give many people such cold feet!
Residential Real Estate is rarely a get-rich-quick scheme and over the long term, good real estate in good locations is a solid investment strategy, as the data highlights.
Brisbane dwelling values have increased by 340% (5.1% per annum) over the past 30 years, with the highest rate of growth recorded through the middle decade (2002 - 2012) when housing values were up 74%. In comparison, housing values increased by 49% between 1992 and 2002, and by 71% in the most recent decade.
Source: CoreLogic
The changes in housing values over decades are a clear reminder of how important time in the market is, just like when you decide to sell. It's equally important to not be persuaded by some of the fear-mongering headlines that are commonly put in front of us.
With this in mind, Spring remains the ideal time to capitalise on the Brisbane property market. Key barometers of success such as website activity, level of enquiry and Auction statistics indicate that many buyers have returned to the market after putting their buying plans on hold last year.
If you’ve been thinking about a new home and would like to know the facts about our current market, start by talking to your local Place agent today who can provide you with a no obligation, free appraisal of the current market value of your home.
Brisbane is entering a golden decade of growth and prosperity in many ways. Right now, property prices in Brisbane remain healthy, with plenty of buyers still actively looking for their happy Place, and people having reasons to sell.
At Place, we are committed to delivering up-to-date and accurate information to assist you in your property journey and help you find your happy Place. If you want to keep up to date with the latest Brisbane market insights, subscribe to our blog below.