Is Now a Good Time to Sell My Property?

Market Update – March 2023

Recent media reports will have you believe that current market conditions in Brisbane and rising interest rates are making the selling and buying processes impossible. Although Brisbane’s real estate market is now going through a stagnant period, the fundamentals remain solid over the long run.

Here are some of the facts;

The cash rate currently set by the RBA is at 3.60 percent, which is a considerable rise from the 0.10 percent rate which borrowers were enjoying prior to May 2022. In 2023, banks predict the peak to range between 3.60 and 3.85 percent, with a possible rate drop later in the year.
The rise in growth experienced throughout Southeast Queensland since the pandemic started significantly outweighs the recent drop in home values. Brisbane had the strongest real estate market in 2021 and experienced unanticipated growth, with many areas seeing house prices increase by more than 30%, and resulting in almost 400 suburbs joining the million-dollar club.
Listings remain well below average across the country, and the shortage of stock is helping to safeguard against deeper price falls as buyers have difficulty finding quality properties on the market.
Brisbane home values have decreased since June 2022 but remain 8.4 percent higher than they were 12 months ago.

Here are some of the positives;

The 2032 Olympics will promote rapid infrastructure, economic, and population growth over the next ten years, putting Brisbane on the global map with distinctive lifestyle and economic advantages that will draw in foreign immigrants and create jobs.
There has been significant interstate migration (particularly from Victoria and NSW) into Queensland with Australians looking for more affordable property in lifestyle suburbs, and overseas migration flows are also holding at a noticeably strong pace. Federal government forecasts suggest that Queensland’s population is expected to grow by more than 16 per cent by the time Brisbane hosts the Olympic Games in 2032.
Unlike in Sydney and Melbourne, prices are still far higher across the city than just 12 months ago.
Unemployment has been around multi-decade lows for much of 2022 and has continued to drift down. Wages growth, while running slower than inflation, has started to pick up.
And here, at Ocean Realty, we are experiencing significant numbers of buyers through properties, and multiple offers

Should you buy now?

This could be a great time to enter the Brisbane real estate market if your finances are stable and the time is appropriate for you. Before other buyers realise interest rates are close to their peak and inflation is under control, strategic investors and savvy home buyers with a long-term plan will be seizing the opportunity to buy.
Brisbane’s property market is the perfect place for investment – its economy is improving, the population is growing, infrastructure is being added and property remains affordable.

Should you sell now?

A cooling market likely means a smaller price gap between your current property and the next one, making the step to upsize more achievable, and any perceived losses that may be sustained on the selling side are likely to be recouped on the buying side.
As far as residential property market is concerned, the most in-demand properties are 3 and 4 bedroom houses, followed by 2 bedroom units.
Southeast Queensland will continue to be a preferred destination for many Aussies from interstate due to lifestyle, health, and affordability reasons.

If you choose to sell right now, you need a local agent with a history of great results and recent sales in your area. You also need an experienced agent who will manage your expectations and consult with you throughout the entire selling process. That’s where we come in – and we are pleased to invite you to benefit from Ocean Realty’s tradition of integrity, respect, complete commitment, and superior service.

Click here to arrange an appraisal today.