As the new financial year begins, let’s take look at some of the current market trends in Brisbane, and more importantly, on our bayside.
Despite the chilly conditions, buyers are turning out in greater numbers, with the latest Raine & Horne June data indicating a 16% increase in groups attending open for inspections. This increase in buyer activity, along with a tight supply of new listings and over 80,000 new migrants to Brisbane each year, continues to drive the current market. The forecast is for Brisbane to continue to hold a strong position nationally.
The greater Brisbane market has hit a record home price, firming itself as the second most expensive capital city to buy a dwelling, after the median hit $840,000. Prices have jumped 14.14% compared to this same time last year, according to the latest PropTrack Home Price Index released on 1st July, 2024.
Comparably, we have seen even greater growth to our Wynnum and Manly marketplace, with Wynnum now having a median sale price of $1,150,000 for a home (up 17.9%) and $650,000 for a unit (up 7.9%). Manly is one of the strongest and most tightly held marketplaces in all of Brisbane, seeing a staggering increase of 44.7% to the house market, with a median sale price of $1,592,000 and units are up 5.9%, with a median of $765,000*.
The majority of buyers in the marketplace are owner occupiers. We’ve seen a selection of people purchase their first homes, thanks to the QGOV increase to the first home concession threshold on transfer (stamp) duty from $500,000 to $700,000. Also, the continuation of local residents upgrading from their current homes while remaining in our area. Another strong entry into our area is coming from our east Brisbane neighbours in Coorparoo, Morningside, Carina and surrounding suburbs. Many young families are moving to the bayside to enjoy the lifestyle and to attend our great local schools.
Properties with bay views, as well as walking distance to waterfront are still in great demand – both the money and the desire are there.
For many, this raises the questions: When do I sell? When should I purchase?
We do know that supply and demand continue to drive this market, which is the strongest we have ever seen. The number of properties on the market will only increase your competition as a seller and narrow the pool of potential buyers. In response, this is a fantastic opportunity to sell!
Do you, as a buyer, hold off on making a purchase until interest rates have dropped so you can lock in the lower rate? The question is: What is the duration of the wait? And are real estate values going to keep rising, eliminating any potential savings from a lower interest rate, while we wait for interest rates to (potentially) decline? Being inside the market is unquestionably preferable than watching from outside of it.
*Source: realestate.com.au.
