The latest stats, data, results, facts and opinions on Brisbane’s real estate market
It’s hard to imagine a time when we didn’t have full-streaming real estate data bombarding us. Now there’s a number of national and local commentators producing emails, blogs, newsletters, reports and updates. So to help you digest it all here’s a Cook’s tour of the latest:
RP Data say Brisbane’s dwelling prices went down 0.4% in July (or $1,700) for a total 6.6% dip over the past 12 months. Brisbane unit owners can punch the air – your median price apparently rose 0.4% in July, while house-owners lost 0.6%. Their Tim Lawless says the upper end of the capital city markets is being hardest hit and times on market have increased across the board. “If these soft trends persist, the Spring Selling Season is likely to open up some attractive investment opportunities for prospective buyers. In contrast, the selling environment is likely to be challenging for vendors, particularly if they have unrealistic price expectations,” Mr Lawless said.
Analyst Michael Matusik says the data suggests the worst may be behind us, with the monthly and quarterly results starting to trend upwards. “Even Brisbane, with the impact of the recent flood weighing down its property market, has fallen just 2.6% or by $11,600 since January. The Australian sharemarket can fall more than this in a single day.” Matusik says most property owners are still ahead. “Just one in 14 resales across Australia over the last decade made a loss. Importantly, close to half of the sellers since early 2000 made an annual gain of over 10% per annum. Keep in mind that capital growth can be deceptive as most measures exclude inflation, costs, taxes and charges. But still, such a positive result is encouraging.”
And first home buyer may be back in the market and taking advantage of good buying. Home loan approvals from first-home buyers jumped to 35% in June, compared with an average of 27%, according to mortgage broker Mortgage Choice. Mortgage Choice says a drop in first-home buyers during the last financial year made it hard for existing home owners to sell before moving onto their next property. Mortgage Choice CEO Michael Russell attributed the fall in numbers to the ending of the boosted first-home owners’ grant, which he says brought forward purchases in 2009 and 2010.