"Contrary to all predictions, our property market turned a corner earlier this year, having now clearly moved to the upturn phase of the property cycle, displaying remarkable resilience."
I am delighted to present our latest Quarterly Property Market Report, offering a comprehensive overview of the dynamic real estate scene in Queensland's bustling capital over the last quarter, and answering the burning questions many have about the state of Brisbane’s residential real estate market.
Despite 12 interest rate increases from the Reserve Bank of Australia, which have seen official rates rise by 4 per cent over the last year, property prices in Brisbane have steadily risen, and the RBA's pause in hiking rates for the last two months should continue to increase buyer sentiment. Experts are anticipating the RBA to commence rate rising again from November, after inflation data was higher than expected. We will continue to observe buyer and seller behaviour as the economic environment changes.
Brisbane dwellings have been consistently rising month-to-month, so much so that CoreLogic reports that dwellings are only 0.6% below the record high recorded in May 2022, off the back of the COVID-19 boom.
A particularly encouraging aspect of this rebound is that, even in the face of rising interest rates, there is little evidence that homeowners in Brisbane's prime markets have been forced to sell their properties. We will dive further into this bounce back in this report.
Rental demand has remained extremely competitive, driven not only by residents but also by a steady influx of interstate and international migrations. We are seeing many investment properties sell to owner occupiers, reducing the already small pool of rental properties and placing pressure on demand. Although rents continue to increase, it's worth noting that the rate of growth is gradually stabilizing.
At Place, we take great pride in our team of highly skilled professionals who are wholly dedicated to delivering exceptional outcomes for our valued clients. Their unwavering commitment to excellence has played a pivotal role in navigating the challenges of the past year, assisting buyers, sellers, landlords, and tenants in finding their ideal property solutions.
Looking ahead, Southeast Queensland's property market is poised to maintain its status as Australia's hottest real estate market, especially as we approach the 2032 Olympic Games.
Building on the momentum witnessed during these times of resilience, Brisbane is well-positioned to attract more investors and buyers, offering numerous opportunities for growth and prosperity. In the short term, I have full confidence that we will continue to see growth into the Summer season.
Damian Hackett - Place Estate Agents CEO
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