As November ends, we wrap up the month that was. Over, the last few weeks, we have been audience to the media portraying a negative and scary property market. However, it really isn’t as gloomy as they have made it out to be.
What does the research and data indicate?
The market has seen an increase in total listings (12.3% increase) compared to 12 months ago. Well, most agents will say that properties are sitting on the market for longer and has been the case for the last 5 months. This is giving prospective buyers more choice and time to research properties. Those that are selling this allows more time for negotiations.
Below are the areas which are showing the biggest increase in total listings:
- Park ridge
- Oxley
- Greenbank
- Sandstone Point
- Russell Island
Suburbs which properties had largest decline in listing volume:
- Collingwood Park
- Hawthorne
- Kelvin Grove
- Sunnybank Hills
- Taringa
This indicates that suburb property listing levels are fluctuating constantly. Advice would be to any prospective buyer or investor to study local areas and analyse supply and demand. Try not to get swept up with the larger Greater Brisbane data.
The median days listings are spending on the market has double in the last 12 months.
September 2021 data indicated listings spent approx. 15 days average on the market. Fast forward to now and listings are taking approx. 28 days to sell. However, what the data does show historically that the market can turn very quickly. But across the board, market researchers have indicated we have returned to a NORMAL market.
Now is a great time to ask your agent who has ‘on the ground experience’ what their interpretations of the areas they specialise in, market feedback and trends they are experiencing in the present market.
Positively, Brisbane will be experiencing progressive future improvements. The Queensland Government has released a master plan for a major upgrade of South Bank to modernise the area before the 2032 Olympics. The draft master plan was made after a lot of community input and is designed to make South Bank ready for the future. If approved, South Bank Corporation will move forward with a wide range of changes. These include improvements to the 1.2km long riverside promenade, prioritisation of people and active transport over cars on Grey Street, making Little Stanley Street a pedestrian street, expanding the core parkland including making the lagoon experience bigger, building a new cultural corridor on Glenelg Street, creating a cultural forecourt with new underground restaurants, and building a “world-class maritime precinct.””
It’s fantastic to see the continued and future planning of large tracks of popular open space being further developed by the various levels of Government. This coincides with continued investment in public transport infrastructure and road networks to further enhance Brisbane liveability which are key drivers for the property market.
School catchments continue to be front of mind for investors and home-buyers alike within the private and public education arena. More open reporting of NAPLAN and OP scores can now provide a basis for families and individuals to compare desirable schools which reflect potential educational outcomes for a student making suburbs highly sought after. The continuation of working from home arrangements further facilitates the ability to buy into a specific school catchment with less weight attributed to proximity to a physical employment location.
Things may be slowing down, but it is important to look at all the information and data, we need to hold perspective on what the last 12 months was being a once in 40 year event. In summary, it is about monitoring the micro-market.
One more month of 2022 before we welcome 2023.
With plenty of opportunity to come!
