AMESSAGE FROMRACHAEL SPINKS 2022 certainly kicked off with a renewed sense of optimism. With more and more Australians becoming double vaccinated and boosted and interstate borders reopening, there was a growing feeling that life might just be returning to ‘normal’. There was certainly every reason to feel positive about our strong property market, as Brisbane cemented its place as the fastest growing capital city in the country. Right from the getgo, open homes were extremely well attended, the high numbers bolstered further by the strong presence of Southern home hunters. Tennis court homes and lifestyle properties were in high demand. The first six months of 2022 saw some incredible sales right across Brisbane. A tennis court home in Virginia Ave, Hawthorne recorded a sale price of $15 million and 31 Needham St, Fig Tree Pocket recorded an outstanding sale price of $9 million. 43 Union St, Clayfield and 2 Perry St, Hamilton (both tennis court homes) followed closely with sales of $8.4 million and $6.77 million, respectively. Tennis court homes at Kenmore Hills, Grange and Indooroopilly also recorded outstanding sales results with prices ranging from high $4 million, high $5 million and just over $6 million. According to CoreLogic, Brisbane housing values, unlike those in Sydney and Melbourne, have continued to trend higher in 2022. Although the rate of growth has eased back from its peak of 8.5% to currently 4.6%, Brisbane is still outperforming the national average growth rate which is just 1.1%. A key factor supporting ongoing price growth in Brisbane is that listings remain extremely low. At the end of May, total advertised stock levels were holding 28% below the five-year average in Brisbane. At the same time, home sales have eased but remained approximately 15% above the five-year average in May. With demand continuing to out-weigh available supply, Brisbane homes are selling in just 20 days on average, with minimal levels of discounting. The recent rising interest rates and rising inflation, along with tighter lending conditions, have contributed to the ease in the rate of growth. However, many economists are still predicting solid growth for the Brisbane property market. Property commentator Simon Pressley of Propertyology is predicting up to 27% gains in 2022 due to the strong fundamentals which exist in Brisbane. “After 15 consecutive years of lean performance, Brisbane will be Australia’s best-performed capital city in 2022. Somewhere in the vicinity of 27 per cent capital growth is on the cards for 2022 and 35-45 percent over the 2-years ending 2023.” Michael Yardney, director of Metropole Property Strategists, believes that after last year (where property values increased in almost every part of Brisbane) moving forward we will see a segmented property market. He describes this as a more ‘normal property market’, where some locations will rise strongly, some will increase in value moderately and some locations will languish or fall, based on local supply and demand. He also expects Brisbane to remain one of the nation’s hottest markets, due to the ongoing imbalance between low supply and strong demand keeping upward pressure on housing prices. He predicts by the end of the year it’s likely “overall” home values will be 10+% higher than the beginning of the year. With Brisbane currently in the midst of both a population boom and an infrastructure boom, there is a general consensus that our housing market will buck the national trend and continue to undergo significant growth this year. This sentiment is certainly reflected in the level of enquiry we are receiving at SpinksCo Residential. We are currently searching on behalf of several local and interstate buyers for tennis court and lifestyle properties ranging in price from $4million to $10million. If you would like to take advantage of the outstanding price comparisons that have already been set this year, I would be delighted to arrange an appraisal of your property and a potential match with one of these qualified buyers. Rachael Spinks 0411 10 10 15 www.spinksco.com.au Follow us on Instagram - spinkscoresidential
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