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Brisbane House Market Update
Median House Prices Across Australia
“Greater Brisbane house price growth evaporated by the end of 2018, with prices ultimately flatlining over the quarter and year … this provides further evidence that credit access is not only impacting Sydney and Melbourne, it is now having a marked effect on housing markets that would otherwise be growing,” she said.
“A number of factors should provide better foundations for the housing market, as greater job prospects and an improved economic outlook draw residents to the state.
“Queensland remains a magnet for interstate migrants, which is currently at a 12-year high, and more residents are moving from overseas. Demand is rising, with Domain recording an increase in the number of views per listing.”
Ray White Paddington agent Judi O’Dea said people needed to know that Sydney and Melbourne’s housing woes were not Brisbane’s.
“People can mistake what’s happening in the southern states for what’s happening here, but it’s not the case,” she said.
“Brisbane is doing what Brisbane always does and that’s remain consistent. We do not suffer the ups and downs of the southern states; not only do families want to live here because it’s liveable, investors feel confident about the security of this market.”
Ms O’Dea said she was not surprised by the subdued Brisbane figures, having seen a surplus of stock on the market in the lead-up to Christmas last year, but said there had been an uptick in activity over January.
“The way the year ended, there was quite a bit of stock on the market. It took a little longer to sell, finance is slowing things down there, but most of that has now cleared since Christmas and we’re now seeing people coming back from holidays wanting to see new stock.
“We’re seeing really good numbers coming through the houses and that’s a normal, healthy sign that our market is moving. We’re not talking a fabulous market; we’re talking a good, steady market, with some really good stock coming on.”
Ray White New Farm principal Haesley Cush said he was not surprised by the figures.
“We did feel a heavy drag on the market in November and December, on the frontline and at auctions and opens, and we think it was the downward pressure of the other states,” he said.
“But Brisbane’s market is not Sydney’s and in our office in January, every agent is commenting on the huge uplift of inquiry and the number of people at open houses, compared with the end of last year.”
Ms O’Dea said the lending landscape had impacted some sales in 2018 but buyers were now working out how to borrow in the tighter credit environment.
“The new lending conditions caused some uncertainty — and the upcoming banking inquiry will cause further uncertainty — but buyers are finding their way in this new environment and working out what’s needed,” she said.
“The banks are still lending, we just need to learn a few new ways and be mindful that banks are going to be more thorough, particularly with credit cards and the way we spend money. Our finance people are still doing good business, they’re just doing it differently.”
After a quiet end to 2018, buyers are back out in force in Brisbane
Judi stresses that Sydney and Melbourne's housing woes are not Brisbane's
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