This week’s tip is for those homeowners and investors looking to buy property in the greater Brisbane market and unsure if to purchase now or wait.
If you have been listening to the media, you may have heard it mentioned that property prices are falling. A lot of people are not sure what to do and just sitting on the fence as they are concerned the market is going to crash.
Let’s look at the facts! According to Core Logic, RP data up until the 1st of July over the last 30 days, the greater Brisbane market grew by 0.1 of a percent, 2.7% over the last three months, and 25% over the last 12 months. So very strong growth is still happening in a lot of markets around Australia.
What is driving property price growth?
Let’s look at the population statistics. The latest data showed Queensland’s population grew by 1.1% over the last 12 months in terms of numbers, that’s 57,000 people entering Queensland with the majority going into Southeast Queensland.
That means we need about 19,000 new homes every year to keep up with that demand.
We know that the vacancy rates are extremely low in greater Brisbane at the moment and that population growth is still exceeding the supply, therefore property prices are still increasing in value, admittedly not as much as they were at the peak, but there is still strong growth.
I experienced this on Saturday when I was inspecting a home for a client. The property was in the Logan Shire in Southeast Queensland where there were 30 people at the open home! This was a standard home in a standard suburb. So, there is still a lot of demand. People are still making a lot of money out of property if purchased in the right location.
It’s all about doing due diligence research and making the decision based on the facts and the numbers. If you are thinking of getting on the property ladder but are not sure where to start reach out to me and we can work on a plan based on your personal circumstances to get you on the property ladder. I have access to all the latest figures and market research that can point you in the right direction. To book a time to chat click here.
Regards,
Geoff Tomkins
Buyers Advocate
GCT Property
PH: 0404 852 781
