Brisbane Property is Holding Strong

While the headlines say downturn, the figures from central Brisbane show property prices are holding strong. Let’s take a look at some recent figures. 

It’s so strange how headlines can skew people’s opinions and actions. Many people are feeling nervous about what’s going on with property but are failing to look at the actual numbers. 

We’re happy to say the July/August/September quarter of 2022 was one of our best periods ever, with some incredible home sales which defied even our expectations. No matter what the headlines say, a well-presented property campaign always attracts buyers and people who are willing to bid at auction. 

Consider New Farm, where the median house price is still jumping, up to $2.675 million at the end of September, from $2.525 million at the end of August. Realestate.com.au figures point to 26.4% price growth in this suburb over 12 months.  

In Teneriffe, prices were rising up till the end of August and are currently sitting at an average of $3 million. Part of the reason for outstanding results in this suburb is relatively low supply. Buyers are interested but have little stock to choose from so it is an excellent time to sell if you’re based in this area or any of the surrounding suburbs. 

General updates

When you look at the Brisbane market as a whole, there is evidence of prices settling. However, we see this as inevitable after such collectively large jumps last year. Anyone who bought prior to 2019 will still be ahead in terms of how much more their home is worth these days; more than 40% in some circumstances. A small ‘downturn’ of less than 2% isn’t anything to be scared by after such massive increases. 

As shared by Smart Property Investment, compared to the same period last year, the median price of a house in Brisbane is up by 18.1%. The average price tag of a house in the city is now  $864,149. While month-on-month figures may be settling, the year-on-year figures are still remarkable. 

The article also reported the number of properties for sale across the city fell in August. If you’re considering putting your home on the market, having a lack of other properties for sale gives you the opportunity to work with Brisbane’s Competition Creators™ and secure an excellent price. 

Another statistic to be aware of is Brisbane’s rental vacancy rate, which is still less than1%. If you’re looking to pick up an investment property, you’re unlikely to find yourself searching for tenants. Rents are trending higher, which gives you the potential for strong rental yield.  

Recent luxury home sales in Brisbane

One of the stunning properties we sold at the end of the last quarter was 49 Reading Street in Paddington for $5.8 million. 

This incredible 1860s Queenslander features an innovative tri-level design linked by a curved staircase, relaxed indoor/outdoor entertaining with rooftop terrace, five bedrooms and self-contained guest accommodation.

Properties of this calibre sit around the $2.5 million+ price mark, well over the suburb median of $1.8 million. They are a reflection of Paddington’s recent year-on-year value increase of 31%. 

It seems there is no end to buyer appetite for spacious, luxury homes in Brisbane. Another success story from our team was 35 Mackay Street in Windsor. Complete with a pool, modern kitchen and spacious dining area, this ultra-glamorous Hollywood Hills-style family estate sold in late September for $4.83 million, well above the suburb’s below $2 million average. 

We were also pleased to represent the $12 million sale of 35 Morgan Street, Ascot.  This home sits on a 1,120sqm block, spanning six levels with 1409 sqm of under roof space. With uninterrupted 180-degree mountain, river and city views as well as multiple bars, an entertainment room and outdoor kitchen. The new family will enjoy being able to use 6 bedrooms, 6 bathrooms, 3 powder rooms and 2 studies.

Please get in touch if you’d like to find out more about these homes or any of our other current listings. 

I hope you enjoy the read,

Matt Lancashire.