The first half of 2019 was a roller coaster, with a terrific first quarter, followed by a flat second quarter. January – March saw active buying and sellers achieving great results. Positivity returned to the market. The Brisbane property market remained isolated from the negativity from the southern capital cities, bucking the trend and remaining flat.
The figures for Greater Brisbane, which includes Brisbane, Ipswich, Redland, Moreton Bay and Logan, showed the annual median house price was down slightly by 0.3 per cent. *Source Domain House Price Report, March 2019.
The Brisbane market maybe flat, however when you compare Brisbane to Sydney, which saw a fall of 11.5% and Melbourne a fall of 10.4%, Brisbane is performing significantly better.
The second quarter saw transaction volumes & the number of new listings come to market fall, as sellers held off listing until after Easter & the subsequent April public holidays. Then the federal election was called. The uncertainty surrounding the possible changes in government & resulting tax changes, saw another reason for sellers to wait & see.
With the election result being so decisive the taps to the property market were turned back on on Monday 20th May 2019. Both Buyers & Sellers were actively back in the market, with the confidence provided.
The two back to back rate cuts are having their desired effect. Buyers are out actively looking for their new home or investment property. With interest rates below 3%, money has never been cheaper.
Investors with loans of 5%, should now be actively looking to refinance. A 1% reduction on a $400,000 home loan, equates to $76 per week. A rent increase of $76 p.w would not sit well with a tenant, however $76 per weeks interest saving could be achieved by just shopping around between banks. Speak to Dean McClare 0411 514 287 firstname.lastname@example.org , from Loan Market, today for a free loan review.
I remain extremely positive about the second half of 2019. With the Brisbane housing market on the rebound / start of recovery and the apartment market at the bottom on the market, according to Herron Todd Whites June Review, I believe we will be looking back on this period next year talking about how Brisbane property prices have seen significant growth and that 2019 was the time to buy.
Luke O’Kelly – Principal – Ray White West End