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What a difference 12 months makes, especially in the property market. Welcome to the New Year, we have included a good article here from Realestatae.com.au on their view of the Australian Property Market for 2023.  Let us know what you think. In 2021, national property prices increased by 22.8% year-on-year, although price growth had started to slow. Inflation was looming but not seen as a pressing concern and most people thought interest rate hikes were some way off. Fast forward to the end of 2022 and  property prices fell by 1.9% over the first 11 months of the year and official interest rates shifted from 0.1% throughout most of the pandemic to 3.1% between May and December as inflation continued to surge. As a result of the rise in interest rates, borrowing capacities have reduced by around 25%. This means a lender will allow you to borrow 25% less than they would have before the interest rate increases. Many purchasers no longer have the c...

Property researchers have aided buyers and sellers over many years in the timing of their decisions based on the positioning of a market in the property cycle. Hicks Real Estate principal, Justin Hicks agrees that knowing information about the stages of the property cycle can be useful. “The first element to recognize is that a market cycle can be spoken and written about in terms of a national perspective, also a city perspective and right down to a single suburb’s performance. ‘The second consideration is that it is indeed a cycle and forever moving.” Source: Herron Todd White The Brisbane market can best be described as declining and approaching the bottom. The peak occurs when demand exceeds total supply, and both prices and rents can be expected to rise.  Which we saw during 2021 and 2022. The opposite is when there is an oversupply of properties for sale, or there is lower levels of demand (possible caused by increasing interest rates)....

After the previous two years of rapid price growth, 2022 saw local property prices move up more slowly and then even start to fall in the second half of the year.  Interest rate rises were probably the biggest factor in play during this year and it will be interesting to see if the Reserve Bank has finished upping interest rates or will there be more pain to come in 2023. Whatever they decide we know that the Brisbane property market has very strong fundamentals in place, with massive population growth being experienced, large infrastructure projects continuing, and the 2032 Olympics on the horizon.  Making Brisbane one of the safest property markets to be involved in, no matter if it is for your home or for an investment. If you would like to have a chat about the property market or your property in particular, just give one of the Hicks Real Estate team a call, to get the best possible advice available. Highest Sale price 2022 4 Amiable Place, Mc...

Hopefully, your world will slow down a little soon, even if it is just for a few days. The end of the year and the start of a new one is often a time for reflection and planning.  It is also a great time to do some research on property markets and think about getting either your first investment property or adding to your existing portfolio. Each year researchers Canstar release their Rising Stars Property Market report, which is developed by Terry Rider, probably Australia’s leading property researcher. This report outlines the suburbs that they believe may be the best to invest in for 2023 on beyond.  Here is a little insight into the report… Don’t forget to talk with David Watt our Property Investment Support person who can help you to find a rental property suited to your needs. The Brisbane market is considered to be in the doldrums but in-depth analysis shows that the Brisbane market currently is stronger than the general m...