The Brisbane property market is on the move.
It did not suffer the deep downturn the southern states experienced in 2018-9 , and after a lacklustre decade and a mild price correction in the first half of 2019, it is showing distinct signs of a cyclical lift according to a recent Westpac Housing Market Update.
Here’s what the Westpac report said…
Brisbane prices have seen the best 3 month gain in over 5 years, the November month shaping as the strongest monthly gain in over a decade.
Lifting buyer sentiment points to more firming ahead although it remains well short of the ‘take-off s’ seen in NSW and Vic.
Affordability remains more constructive in Queensland, suggesting there is more ‘head room’ for sustained gains.
The sub–regional figures show Brisbane’s inner city and West, and the Gold and Sunshine Coast leading the pick-up.
Queensland’s regions continue to show a more varied performance with some previously weak mining areas seeing recoveries and tourism centres in the far north picking up but prices declining significantly in drought-affected areas.
The Queensland Consumer Housing Sentiment index has improved significantly over the 3 months to November and is now pointing to a likely pick up in demand in early 2020.
However, for now turnover is still tracking lower.
The gain in sentiment has been mainly around ‘time to buy’ assessments with price expectations flattening out at a moderately positive level.
Cooling labour market expectations have been an off setting drag.
The picture around listings is more subdued with sales broadly in line with new listings and unsold stock stuck at above average levels.
Rental vacancy rates remain very tight and dwelling approvals near historic lows.
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