Brisbane has recorded 0.07% growth for the 2013 calendar year to date, and 0.57% growth over the previous 12 months.
The dip in prices over the previous month has been a little strange in comparison to what’s actually happening in reality. Consider that this data lumps the whole of greater Brisbane and also the Gold Coast into the mix is a start to explaining why the growth is not showing anything inspiring so far this year, also you need to consider the micro markets that operate within larger markets to get a glimpse of what might happen over the remainder of 2013.
Allen Real Estate do a lot of our buying in the under $500,000 and within 12k of the CBD market and this price range and location has been quite strong, the most competition for the past few years has been evident as buyers are out and about on weekends inspecting and more importantly bidding for and buying property. Stock on market is down, agents are scrambling for new listings and not returning buyer phone calls (surprise!) as pretty much anything is selling quickly if it has a reasonable price tag on it.
The federal election has been listed as a confidence point for later in the year, and well might be a small issue. However the only thing that’s holding prices down at the moment would appear to be the amount of sellers who have been postponing selling over the past few years and who are now placing their properties on the market. Once this backlog of properties resolves and if the amount of buyer interest remains then, unfortunately for a buyer who likes as little competition as possible, we will see price rises, perhaps sudden and sharp, later in the year.