We hope you had a fantastic break with family and friends and are looking forward to what this New Year may bring.
Firstly, a quick sum up of what happened in 2016. Homes through the Centenary suburbs have had fantastic growth in comparison to the Brisbane City Council. With the Legacy Way Tunnel completing its first full calendar year in operation, we’re starting to see more and more families relocate to the Centenary suburbs from neighbouring areas. Once a hidden pocket and one of Brisbane’s best kept secrets, the Centenary suburbs are starting to gain traction as one of the hottest pockets in Brisbane to buy.
The Centenary suburbs also experience an extreme shortage of sales come to the market. On average, there was 131 (or 31%) less homes sold in 2016 in comparison to 2015. This seems to have been a major factor in the steady growth the property market experienced. This along with low rates have made many home owners with equity in their home confident enough to become investors for the first time, or to upgrade to a new home.
|Total Sales 2015||Total Sales 2016||Capital Growth|
So that was the good news last year brought… now for the GREAT news we are expecting this year to bring.
To be able to predict what the property market will do in 2017 (and remember, it is a prediction -only a crystal ball would be able to say for certain), we need to look at the current state of the market and economy.
Whilst the economy is growing, it is not quite rising at the pace many would like it to. Also, many are predicting that the low interest rates we experienced in 2016 will be sticking around for a little while longer yet.
So far as real estate cycles are concerned, Brisbane can look forward to an even better year than 2017. The latest CoreLogic RP Data figures show a wide gap in the average property values compared with Melbourne and Sydney, which suggests a period of growth in Brisbane is imminent.
Planning on selling in 2017? It could be a good year for you.
With the number of properties on the market currently diminished, this could be a good time to list your home. The lack of options for Buyers creates upward pressure on prices. This coupled with the outlook for steady price increases in 2017 points to a good property market for Sellers.
With the limited amount of homes on the market, it can make it difficult for buyers as there is heightened competition. Therefore, you can expect to see many perspective purchasers at open homes and auctions.
The best advice we can give you for this is to simply be prepared. Plan ahead and ensure that you have all your ducks in a row before you find that perfect home. Get your pre-approval before you start looking so you know just how much you can afford to make informed decisions.
The year to come…
With strong growth for the Brisbane property market expected for 2017, it is great news all around for sellers, buyers and investors.
Written by Steven Kremer.