Address Spinks & Co

MESSAGE FROMRACHAEL As 2021 draws to a close, I reflect on what can only be described as a whirlwind of a year for the Brisbane property market. Record prices were set across most of Brisbane’s preferred suburbs. I’m particularly proud to announce that SpinksCo Residential represented two properties which appeared in the top ten sales of tennis court and prestige property. In fact, Brisbane surpassed all expectations, with house prices increasing an incredible 27.9% in the past year. The median house price is now $757,000 and there is speculation that values could double by the 2032 Olympic Games to approximately $1.4million. One of the more significant observations for me this year is the upswing in the Auction Clearance rate. Our “River City”, not known to be favorable to auction sales, has experienced a red-hot auction market in 2021, consistently achieving clearance rates over 70% throughout the year. November recorded a very strong clearance rate of approximately 80%. As we turn our attention to 2022, most economists agree that the extraordinary rate of growth we’ve seen in 2021 will begin to slow. ANZ and CBA both predict prices to grow by a much more conservative figure of 9% for 2022, with Westpac predicting 10% and NAB only 5%. All four big banks are expecting an adjustment in values further ahead in 2023 but most economists don’t believe values will fall to pre-pandemic levels. Key drivers contributing to the slow-down will include: 1. Higher interest rates, 2. Tighter lending and 3. Increases to housing supply Regardless, Brisbane will enter 2022 with a great deal of momentum and is tipped to be the hottest property market in Australia. The key driving factors setting Brisbane apart from other capital cities will be: 1. Internal Migration 2. 2032 Olympic Games 3. Huge Government Infrastructure Spend 4. Affordability 2021 was certainly Brisbane’s year to shine and I look forward to another busy year ahead as sellers prepare to take advantage of the current market conditions and buyers look to secure their future between now and the 2032 Olympic Games.. Rachael Spinks 0411 10 10 15