Property News
There has been continued discussion in the media of a softening of property values. Values have weakened across most of the capital cities and broad rest-of-state regions. CoreLogic released data for the first month of spring, with the national Home Value Index (HVI) recording a -1.4% decline in September. Although values continue to trend lower, the rate of decline eased from a -1.6% fall in August across capital cities. Brisbane falls went from -1.8% to -1.7%.
Tim Lawless (CoreLogic Research Director) reports it is probably too early to suggest the housing market has moved through the worst of the downturn. “It’s possible we have seen the initial shock of a rapid rise in interest rates pass through the market and most borrowers and prospective home buyers have now ‘priced in’ further rate hikes”. Smart money certainly loves uncertain times. Interestingly there is a consensus across several market commentators that rates could potentially soften at the end of 2023 calendar year.
At a time when the flow of new listings is typically ramping up, the ‘spring selling season’ is off to a slow start in Australia. The number of new listings added to capital city housing markets over the four weeks ending September 25th was -12% lower than the same period a year ago and -10% below the previous five-year average. We have observed during open homes that total number of parties through each open home has tightened since the peak frenzy in the market in early 2022. This appears to be offset by a reduction in new listings. Buyers are genuine and proactively looking to buy in the market.
The RBA handed down its sixth-rate hike in a row on Tuesday but it is widely expected to begin slowing the pace of increases as its target enters the so-called “neutral zone” – that could temper any further falls in property prices. And with inflation forecast to peak in coming months, economists suggest the housing market could move back into positive territory early next year.
For many observing the market, at a glance it appears the news is doom and gloom however a small retraction in prices shouldn’t shadow what has been one of the strongest growth periods over the last 24 months which saw price growth in excess of 30%. A short drive around your neighbourhood will quickly reveal a lot of owners capitalising on equity gains through new renovations. With that in mind, this is the time to ponder what opportunities there are for you in the market right now and ahead in 2023. The Brisbane market is still well priced in comparison to Sydney and Melbourne with significant investment in public infrastructure looking forward to the 2032 Olympics which will shine a global spotlight on South-East Queensland.
As always reach out to Gemma and the team at Gem Property Co to assist you in how best to advertise and present your property if you’re looking to sell.
What’s On in Brisbane:
GREEK PANIYIRI FESTIVAL
Some of you may recall that this year’s Greek Paniyiri Festival due to be held in May of 2022 had to be postponed due to the rains. Well, I am happy to report that the new date of the 15th and 16th of October 2022 is just around the corner, and it looks as if this time it will be a hello to lovely yiros and honey balls and all your favourite snacks at Queensland’s greatest Greek festival.
The festival takes place in Musgrave Park as well as the Greek Club in Edmondstone St, West End in Brisbane. Saturday 12pm -10pm | Sunday 10am – 7pm.
OKTOBERFEST BRISBANE
Wunderbar! The Only Oktoberfest Brisbane is back for 2022, reuniting lovers of German culture at Australia’s biggest and most authentic annual celebration.
With six HUGE Festival days across two weekends, the bold tastes, sounds and spirit of one of the world’s most iconic festivals will transform the Brisbane Showgrounds, bringing together stein-raisers from across the country. 7-9 & 14-16 Oktober 2022
EAT:
ESSA
Highly anticipated restaurant ESSA has opened its doors to a luxe new level of bespoke dining, just off the James St precinct in Fortitude Valley. On the exquisite menu you’ll find unexpected but familiar flavour combinations, with raw, pickled, smoked and wood-fired dishes featuring throughout.
The kitchen ethos at ESSA embraces collaboration with local farmers, hunters and providores, promoting an environmentally conscious approach to the menu, while harvest driven dishes provide the creative parameters for ESSA’s ever evolving dining experience. Combining an aesthetically pleasing venue and impressive menu this is a date night must!
ARTS
MUSEUM OF BRISBANE – WORLD OF WONDER: MARGOT MCKINNEY
Come along to the Museum of Brisbane to witness the extraordinary pieces of jewellery created by luxury jewellery designer, Margot McKinney. Drawing inspiration from Australia’s stunning coral reef to the Tanzania safari, we guarantee you will find a piece that will tickle your fancy. | NOW – 6 NOV
