News has dropped today that Brisbane’s dwelling value has reached a new record high, as Australia’s residential property market climbs to a total value of $11 trillion for the first time due to an increase of $900 billion over the past 12 months.
CoreLogic’s October Monthly Housing Chart Pack reveals Brisbane’s annual increase to be 14.5%, while Sydney, Adelaide and Perth dwelling values are also at a record high.
Total listings in Brisbane are now 4.2% higher than this time last year, and the data also shows a stronger flow of new listings over the four weeks to October 6, compared to the same time last year, however buyer demand has also increased across South-East Queensland.
What’s this mean for our prestige market? Properties in this bracket are in demand, prices are rising and homes are selling regardless of slightly greater competition within the market.
What does this mean for buyers in our prestige market? You’ve got a larger pool to choose from, you must still move fast, and move now before prices hike up further.
All this brings me to our last big auction event before Christmas…someone please tell me where 2024 went! Our November 30 prestige auction event is Ray White The Collective’s final opportunity for prestige buyers and sellers to gather under the one roof before the year is out. It’s always a belter of an affair. Last year we sold eight from eight listings before, under the hammer or within two weeks post-event for a total sales value of $34.001 million.
I hope to see you there.
Matt Lancashire
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