THIS Is Why So Many Sellers’ Are Setting Their IPhone's Location To Bayside Brisbane
Remember at the end of the naughty nineties, the world anticipated the Y2K bug would terminate all computer systems and we were forever doomed? And again in 2020, we all were wholeheartedly convinced that if we stepped outside of our homes, Covid would catch us and that would be the end! Now, fast forward to 2022, what do we have? Media headlines spooking us into believing the worst is around the corner and to hold firmly on to our pennies (and panties) because the property market along with the economy is crashing and dying and our lives as we know it are over!!! But guess what… it’s not. So guys, keep calm and carry on reading, because you’re going to want to be prepared for what’s coming up in 2023. 
Of course, there have been some pricing corrections taking place over the past twelve months, but mostly we have watched market conditions normalise following an outrageously beneficial boom in 2020. Let’s take a peek at where the Brisbane property market is sitting at present.
Bayside Brisbane Property: Decent, Desirable and in Demand
When we look at economics, demand is soaring whereas supply is in deficit.
Fact 1: Consistently increased migration from both overseas and interstate buyers and investors
Fact 2: Investors are eager to get into the market due to the high rental returns and near-zero vacancy rates.
Fact 3: First home buyers under pressure to get a foot through the door
The moral of the story is, the demand is still there, people are just in a budget-conscious, highly conservative mindset due to the endless fear-driven headlines we are bombarded with and the crippling uncertainty causing everyone to go “cuckoo”. What you need to understand is it is still a favourable time to sell your home, but it is imperative you choose a local expert who knows a little bit more about what is going on than say, countless random ‘news media experts’ posting uneducated yet controversial opinions on Twitter and gaining a few likes here and there. More importantly, you need someone on side who is able to market your property effectively and to the right eyeballs. That’s where Trish Breen comes in. Along with being a high-level communicator, and excellent negotiator, Trish is also an accomplished marketer across all platforms. While Trish is an independent agent, she is also associated with the Remax Advantage network in Manly and has the local knowledge and experience that every seller wants from their agent. Just look at her referral base to see for yourself! Needless to say, Bayside Brisbane has been one of the hottest property markets over the last few years, primarily due to Queensland experiencing the highest interstate migration rates in the country. No wonder, with sensational weather, along with captivating natural beauty where mountain ranges meet the sea air - all located a hop, skip and jump away on the Gold and Sunshine Coasts. Who wouldn’t feel totally spoiled living in a place that provides the best of both worlds?!So let’s take a look at how the Brisbane property market has performed between 2021-2022 and what some of our predictions and tips are for 2023.
How Did the Brisbane Property Market Perform in 2021?
Similar to many locations across the country, property prices in Brisbane surged to record highs in 2021. Well, in actuality, Brisbane was the strongest contender in terms of property market players in 2021 exhibiting astounding growth, with many locations presenting a 30+% house price growth. And while growth dipped across other markets and states in Australia, Brisbane's housing markets continued to perform impressively well throughout the first half of 2022. Amazingly, this transpired even with the devastating floods we endured early in the year. What does this tell us? The Brisbane property market is bloody resilient! What were the factors that contributed to influencing Brisbane’s market, you might wonder? The steep increase in property values in Brisbane were a consequence of a combination of facets:
- Historically low-interest rates.
- Relatively affordable property values (compared to Sydney and Melbourne)
- Strong internal migration from NSW and Victoria.
- The popularity of the region & its appealing ‘balanced’ lifestyle offering
How has the Brisbane Property Market Performed in 2022?
Whilst we are sitting in a bit of a flat patch, the long-term fundamentals are strong with respect to Brisbane's property market. CoreLogic reports that Brisbane’s dwelling values increased by 42.7% from trough to peak from the onset of Covid, but dwelling values have now fallen -6.2% from their peaks. But, as always, the housing market in Brisbane is very segmented and the important thing is we are thinking in terms of ‘big picture’.
Here's what's happening to Brisbane property values:
- Brisbane’s median property value stands at $762,284
- Down -1.8% over the last month
- Up 8.7% over the past 12 months
Like after every downturn, there will be a bolt towards quality properties and we will see a more pronounced emphasis on liveability priorities. Of course, while some locations in Brisbane, such as Manly, have strong growth potential, and the right properties in these locations will make superb long-term investments, hungry buyers and investors from near and far will be closely assessing the following set of attributes with respect to investments.
Proximity: to all things like parks, shops, amenities, and decent schools
Mobility: Access to good public transport or an ideal road system
Access to jobs: Self-explanatory
The bottom line is though, for those with a secure job and who have their finances under control, now is still a great time to buy into the Brisbane housing market. While sellers might be waiting patiently on the sidelines, buyer demand is very much there. For many first-time buyers willing to get a foothold in the Brisbane property market, and pay market value, it might be an ideal time to put your property on the market and save yourself potential headaches when things escalate.
Brisbane Property Market Forecast For 2023
The positive news is that strong supply and demand dynamics will continue to be the cornerstone of Brisbane’s solid market performance and put a floor under house price falls. So, like many buyers, if you’re worried about the Reserve Bank’s consistent increases, along with soaring inflation, rest assured the Brisbane Property market is protected due to the above-aforementioned driving factors. Furthermore, the Real Estate Institute of Queensland (REIQ) has suggested that there is a moderate shift towards a buyer’s market taking place across the state, but as housing supply is still sitting tight, this should support house prices moving forward. Though market analysts are anticipating a slight ease in property prices across the country in 2023 (-0.6 for Queensland), due to the predicted rise in interest rates, it is important to remember to look at the facts, and statistics of the specific area you’re selling in.
If you’re selling in or around the Manly or Wynnum area, Trish Breen is the local expert known for her unwavering ability to meet desires and objectives no matter the climate. She relishes in the responsibility of ensuring each client enjoys the sales journey comfortably, with the knowledge that their best interests are at the forefront of all that is being executed on her behalf. Consider her the professional you can rely on and befriend. Get educated and get ready because things are about to change fast and now is not the time to be complacent! Call Trish now.
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