Rental Vacancy Rates
SQM Research recorded national vacancy rates increased to 1.3% in December from 1.1% in November.
Brisbane saw rental vacancy rate rose from 1.0% to 1.2% in December. Brisbane CBD also recorded an increase from 2.2% to 3.2%.
This is a seasonal trend which has been observed in December.
Asking Rents
Over the past 30 days, asking rents in capital cities continued to rise by 1.3%, with an annual increase of 14.2%.
Brisbane recorded a slight rise of 0.1% in house asking rents and 1.1% for units in December. Asking rents for houses increased by 8.5% while unit rents experienced a more substantial rise of 15.1% over the past 12 months. We attribute this significant unit rent increase to the greater affordability of units compared to houses.
Property Values
The CoreLogic Home Value Index recorded that dwelling values have been rising consistently at more than 1% each month in Brisbane since May, achieving a notable increase of 13.1% in 2023.
The median value reached $787,217, showing a strong growth of 50.2% since the onset of COVID, and it has reached a new record high.
Median Days on Market
The median time it takes to sell a home in capital cities was decreasing through 2023, but moved slightly higher in the December quarter. Brisbane median days on market shortened to 21 days from 22 days in November quarter and from 27 days in the same period in 2022.
Cash rate
RBA paused cash rate at 4.35% in December. Next meeting will be held in Feb. Four major banks forecast that the current cash rate cycle has peaked at 4.35%. They predicted at least one cash rate cut in the second half of 2024, with variations in timing and percentage.
We believe there will be strong price growth in Brisbane this year as supply is at record low while buyer activities are very high.
Suburb highlights – Eight Mile Plains
Median price for houses-all Bedrooms:
Median price and rent for townhouses and units have increased substantially, outpacing the rise in house price and rent.
Sources:
SQM Research. (2024). Vacancy Rates Seasonally Increase Over December Available from: https://sqmresearch.com.au/uploads/15_1_24_National_Vacancy_Rate_December_2023_FINAL.pdf
CoreLogic. (2024). Hedonic Home Value Index. Available from:
CoreLogic. (2024). Monthly Housing Chart Pack. Available from: content.corelogic.com.au/l/994732/2024-01-14/zz56q/994732/1705284321ErZtznob/202401_chart_pack.pdf
realestate.com.au.(2024) Explore Suburb Profiles – Eight Mile Plains. Available from: https://www.realestate.com.au/qld/eight-mile-plains-4113/
Radford , E 2024, ‘NAB updates cash rate call, joins other big four banks in forecasting hold for February’, accessed March 2001 from Electric Library Australasia. Available from:
https://www.ratecity.com.au/home-loans/mortgage-news/nab-updates-cash-rate-call-joins-big-four-banks-forecasting-hold-february
