In April, house prices grew at their slowest national pace since October 2022 and Australia’s two largest property markets, Sydney and Melbourne, posted their first negative quarter of declining house prices since the extended COVID-19 lockdowns.
But, Brisbane’s still up: 1.7 per cent for the month and 29.3 per cent for the year just gone which means we significantly outperformed the combined capitals whose growth in April was up 0.3 per cent and annually only rose 14.6 per cent.
I think a two speed market is beginning to emerge. Both Brisbane and Adelaide, two smaller capitals, are still seeing growth and aren’t slowing as much as the other major capitals and, of course, we’re still seeing regional growth as well.
For Brisbane’s homeowners with plans to sell, it’s not the worst idea to sell before the unknown of further cash rate rises dampens the market, and policies post-election get enacted.
As I always say to sellers, we only know the conditions of the market we’re in today and none of us – even the agents that purport to – have a crystal ball for the future.
I hope you enjoy the read.