Happy New Year! We trust you had a relaxing holiday with your loved ones.
As we start a fresh 2024, let’s look at some exciting updates and forecast for the property market in Rochedale South:
- In December, Rochedale South had 55 properties available for rent and 44 properties for sale.
- Median property prices over the last year range from $805,000 for houses to $423,000 for units, both reached record highs.
- Median price for 4-bedroom houses achieved a new record high at $868,500, up by 2.8% compared to Nov 2022.
- Median rent for houses increased by 8.9% and unit rent went up by an astonishing 25.7% in the past 12 months
Brisbane market highlights
- Dwelling value has been rising at more than 1% each month in Brisbane since May, achieving a notable increase of 13.1% in 2023.
- Brisbane median house value reached a new record high of $875,991, while median unit value hit $561,016 in December
- Brisbane home value achieved a strong growth of 50.2% since the onset of COVID
Rochedale South highlights
Recent Sales
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 Rochedale South this year as supply is at record low while buyer activities are very high in both Rochedale South and Brisbane.
We wish you a new year filled with joy, prosperity, and exciting opportunities ahead.
We would be honoured to have the opportunity to assist you with your real estate endeavours in 2024.
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 – Rochedale South, Available from: https://www.realestate.com.au/qld/rochedale-south-4123/
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
