By Phillip Murray
Sales Manager, Solutions Property Management
The latest round of statistics released for the Australian Housing Market has confirmed what many were predicting: that the price increase bubble has burst for Sydney and Melbourne, with prices coming off by about 5% on average over the same quarter last year for both cities. The reasons are no doubt lack of affordability especially amongst first home buyers, and recent tightening up of major banks on lending criteria, probably pre-empting the recommendations to come from the Banking Royal Commission.
This may have an upside for the Brisbane market with a new batch of interstate buyers looking for a more affordable option. Because the Brisbane Housing Market hasn’t seen the dramatic price increases of the Southern capitals, it appears we will continue to see the gradual price increases we have been seeing over the past few years (about 5% across the board).
However with such a diverse market as Brisbane, talking about ‘average’ prices can be very misleading. As an example the Brisbane middle ring detached market has shown good growth of up to 10%, while the unit market has decreased by up to 15% due to massive over-supply. The outer Northern and Southern housing markets, which include much of our trade area, have only shown mild increases over the past few years but is underpinned by good rental returns compared to the rest of SE Queensland.
This could be the perfect time to increase your Real Estate portfolio. Now that our Sales Division has taken root we have a number of good quality listings currently managed by our office, most with good stable tenancies in place.
Feel free to drop me a line on (07) 3888 0098 or 0412 729 931 for a no-obligation chat.
You can view our sales listings at: https://www.solutionsproperty.com.au/home/property-for-sale/