Brighter Buying

Market update: Brissie prices rose in March

by Richard Parker, Sales Manager 13 April 2023

After eight months of price falls from our June 2022 high, the Brisbane property market rose again in March.

Brisbane dwelling values increased 0.1% according to the latest CoreLogic Hedonic Home Value Value Index.

So you could be forgiven if you didn’t notice it.

However what we can see more clearly as we move into 2023 is a stabilisation of values, following the drop of just over -10% from their June 2022 high.

That’s a decent decline but still pales by comparison to the 42.7% increase we saw from the COVID tough to peak growth.

So do we expect prices will continue to rise? The experts are remaining cautious. Interest rates remain high but prices are holding firm due to low stock, high overseas migration and high rents prompting some renters into buying.

“Advertised supply (nationally) has been below average since September last year, with capital city listing numbers ending March almost -20% below the previous five-year average,” says CoreLogic Research Director Tim Lawless. “Purchasing activity has also fallen but not as much as available supply; capital city sales activity was estimated to be roughly -7% below the previous five-year average through the March quarter.”

“With rental markets this tight, it’s likely we are seeing some spillover from renting into purchasing, although… Similarly, with net overseas migration at record levels and rising, there is a chance more permanent or long-term migrants who can afford to, will skip the rental phase and fast track a home purchase simply because they can’t find rental accommodation.”

Feeling like now is a solid time to make your next move? View our current listings for sale or talk to us about selling.