The Brisbane property market has been on the receiving end of a lot of good hype for the past few months.
In March, there were predictions that Brisbane would overtake Sydney as the most expensive capital city to buy a home in. This is based on the median dwelling value growth of 0.4% for March, which brought quarterly growth to 0.9% and annual growth to 8.6%. Median value of a dwelling was recorded at $899,824.
In comparison, Sydney recorded a change in dwelling values of 0.3% for the month, 0.4% for the quarter and 0.9% annually, with a median value of $1,190.616. Melbourne 0.5%, 0.3 and -2.6%, median value $781,318.
The February rate cut seems to have reignited buyer demand and revived confidence in the Brisbane market. This is supported by economists’ forecast that the rate cutting cycle will continue sporadically throughout the year.
High demand for property is expected to continue as housing supply remains constrained due to high costs of construction, scarcity of skilled trades and lower profit margins for developers.
Growth for April has continued with Brisbane 0.4% for the month with a median value of $907,864.
For new home buyers, this is a great reminder to buy as soon as you possibly can.
For home owners and investors, it’s always good to see that there is confidence and growth in our market.
If we can help with finance, we’d love to chat.
