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2023 and things are going gangbusters

Buyers are still out in Queensland, as our first quarter results show. Here’s what has been happening in the local property market.

The first quarter of the year has wrapped up and it’s time to take a first look at property figures for 2023.

Firstly, it’s worth noting Brisbane was Australia’s best performer in 2022, with reports pointing to 32% growth in average house prices. This was thanks to the boost in arrivals from overseas, the still-steady influx of interstate migrants, and new infrastructure projects creating employment opportunities.

As always, the new year has brought a new landscape, but this doesn’t mean we haven’t seen excellent results.

Some general February figures across our group include:

  • 72% auction clearance
  • 27 average days on market for auctions
  • 39 average days on market for private treaty
  • 25% increase on buyer enquiry in 2023
  • Gross rental yields at 4.3% and increasing (rental property availability is extremely low).

When you look at data on a suburb-by-suburb basis, the statistics are equally positive. For example:

  • New Farm: 18.5% growth over 12 months
  • Hawthorne: up 5.1%
  • Teneriffe: up 33%
  • Fortitude Valley: up 7.5%.

Meanwhile, the average time to sell a home in Brisbane remains impressive. Particularly for homes listed for auction over private treaty.

In terms of individual results, the luxury apartment niche is reported to be booming, with a new internal record square metre price recently being set at $35,000.

Why the strong market?

Interest rates have jumped ten times in a row but many buyers in Brisbane still have healthy budgets because they are coming from pricier cities like Sydney and Melbourne, or from overseas.

To add to this, stock in Brisbane is at low levels. Australian Property Investor recently mentioned listings are down 29% compared to the five-year average. Over the last 12 months, the number of new listings has plummeted by 22.4%. Fewer listings mean prices remain high.

Our first quarter results

This year, our phones have still been ringing hot with interested buyers looking to purchase or invest in Brisbane’s inner-city suburbs.

We were also proud to achieve one of Brisbane’s highest weekly sales in March, with a home on Ludlow Street in Hamilton selling for $6,400,000 at auction. Other results included:

  • 20 Hickey Street, New Farm | $3,625,000 | SOLD at Auction
  • 44/208 Adelaide Street, Brisbane City | $1,900,000 | SOLD prior to Auction

Throughout all three campaigns, we received 25,928 online views and 154 buyer inspections. Our team’s dedication led to 18 registered bidders, which resulted in fantastic outcomes for our clients.

These great results have all taken place ahead of the autumn selling season, which is traditionally one of our busiest times.

As I recently said, we are seeing 1,500 people coming into South East Queensland every week at the moment. We are really feeling this, I would say 50 percent of enquiry is local and 50 percent is from interstate or international buyers,

Is it time to sell?

The key to success right now for property vendors is the lack of stock on the market. Right now, buyers are looking to snap up high-quality homes and are willing to pay a healthy price because of Brisbane’s location, relative affordability and growth potential.

However, you still need the support of a specialist, expert team who have existing contacts with motivated, purchase-ready buyers. This will ensure your home spends less time on the market and you achieve a sale outcome you are thrilled with.

Hope you enjoy the read.

Matt Lancashire