Brighter And some

Market update: A white knuckle end to a rollercoaster year

by Tiana Toledo, Sales Associate 22 December 2022

You might say 2022 has been a rollercoaster for property in Brisbane and indeed across Australia. But we think it’s been more like a full-blown theme park.

Interest rates rose (pre-Christmas no less!) and house prices fell like a classic big dipper.

Controversies like interstate investor land tax were thrown like sideshow alley darts at the hard-to-hit target of housing affordability.

Meanwhile tenants on the rent-merry-go-round could be forgiven for screaming: “stop the ride, I want to get off!”.

At the other end of the market, Teneriffe set a new Brisbane suburb price record, momentarily smashing the $3 million median, rocketing skyward like Dreamworld’s old Tower of Terror.

Then, just like the Tower of Terror, there was a fall from a giddy height for Brisbane suburbs which lost their million-dollar-median status: Gordon Park, Kedron, McDowall, Stafford, Stafford Heights, Fairfield, Mount Gravatt and Mansfield.

That was followed by a sigh of relief from buyers trying to break into these perennially popular markets. While established homeowners could still relax in the knowledge their home values remained above pre-pandemic levels.

Overall, we think if you’ve made it through your property year with some equity in your home, wriggle room in your home loan repayments or options on your rental list, then you’ve had a good ride. You might feel slightly queasy but you’ve hopefully enjoyed the thrill and have some goodies left in your showbag.

This is our last Market Wrap for 2022. We look forward to being your theme park guides in 2023 and we hope the property market has some great things in store for you after a well-earned rest over the festive season.

Need to debrief the year that’s been 2022? Contact us for a chat.