The predictions were right
Property prices have turned around and are on the rise
The most recent CoreLogic data has shown that the predictions that the property market would bounce back were more than accurate. In fact ,there has been an impressive 0.4% increase in October, which is the biggest positive impact since the pandemic began. There has been an increase in property purchases, as well as the average number of listings, driven in part by the return of customer confidence.
Brisbane outperformed the national average with a 0.5% increase in housing prices. On the other hand Melbourne showed a – 0.2% decrease, and Sydney a modest 0.1% increase. Regional areas in Australia have been outperforming capital cities, and investors might like to take note of this interesting metric. Opting to purchase in areas a little outside of Brisbane city itself may be an option to consider.
How does the property market compare to 2019?
Property investors can take comfort in the data published comparing 2019 to 2020, which reveal. that the COVID-19 pandemic has has little overall impact on the property market when comparing 2020 to the same months in 2019. The was a significant increase in prices at the end of 2019 driven by efforts to stimulate the economy, as so this needs to be taken into consideration when comparing the data from both years.
What about new home builds?
Another fascinating element in the property market equation is the impact of new home builds. There has been a 15%+ increase in new construction projects in September, particularly detached dwellings. It seems there is a higher drive for this type of property despite easing of restrictions. Perhaps having experienced the reality of a lockdown situation, buyers are looking to move away from apartment living to more space and real gardens.
Investing in property
If you are looking to purchase an investment property in South East Queensland, you can view our listings here.
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