An Outlook for What’s to Come
Weekly Real Estate Market Update – WIN Lunch @ StoneBridge Gardens
Immigration numbers for the September quarter have skyrocketed, doubling from last year to a staggering 145,550. The annual figure? Brace yourselves – it’s a record-breaking 439,580 permanent and long-term arrivals. This influx is undeniably a major contributor to the ongoing housing crunch we’re grappling with.
Now, let’s dive into the rental scene. If you’ve got a finger on the market pulse, you’ve likely felt the ripples. Vacancy rates are plumbing all-time lows and rental prices? They’re still riding the upward wave. Simultaneously, the housing supply is treading into uncharted territory. Hold tight, because prices are gearing up to keep climbing until we find that elusive balance between supply and demand.
Shifting gears to the market’s resilience – despite a bit of a dance with interest rate hikes, there’s a silver lining. A whopping 82.4% of the 4,506 suburbs I’ve been closely watching saw a rise in values over the last three months. Capital cities are in their own league, with Perth taking the lead and Brisbane not far behind. Out of the 305 house markets scrutinised, only 4 showed a decline in values. Even in the regional corners of Queensland, only 13.3% of markets experienced declines – and yes, that includes our beloved Sunshine Coast.
Take a look at the chart below. Prices are on the rise while borrowing capacity takes a hit. The recent rate hike might’ve thrown us a curveball, but mark my words – we’re gearing up for a robust finish to the year. Capital city prices will continue their ascent, albeit at a more leisurely pace. Keep an eye out for more well-heeled buyers eyeing a change of scenery, especially in sought-after spots like the Sunshine Coast.
And in a bit of extra news, starting June 30, 2024, the first homeowners grant is doubling down, standing tall at a cool $30,000. Whether you’re diving into a new home purchase or building under the $750,000 mark, this could be the boost you’ve been waiting for. Applications open up in January 2025 – something to mark on your calendar.
That’s the scoop for now. If you’re navigating the real estate journey and need a hand, I’m here to help. Until next time, happy house hunting!