Warm regards, Brigette Righton Brigette Righton Director 0407 880 006 brigette@rightonproperty.co After such historic growth over the past two years, economists say a market correction was inevitable. The question is, will the downturn continue throughout 2023 or has the market bottomed out? While it’s a little too early to call, it seems the housing market has at least peeked around the corner. Whilst the annual decline has just ticked over 10%, median house prices in Brisbane are now more-or-less flat, gaining +0.1% in March, a significant improvement on recent months. Even so, how far prices fall depends largely on where interest rates peak. The good news for homeowners and borrowers alike is that it looks as though that peak is imminent. Buyers in Brisbane are starting to enjoy more choice, despite a slower autumn selling season for new listings than last year. The total number of properties listed for sale in March was up 5.8% month-onmonth (12.1% higher than at the same time last year). Even so, choice is limited and has a way to go - the total stock available for sale remains about 30% below pre-pandemic levels. The Brisbane property market is looking especially promising for investors as rental vacancies are towards record lows, asking rents continue to increase at pace, and further demand is expected as immigration returns and the city gears up for the 2032 Olympics. If you’re considering selling your home, speaking to a top local agent is one of the best ways to get a thorough understanding of how buyers are behaving in your suburb. At the very least, it’s helpful to hear what demand is currently like for homes like yours, and to get a no-obligation appraisal of what your home might sell for in the current market. We know the market like the back of our hands and would be delighted to help you along the journey. MARKET UPDATE
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