Positive results for Brisbane market
Positive results for Brisbane market
Posted on Wednesday, June 25 2014 at 12:48 PM
The Brisbane market appears to be rising, with the RP Data-Riskmark Daily Home Index up 5.86 per cent in Brisbane over the past 12 months.
Coronis Realty sales director Craig Gillies says the number of sales in
the 2013/2014 financial year are up more than 54 per cent, in comparison to the
previous financial year.
“Based on the current reports and figures, the Queensland real estate
market has been experiencing moderate growth, and this is reflected by the
number of listings and sales made by our offices over the past financial year,”
he says.
The last reported median house price in the Brisbane area was $480,000,
while the median unit price was $395,000.
RP Data senior research analyst Cameron Kusher says upgraders and investors
are the main drivers of the market, currently spurred by the low mortgage rate
environment.
“It will be interesting to see whether investors start to turn their
attention away from Perth, Sydney and Melbourne and towards higher yielding
markets that are much earlier in their value growth phase, such as Brisbane,
where value growth is now becoming more evident,” he says.
Meanwhile, looking forward in terms of interest rates, the likelihood of
the Reserve Bank of Australia (RBA) cutting rates further is still seemingly
low, according to Kusher.
“Most economists have now pushed back the timing of their predicted
future rate cuts, with most now forecasting that the next movement will be an
increase,” he says.
“The RBA in its most recent decision has indicated that they see
official interest rates being on hold for the foreseeable future. The housing
market has been responding in quite a positive manner to the lower rates.
Growth in values on a quarterly basis peaked in August last year and have been
moderating since this time in line with the falls we have been witnessing in
consumer sentiment.”
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