Brisbane’s property market had a strong finish in December 2021.
Vacancy rates
Brisbane’s rental vacancy rates further fell to 1.3% over November 2021
Over January it’s predicted that many popular holiday destinations will be displaying the “No vacancy” sign with Gold Coast main already recording another fall in vacancy rates to just 0.7%.
Louis Christopher, Managing Director of SQM Research said, “As we come to the end of 2021, the no vacancy sign is lit up across most of Australia. There has not been a time when five of our eight capital cities simultaneously recorded rental vacancy rates under one per cent. This has translated into surging rental rises… It is clear that demand has boomed for larger properties since Covid and we are not yet recording a reversal of this trend. However, I do believe 2022 will see a move towards units, simply by virtue of their relative affordability plus the new inflow of immigrants will look for unit accommodation first and foremost as they have done in the past.”
Over the month till 4th Jan 2022, Brisbane’s house rent increased by 2.2% while units dropped by 0.4%.
Brisbane saw the largest increase in house prices over the year at 27.8%, units at 10.60%.
The latest PropTrack Housing Market Indicators report indicated that more homes sold in the second-last week of December than in any other week of 2021 nationally.
As we all know, Queensland market is hot and the data shows that Queensland recorded the strongest year-on-year growth in ‘for sale’ searches on realestate.com.au in 2021. Market analysts pointed out that the high interstate migration caused the increase in buyer activity and prices. The average number of views per listing was1382 in December.
Cash rate and predictions
The Reserve Bank has left the official cash rate at a record low of 0.1% however has suggested interest rates are likely to rise sooner than the previously anticipated 2024.
SQM Research’s Housing Boom and Bust Report 2022 predicted that Brisbane will be the winner of the Australian property market and median property prices would increase by up to 14 per cent in 2022.
Source:
https://www.propertyme.com.au/blog/industry-news/december-market-update-2021
