Real Estate
Australia’s Rachael Gunn, known as Raygun, sums up the insanity that is the Aussie property market. (Photo by Odd ANDERSEN / AFP)
This market has more twists and turns than a Raygun routine.
B-Girl Raygun at the Olympic Games in Paris. (Photo by Elsa/Getty Images)
Markets across Australia are continuing to move at different speeds.
Area’s like Brisbane and Perth are flying while other parts of the country, like Melbourne, are more lacklustre.
The Brisbane property market is in its groove
The big leavers that are pulling the market in different directions are interest rates, construction costs and immigration.
Melbourne has tapped out of the battle. (Photo by: Brett Price/VW Pics/Universal Images Group via Getty Images)
An example of this is last year in our group of five offices in Brisbane in Q4 (April – June 2023) we sold 237 properties.
Coincidentally, this year in Q4 we sold 237, the exact same number!
But here’s the story.
In the same period last year we met 5047 buyers at open homes.
This year we met 8348. That’s an extra 3301 buyers in a three month period!
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Haesley Cush says be like Raygun Pic: Lyndon Mechielsen/Courier Mail
With buyer demand that strong you can see why Brisbane has had its steep capital growth.
This wave of interest is being fuelled from those other two levers.
These buyer numbers are being bolstered by strong interstate immigration, growing international interest and fuelled even further by the additional first home buyers pouring into the market.
But unfortunately construction costs have prohibited the opportunity for builders and developers to capitalise on these running markets.
Even at today’s new prices many of them are still unable to buy, build and profit.
Finally, in the continued dance battle between buyers and sellers, both parties scored points this month with the RBA’s decision to pause rates.
This move will play a key role in this knife’s edge battle of supply vs demand.
*** Haesley Cush is an auctioneer and the CEO AND co-partner of the Ray White Collective.
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