With 2022 now at least a few hours in the rear vision mirror it’s worth reflecting on just how much change was crammed into one year and which markets were the winners and losers.
Some homes are always going to draw an auctino day crowd, like this brand new house at 6 Kenbury St, Bulimba that sold after auction in July for $3.85m. Picture: Debra Bela
Affecting the property market this year we had floods, lockdowns, supply chain issues within the building industry and eight interest rate rises adding 3 per cent to the cash rate, plus the external challenges of Covid.
Suburbs across Brisbane, including Milton in Brisbane’s inner-west, were impacted in the February floods.
However on the positive side of the ledger, we also had the strongest interstate migration, major international attention due to the upcoming Olympics and significant construction projects including the Queen’s Wharf nearing completion.
Members of the Star Entertainment Group celebrate ahead of the Queen’s Wharf opening in 2023. Picture: Nigel Hallett
Now that the dust has settled on 2022 the results are likely obvious.
The resilient sections of the market were active looking to capitalise on the long term forward outlook. They could see beyond the short term pain/noise and saw the uplift that is likely coming. The more vulnerable parts of the market sat on the side line and that caused the belly of the market to pull back.
THE RESULTS:
Best and fairest: ‘The prestige market’ has been less affected by interest rates and other distractions. These astute investors saw the long term benefits and took action.
16 Leura Tce, Hawthorne sold for $10.21m in July, the richest ‘under the hammer’ sale Brisbane has ever seen. Picture: Supplied
The most improved: ‘The unit market’ fought against the odds to shine. The prices were just too low when compared to rents and the yield/buying opportunity saw strong interest in units.
16 Leura Tce, Hawthorne sold for $10.21m in July, the richest ‘under the hammer’ sale Brisbane has ever seen. Picture: Supplied
The Woolstore apartments have been popular with buyers this year. A one-bedder at 313/8 Skyring Tce, Teneriffe sold under the hammer for $660,000 in November. Picture: supplied
The one to watch: ‘The unrenovated properties’ were the hardest hit. This is where we saw the best value in 2022 with interest rates and build costs spooking buyers. Normally, the hottest part of hte market it will likely rocket back to it’s normal front position in 2023.
Look out for this Stafford renovator that will come online in the new year. Picture: Ray White New Farm
Haesley Cush is an award-winning auctioneer who has called more than 10,000 auctions. He co-owns Ray White New Farm, Spring Hill, Toowong, Clayfield, East Brisbane, Bulimba and Living Here Cush Partners.
Cush For Comment | 03 January 2023
With 2022 now at least a few hours in the rear vision mirror it’s worth reflecting on just how much change was crammed into one year and which markets were the winners and losers.
Some homes are always going to draw an auctino day crowd, like this brand new house at 6 Kenbury St, Bulimba that sold after auction in July for $3.85m. Picture: Debra Bela
Affecting the property market this year we had floods, lockdowns, supply chain issues within the building industry and eight interest rate rises adding 3 per cent to the cash rate, plus the external challenges of Covid.
Suburbs across Brisbane, including Milton in Brisbane’s inner-west, were impacted in the February floods.
However on the positive side of the ledger, we also had the strongest interstate migration, major international attention due to the upcoming Olympics and significant construction projects including the Queen’s Wharf nearing completion.
Members of the Star Entertainment Group celebrate ahead of the Queen’s Wharf opening in 2023. Picture: Nigel Hallett
Now that the dust has settled on 2022 the results are likely obvious.
The resilient sections of the market were active looking to capitalise on the long term forward outlook. They could see beyond the short term pain/noise and saw the uplift that is likely coming. The more vulnerable parts of the market sat on the side line and that caused the belly of the market to pull back.
THE RESULTS:
Best and fairest: ‘The prestige market’ has been less affected by interest rates and other distractions. These astute investors saw the long term benefits and took action.
16 Leura Tce, Hawthorne sold for $10.21m in July, the richest ‘under the hammer’ sale Brisbane has ever seen. Picture: Supplied
The most improved: ‘The unit market’ fought against the odds to shine. The prices were just too low when compared to rents and the yield/buying opportunity saw strong interest in units.
16 Leura Tce, Hawthorne sold for $10.21m in July, the richest ‘under the hammer’ sale Brisbane has ever seen. Picture: Supplied
The Woolstore apartments have been popular with buyers this year. A one-bedder at 313/8 Skyring Tce, Teneriffe sold under the hammer for $660,000 in November. Picture: supplied
The one to watch: ‘The unrenovated properties’ were the hardest hit. This is where we saw the best value in 2022 with interest rates and build costs spooking buyers. Normally, the hottest part of hte market it will likely rocket back to it’s normal front position in 2023.
Look out for this Stafford renovator that will come online in the new year. Picture: Ray White New Farm