One thing we know for certain is that it’s an unusual market. Most property commentators predicted property prices would keep going down while rates kept going up.
But instead Brisbane has seen a 1.4% rise in values in May, taking our quarterly values up 1.8%. Brisbane values are now -9.4% below the record high of June 2022, according to the latest CoreLogic Monthly Housing Chart Pack.
So what happens from here?
Prop Track this month forecast that nationally, Australian dwelling values could hit a new peak in January 2024. Brisbane could outpace the national growth rate and even hit a new peak in September this year, reports news.com.au.
But the truth is – no one really knows with certainty where property prices will go.
So if you’re looking to buy, or sell, make the decision based on the right time for you, rather than trying to time the market.
Prudent buyers should factor in some further rate rises and serious sellers are still getting great results due to lower stock keeping buyer competition alive and well.
If you’re thinking of making a move, talk to your local agents to get a good understanding of what’s happening in your local area.
Thinking the time is right for your next move? View our current listings for sale or talk to us about selling.