This means we’ve virtually erased the house price dip from the Brisbane price charts, according to the latest PropTrack Home Price Index.
“Last month Brisbane clawed back last year’s price falls entirely, prices rose another 0.27 per cent in August to reach a new price peak,” reports PropTrack on realestate.com.au.
“Prices are now 4.19 per cent above their levels a year ago and up 5.44 per cent year to date.”
This seems to defy the predictions that prices would go down so long as interest rates went up. But a continued low supply of housing stock on market – compared to historical levels – have kept prices buoyant while buyer demand has picked up.
That’s not the only factor offsetting the rate hikes.
“Stronger housing demand is being bolstered by the rebound in net overseas migration, tight rental markets amidst shortages in rental supply and ongoing labour market tightness with slowly increasing wages growth and the unemployment rate holding close to multi-decade lows.”
In other words, the Brissie market is looking pretty solid right now.
Sellers are achieving solid prices, and buyers are enjoying a less frantic pace than our market saw heading into the last peak.
Want to get a foothold in a rising market? View our current listings for sale.
Want to cash in? Book a valuation or talk to us about selling.