And the latest CoreLogic Home Value Index confirms that Brisbane price declines did indeed slow, finishing the month down just 1.5 per cent.
Overall in 2022 we recorded an annual drop in housing values of 1.1 per cent, meaning much of the gains made at the start of last year were eroded as we hit our peak around June.
But like most capital cities, our overall values remain well above their pre-COVID levels.
We saw a whopping jump of 42.7 per cent in house prices from the COVID trough to our peak, and since then we’ve seen a dip of 9.4 per cent.
This means the buying frenzy has eased a little, so first timers and other buyers can breathe easier when finding a home or investment property.
But it also means that sellers who have been in the market a few years or more are still enjoying some solid gains.
For renters, last year was a tough one.
Brisbane houses saw an annual increase of 13 per cent in median rents. Brisbane units increased 15 per cent over the year.
Tough rental conditions are expected to continue as vacancies remain low and a return of international students and migrants puts more demand on our rental markets.
CoreLogic says the outlook for 2023 is: “Initially, skewed towards the downside.”
This is economist-speak for ‘prices are likely to continue to fall at the start of the year’. Most commentators are reporting that property price drops will stop once interest rate rises stop, possibly later in the year.
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