Brisbane Property Market Update December 2021

Brisbane Property Market Update December 2021

This article will highlight what has happened in the Brisbane Property Market Update December 2021.

Brisbane continues to be the fastest-growing capital city throughout all of Australia according to CoreLogic Data released on 4th January 2022. Our city continues to lead price growth throughout the nation, reaching a new cyclical high in the last quarter of 2021.

The strong price growth is partly driven by continued low supply in Brisbane. The number of properties available for sale in the period up to 5th December 2021 was -27.2% lower than the equivalent period last year according to Corelogic data.  This contrasts with other capitals such as Sydney and Melbourne, where listing numbers are equivalent to or greater than the same time last year.

Brisbane Property Market Update December 2021
Source: CoreLogic

Looking at auction clearance rates from Domain throughout December, we saw Brisbane perform between 72% and 75% across the 3 weeks up until Christmas. This is much higher than previous years but a little lower than the recent trends we observed throughout October and November.  This could be due to fewer buyers in the market throughout December, or sellers’ expectations starting to move ahead of the market. Time will tell as the early auction clearance rates for 2022 become apparent.

In terms of longer-term demand, one contributor (although not the only contributor of course) is population growth and in the 2021 financial year, interstate migration to south-east Queensland surged to the highest level since the early 2000s with overall population growth reaching +45,900 which came at the expense of other states whose population numbers declined – especially Victoria.

With job opportunities still rising according to the Department of Employment, there is also continued positivity insight. The total number of job advertisements in Queensland, seasonally adjusted, is up 57% from pre-Covid levels. This is certainly reassuring for our local economy as we move into the early months of 2022.

Unlike other capital cities around Australia, despite the recent price growth that has been experienced, Brisbane remains one of the more affordable options for property buyers. We are also amongst the highest yielding capital cities as well.

With a pending federal election this year we expect housing affordability to become a hot topic for the major political parties in the months ahead. We also have the threat of Omicron and Covid-19 with case numbers escalating rapidly throughout Brisbane and South-East Queensland now that borders have opened. 

In this month’s update, we outline the performance of the Brisbane property market across all sectors and provide our insights in terms of the months ahead.

 

Brisbane Property Market Update December 2021 – Market Prices

The latest Hedonic Home Value Index data by Corelogic released on 4th January 2022 for the month of December 2021, has confirmed that the median dwelling value in Brisbane increased by a further +2.9% over the month. This price growth is the same rate of price growth when compared to what we observed in Brisbane last month. This confirms that Brisbane is still at its peak rate of growth in the current cycle, with no slow down yet to be observed in dwelling price growth. The current median value for dwellings across Greater Brisbane is $683,552 which is $22.353 higher than just one month ago.

The quarterly growth in dwelling values across Greater Brisbane is now up 8.5%. Annual growth for the last 12 months for Brisbane Dwellings is now +27.4%.

Best Buyers Agent Brisbane
Source: CoreLogic

Brisbane’s higher value properties remain at the forefront for price growth as you can see in the CoreLogic Data below.  In the three months to November 2021, the top 25% of values experienced 8.1% growth (up from 7.3% at the end of October) compared to 5.9% growth in the lowest 25% of property values across the city (up from 5% last month).  The middle 50% of values in Brisbane saw an increase in the three months to November of 7.1%, compared to 6.1% growth in the three months to October.  All segments of the Brisbane market are in a strong growth phase right now, but the top end of the market is still growing at the fastest pace when we look at 3-month trends segregated by price point.  Looking at the data even closer, we can see that when we compare the last two updates for this data, the trend is showing that the top 25% of values demonstrated 3-month growth that was up 0.8% (ie: the 3-month trend between the end of October and the end of November 2021 showed a further increase of 0.8% in this price segment), the middle 50% of values were up 1% and the bottom end of the market was up 0.9%. This is a trend worth watching closely, especially if the Brisbane market moves into a price point where affordability constraints start to have an impact.

Brisbane Property Market Update December 2021
Source: CoreLogic

 

Brisbane Property Market Update December 2021 – House Prices

The Brisbane Housing Market continues to lead the nation in terms of monthly price growth. Median values for the greater Brisbane region increased a further 3.1% in the month of December 2021, down just slightly from the November 2021 high of 3.2% price growth. This is yet another new record median value for Brisbane. The 12-month change in Brisbane house prices has been 30.4%, which is the strongest 12-month house price growth across all capital cities throughout Australia.  

The current median value for a house in Greater Brisbane is now $782,967, the highest it has ever been.  This is $25,773 MORE than one month ago!  Every month the median value for greater Brisbane just keeps growing. 

Brisbane Property Market Update December 2021
Source: CoreLogic

 

Brisbane Property Market Update December 2021 – Unit Prices

The Unit Market in Brisbane picked up again throughout December 2021. Unit median values in Brisbane were up 1.6% this month, compared to 1.1% last month. The 12-month growth for units across Brisbane is now +12.7%.  The current median unit price in Brisbane is $451,256 which is $7,275 more than one month ago.

Brisbane Property Market Update December 2021
Source: CoreLogic

 

Summary of Price Growth in Brisbane for the Year to Date

The graph below charts the % change in property values for Houses and Units since January 2020 in Greater Brisbane.

Brisbane Property Market Update December 2021

 

The housing sector (black line) continues to outperform the unit sector in Brisbane on a month-to-month basis.  This has been a trend observed since October 2020.  We can clearly observe a divergence in the rate of growth on a month-by-month basis in the different property types. 

Below we have charted the actual median value changes for Houses and Units across Greater Brisbane for the full year of 2021. You can see the median value for Houses across the year increased by $199,065.  For units, the median value increased by $58,079 throughout the same period of time. In simple terms, the growth in the dollar value of Houses has been 3.43 times the growth in the dollar value of Units throughout Greater Brisbane throughout 2021.

Brisbane Property Market Update December 2021

 

Brisbane Property Market Update December 2021 – Rental Market Movements

Vacancy Rates at a city-wide level in Brisbane tightened slightly between October and November and are currently at 1.3% (down from 1.4% last month). The table below highlights where vacancy rates across Brisbane sit at the end of November 2021.

Region Vacancy Rate November 2021
(change from October 2021)
Beenleigh Corridor 0.4% (-0.2%)
Brisbane CBD 4.7% (-0.2%)
East Brisbane 1.5% (+0.1%)
Inner Brisbane 2.3% (-0.1%)
Ipswich 0.7% (-0.1%)
Northern Brisbane 0.7% (-0.1%)
South East Brisbane 0.8% (+0.1%)
Southern Brisbane 1.4% (-0.1%)
West Brisbane 1.0% (-0.2%)

Source: SQM Research

 

Vacancy changes only very sightly this month across every sub-region throughout Greater Brisbane as can be seen in the table above.  These tight vacancy rates are continuing to put upward pressure on rents throughout the city. 

Housing rents have demonstrated annual growth in Brisbane of 11.8% according to CoreLogic Data, which is up only slightly, a further +0.1%, compared to one month ago.

Rental incomes in the unit market throughout Brisbane have seen an annual increase of 6.9% up only +0.1% compared to last month also. 

Gross rental yields for dwellings across all of Greater Brisbane according to CoreLogic remained have slipped slightly lower again this month due to property values rising faster than rents. As of the end of December, the gross yield in Brisbane is 3.7%, down a further  -0.1% compared to last month. 

Brisbane Property Market Update December 2021

 

What did we see on the ground across Brisbane during December 2021?

There was definitely a slow down in buyer activity in the weeks leading up to Christmas in December 2021. This is a seasonal trend that is observed as people tend to focus on the festive season and family events.

Despite the slightly reduced demand, there were still enough buyers who were active in the market to cause multiple offers on most properties.  It was the depth of buyers that was the change we observed throughout the month. So instead of competing with 15-20 buyers when submitting offers on properties, it was more commonly only 4-6 other buyers.  It was a nice reprieve after such a competitive year.

Most listing activity on the main real estate online portals stopped mid-month with the last busy Saturday for inspections and auctions being 18th December in 2021. Whilst some Agents were happy to continue transacting off-market right up until Christmas Eve, the majority of agents were winding up at this time, looking forward to a well-earned break over the Christmas and new year period.

 

The months ahead …

Now that State and International borders are open, we do expect to see a renewed spike in the demand for Brisbane property.  This may place additional pressure on prices in the absence of a corresponding increase in new properties being listed for sale – especially in the short term.

Of course, we also have the rising threat of Covid-19, with the rapid increase in infection numbers occurring daily as it spreads throughout South-East Queensland. With strong rates of vaccination, we are hopeful that this will have little impact on the health of those exposed, but also on our economy that has continued to thrive without extensive lockdowns slowing things down. We expect there to be short-term inconveniences associated with an increase in case numbers, but at this stage, we do not expect that this will impact supply or demand in the local property market here in Brisbane.

The first few months of 2022 are expected to see continued strong price growth, especially in the housing market, here in Brisbane. There will come a time in the near future when the housing growth rates peak, and buyers may turn to the more affordable option of units to stay within their desired suburbs. From an affordability perspective, this also makes sense, with unit values showing much slower rates of growth in Brisbane compared to houses in recent times. 

We expect 2022 to be another exciting year for Brisbane property and price growth should continue based on the supply and demand metrics currently at play. For how long this lasts, not one really knows. But when we see either a fall in demand or an increase in supply on the ground, this will be the first sign of a market shift and we will report on this when it happens. Here’s to 2022 and everything that it will bring!

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Suburbs to Benefit from Brisbane Infrastructure Projects

Suburbs to Benefit from Brisbane Infrastructure Projects

There’s no denying it – Brisbane is booming! There are currently billions of dollars of Major Brisbane Infrastructure Projects either underway or well into the planning stages. These infrastructure projects are not only providing vital employment, now and in the future, but are also changing the face of Brisbane.

Brisbane Infrastructure ProjectsOur city is currently experiencing what has been described by some as a “once in a generation” infrastructure boom. Whilst in the short term there will be disruptions for residents, once these projects are complete they will improve our transportation options, lifestyle options, employment opportunities and tourism offerings.

The Major Brisbane infrastructure projects include the Cross River Rail, Brisbane Metro, Queen’s Wharf, Brisbane Live, Victoria Park, Waterfront Precinct, Herston Quarter, International Cruise Terminal, West Village. There are so many projects which are also discussed on the Brisbane Property Podcast. You can listen here.

Already completed major projects are the new Brisbane airport runway and the redevelopment of Howard Smith Wharves. The new runway officially opened mid-July after 8 years of construction. This $1.1b project aims to bring the most efficient runway system in Australia to Brisbane. Once air travel is back up and running this will enable Brisbane to be the hub to the Asia Pacific.  

Brisbane Infrastructure ProjectsLocated under the Story Bridge Howard Smith Wharves has given Brisbane locals and tourists another picturesque riverside destination for picnics, restaurants, bars and functions.  “Weekends on the lawn” are popular and relaxed family friendly events.

 

Now, let’s have a look at what the current infrastructure projects are and which suburbs in Brisbane are going to benefit from them.

 

Brisbane Infrastructure Projects

 

Cross River Rail

 

“Cross River Rail is a new 10.2 kilometre rail line from Dutton Park to Bowen Hills, which includes 5.9 kilometres of twin tunnels under the Brisbane River and the CBD.”

As our population increases we are experiencing more strain on our public transport system. We need faster access for suburban residents to access major employment hubs including the CBD.   Currently Brisbane only has one river crossing for trains and only 4 stations in the CBD. This creates a bottleneck and impedes the number of trains that can run and cross the city at any one time. 

The Cross River Rail will bring 4 new stations at Albert St, Boggo Rd, Wooloongabba, and Roma St plus upgrades to rail stations that already exist including Exhibition Station in Herston.  You can read more information on these stations here. As well as benefiting Brisbane residents and visitors, the Cross River Rail will shorten travel time to and from the Gold Coast enhancing the connectivity between the tourist and employment hubs. 

Brisbane Infrastructure ProjectsOn Brisbane’s south-side 6 stations will benefit from significant upgrades and therefore the greater communities of these areas. They are:

  • Salisbury
  • Rocklea
  • Moorooka
  • Yeerongpilly
  • Yeronga
  • Fairfield

 

You can keep up to date with current progress on the Cross River Rail Facebook Page.

 

Brisbane Metro

 

The Brisbane Metro was originally proposed to be a high-frequency subway but has now progressed to an electric busway system. The buses will be 24 metres long and split into three carriages. Services in peak hours will be fast with a bus every 3 mins and outside of these hours there will be 5 minute services. This will be a drastic improvement to the current public transport services available.

There will be two different lines for the Brisbane Metro. Line 1 will run from Eight Mile Plains to Roma Street.  Line 2 will run from the Royal Brisbane and Women’s Hospital in Herston to the University of QLD in St Lucia.

There are plans to extend to Chermside and Carindale in the future. All of these suburbs will benefit greatly from the completion of this infrastructure.

Although separate to the state governments’ Cross River Rail project they will share interchanges at Boggo Road and Roma St stations. The Brisbane Metro is expected to start services by the end of 2023. Suburbs that will benefit directly from the metro are below and their neighbouring suburbs will also benefit.

  • Eight Mile PlainsBrisbane Infrastructure Projects
  • Upper Mt Gravatt
  • Mt Gravatt
  • Nathan
  • Holland Park
  • Holland Park West
  • Greenslopes
  • Buranda
  • Wooloongabba
  • West End
  • Southbank
  • Kelvin Grove
  • Red Hill
  • Herston
  • Dutton Park
  • St Lucia

 

 

 

 

 

Brisbane Live

 

In alignment with the Cross River Rail Project and building the new underground station at Roma Street, a new entertainment arena complex will be constructed in place of the old transit centre.

Brisbane Infrastructure Projects

This $2 billion redevelopment will revitalise this part of the city with the arena and retail shops and “unlock under-utilised land in the heart of the city”. The multi-purpose arena complex with proposed 17,000-18,000 seat capacity has been designed in the New York Madison Square Garden style and will allow greater accessibility to big sporting, music and arts events in Brisbane.

There will be retail spaces on the Roma Street side as well as a “Sky Lounge” that can operate as a function area when there are no events taking place.

This project will benefit all Brisbane residents who like to attend events and will no longer have to travel to the Boondall Entertainment Centre north of Brisbane. You can access updates on Brisbane Development’s project page here.

 

Queens Wharf

 

Brisbane Infrastructure ProjectsThe old non-heritage buildings have been demolished and development of the $3.6 billion dollar Queen’s Wharf integrated resort development is underway. Covering more than 26 hectares across land and the river, the development will merge contemporary architecture with restored heritage buildings. There will be four integrated resort towers with luxury hotels, residence apartments, restaurants, cafes, bars, retail shops, a casino and a Sky Deck.  

A new pedestrian bridge – the Neville Bonner Pedestrian Bridge – will be built to link this revitalised area of the city to South Bank. This will be a major drawcard for tourists to come to Brisbane and also provide a new area for all locals to explore and shop.

Watch the fly through video here.

Already redeveloped and opened as part of the Queen’s Wharf project are Mangrove Walk and the first section of the bicentennial bikeway opening up a 500 metre stretch of land underneath the Riverside Expressway.

Maritime work at The Landing has already started in the Brisbane River for the construction of the piled suspended concrete slab that will provide 6,500m2 of new public space. The scheduled completion date for the Queen’s Wharf Development is 2022. You can keep up to date with construction progress on their Facebook page or here.

 

Victoria Park

 

The current 18-hole Victoria Park golf course will be closing in June 2021 to make way for Brisbane’s biggest new park in 50 years. The Victoria Park Vision will create 45 hectares of public parkland space which is more than double the size of the Brisbane City Botanical Gardens. The current putt putt course, driving range and function centre will remain. Plans are yet to be finalised but you can have a look at the visual representation of the draft vision here.

Feedback has been gathered after a 6 month consultation period and final plans will be released at the end of this year.

Brisbane Infrastructure Projects

Victoria Park will become a natural retreat, an urban park for adventure, discovery and reconnection.

A Cultural Hub will celebrate Brisbane’s heritage and natural environment. The park will feature native bushland pockets and waterholes where visitors can enjoy kayaking and swimming lagoons.

Architecture will mimic the landscape with suspended canopy walks and a tree house so visitors can connect with nature, day and night.

This prime inner-city location will include a community garden, giving visitors more to see and do.

It will be culturally authentic, celebrating the many layers of human contact with the landscape and the site’s significance to Aboriginal people.

Waterfront Brisbane

 

Waterfront Brisbane will deliver on quite a few key items from the City Reach Waterfront Master Plan (Brisbane City Council’s plan to revitalise the waterfront from the City Botanic Gardens through to Howard Smith Wharves).

Brisbane Infrastructure Projects

The $2.1billion dollar project will redevlop Eagle Street Pier and open up 7,900m2 of space, increase the size of the current Riverwalk (including extending the width to 6 metres) to a 1.2km waterfront promenade for pedestrians and cyclists.

The old Eagle Street Pier building will be demolished and in its place there will be two new towers which allow better access to the river and its views.  There will be improved linkages from the city to the river for pedestrians and cyclists.

The plan also details space for a proposed public riverside lap pool, relocation of the current city cat terminal and integration with the proposed Kangaroo Point green bridge.

For more details here’s the link to the Brisbane Development website. You can download the full Master Plan here.

Kangaroo Point Pedestrian Bridge 

 

This is another key project to deliver on the City Reach Waterfront Master Plan. The proposed green bridge, connecting City Reach to the Kangaroo Point peninsula, will dramatically improve access to and along the waterfront and fundamentally re-shape City Reach’s profile.

Connecting to the City Botanic Gardens Riverwalk and River Access Hub, this bridge will be for pedestrians and cyclists only. To have a look at the proposed design click here.

Wooloongabba Precinct

 

In alignment with the new station being built at Wooloongabba for the Cross River Rail project,  there is an area set aside for redevelopment above the underground station including the GABBA stadium. The renewal plan can be accessed here.  Below is the video of the concept.

 

International Cruise Terminal

 

The Port Of Brisbane has a brand new international cruise terminal in development worth $177 million. It has been designed to cater for the biggest cruise ships in the world which although aren’t currently running will increase Brisbane and Queensland’s tourism capacity once COVID-19 is under control. For information and videos on construction updates click through to the Port of Brisbane’s website here.

 

Other projects to link in with existing or planned Brisbane infrastructure projects are:

Herston Quarter – in March 2017 the $1.1b redevelopment of the 5 hectare site began. This is located within the Herston Health Precinct and is proposed to be a mixed-use community which will cater for health, residential, commercial and retail development.  For more information click here.

West Village – stage 1 and 2 are already complete of the new West Village. This project is rejuvenating an industrial area in West End bringing more public green space and retail opportunities to the community and restoring heritage buildings. 

Lamington Markets Lutwyche – a large integrated mixed-use transit development is proposed for a vacant site in Lutwyche. The proposal includes a large fresh food market hall, boutique cinema complex, retail stores and residential apartments. You can read more about this and see artists impressions of the Lamington Markets Lutwyche here

Howard Smith wharves ferry terminal –  The Howard Smith Wharves ferry terminal will provide new access for residents and visitors to Howard Smith Wharves and further enhance the existing ferry network. It will also provide connection to the New Farm Riverwalk and surrounding areas as well as proposed to link to North Stradbroke Island.

South Bank Ferry Terminal upgrade – for information click here.

There are many more Brisbane Infrastructure Projects planned for the city. For access to information and updates on these projects go the the Brisbane Development website.

QPAC Arts Theatre upgrade at the Playhouse Green – for details click here.

Brisbane Infrastructure Projects

So as you can see there are billions of dollars worth of Brisbane infrastructure projects either underway or in planning. These projects will have a direct positive impact on the suburbs mentioned above, increasing their livability and their growth potential.

To make an informed decision about choosing the best suburb to invest or buy your home in, you can cross check the suburbs that benefit from these projects against those that are affected by adverse risk factors. Our blog on noise from the runway and flight paths can be read here. You can also read about 9 Due Diligence Checks to take into consideration before buying.

We hope this has helped you understand the suburbs that are going to benefit from the current and planned Brisbane infrastructure projects. Please get in touch if you would like further help with your property search.

 

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Brisbane Property Market Update November 2021

Brisbane Property Market Update November 2021

This article will highlight what has been happening in the Brisbane Property Market in November 2021.

Brisbane Property Market Update November 2021 and Brisbane has now cemented its place as the fastest-growing capital city market throughout Australia. During November, Brisbane led the way in terms of dwelling price growth, ahead of all other capitals, but even more so in the housing market compared to the unit market.

And there are few surprises as to why this has happened. 

Housing affordability is less pressing in Brisbane, and we have had fewer lockdowns due to Covid-19. Additionally, we have continued to see a positive rate of migration, especially from those moving interstate. This continues to fuel the housing demand throughout the city.

Listing volumes are also a lot lower in Brisbane with -33.9% fewer properties available for sale in the 4 weeks up to 28th November 2021, compared with the five-year average. This is different from Sydney, where listing volumes are more in line with the long-term average, and Melbourne, where listing volumes are actually +7.9% above the long-term average. These differences in supply dynamics are certainly playing a part in the upward price growth momentum in Brisbane.

With the stimulus from the federal government boosting construction, new builds in fresh estates are thriving, but this is having little impact on the low supply levels of established properties in locations where there is a scarcity of land and high demand.   These are the locations where we are seeing maximum price growth.

A number of predictions have been made in relation to the direction of the Brisbane market both next year and into 2023.  According to some of the big banks and also SQM Research, the outlook for 2022 looks positive, regardless of the projected scenario. 

Brisbane Property Market Update November 2021

Source: SQM Research

Looking further ahead towards 2023, the predictions for Brisbane property values range from price falls of -1% (Westpac) to price falls of -8% (Commonwealth Bank). Obviously, as we look further into the future, the assumptions are also less reliable.  Therefore, we prefer to report on the outlook once we have more certainty about when there will be any potential increase in interest rates as well as other impacts that could influence the demand for property such as changes to credit policies and the economic recovery as a whole. 

This month we did see tighter credit conditions come into effect with new applications for finance now being assessed with an interest rate buffer of 3% above the current mortgage rates, which is an increase of 0.5% from where it was prior.  We are yet to see any impact associated with this change throughout Brisbane.

There is definitely no slowdown in the demand for property in Brisbane at this time. In fact, sales volumes have been 51.5% higher in the 12 months up to October 2021 compared to the same period last year. There is a high volume of property transactions occurring, which is evidence of the confidence that buyers have in the Brisbane market.

There has been a shift in the composition of buyers recently with lending data now showing that first home buyers have dropped to 26.9% of all loan commitments.  Instead, we are seeing an uplift in investment buyers with investors now making up 32.8% of all lending commitments across Queensland.

Whilst fixed interest rates have started to climb, the Reserve Bank has been clear in that a number of conditions need to be met before the official cash rate does increase.  Specifically, they have confirmed that the inflation rate needs to be sustained within the 2-3% range before any changes will be made.  The latest inflation figures showed a rebound in the last quarter, although the factors contributing to this result (ie: higher commodity prices and supply chain issued) may be mitigated over time.  Additionally, with international borders reopening, wages growth may be suppressed, another factor that may delay any sustainable change to inflation.  Time will tell, but when the official cash rate does start to rise (and it will at some point) then it is likely that the rate of any increases will be gradual so that any impacts on the economy can be assessed.

With the vaccine roll-out in place, we also now find ourselves in a position where international migration will again be possible.  This will add further ongoing demand to housing markets.

In this month’s update, we outline the performance of the Brisbane property market across all sectors.

 

Brisbane Property Market Update November 2021 – Prices

The latest Hedonic Home Value Index data by CoreLogic released on 1st December 2021, has confirmed that the median dwelling value in Brisbane increased by +2.9% over the month of November.  This price growth is a further +0.5% growth compared to the growth observed in Brisbane last month, which is evidence that in Brisbane, the momentum of price growth continues to accelerate.  The current median value for dwellings across Greater Brisbane is $662,199 which is $20,102 higher than just one month ago.

The quarterly growth in dwelling values across Greater Brisbane is now up 7.4%.  Annual growth for the last 12 months for Brisbane Dwellings is now +25.1%.

Brisbane Property Market Update November 2021

Source: CoreLogic

Brisbane’s higher value properties are still driving the growth as you can see in the CoreLogic Data below.  In the three months to October 2021, the top 25% of values experienced 7.3% growth (up from 6.7% at the end of September) compared to 5% growth in the lowest 25% of property values across the city (up from 4.2% last month).  Even the middle 50% of values in Brisbane saw an increase in the three months to October of 6.1%, compared to 5.7% growth in the three months to September.  All segments of the Brisbane market are in a strong growth phase right now, but the top end of the market is growing at the fastest pace.

Brisbane Property Market Update November 2021

Source: CoreLogic

 

Brisbane Property Market Update November 2021 – House Prices

The Brisbane Housing Market is on fire!  We saw median values for the greater Brisbane region increase 3.2% in just one months throughout November, up from 2.8% growth throughout October.   This is a new record high for monthly growth figures recorded for Brisbane in the current property boom.  The 12-month change in Brisbane house prices has been 27.9%.   The current median value for a house in Greater Brisbane is now $757,194, the highest it has ever been. This is $25,802 MORE than one month ago!  Every month this seems to keep growing and growing.

Brisbane Property Market Update November 2021

Source: CoreLogic

 

Brisbane Property Market Update November 2021 – Unit Prices

The Unit Market in Brisbane retracted slightly again in its rate of growth throughout November 2021. Units were up 1.1% this month, compared to 1.3% last month. The 12-month growth for units across Brisbane is now +11.4%. The current median unit price in Brisbane is $443,981 which is $6,895 more than one month ago.

Brisbane Property Market Update November 2021

Source: CoreLogic

 

Summary of Price Growth in Brisbane for the Year to Date

The graph below charts the % change in property values for Houses and Units since January 2020 for both houses and units in Greater Brisbane.

Brisbane Property Market Update November 2021

It is obvious that the housing sector is continuing to outperform the unit sector in Brisbane on a month-to-month basis.  This has been a trend observed since October 2020 and has become especially apparent in the last 2 months where we can clearly observe a divergence in the rate of growth in the different property types. 

Below we have charted the actual median value changes for Houses and Units across Greater Brisbane since January 2021.  You can see the median value for Houses has increased $173,292 over the last 11 months, whereas the median value for units has increased $50,804 across the same period of time.  In simple terms, the growth in the dollar value of Houses has been 3.4 times the growth in the dollar value of Units throughout Greater Brisbane during 2021.

Brisbane Property Market Update November 2021\

 

Brisbane Rental Market Movements

Vacancy Rates at a city-wide level in Brisbane remained stable between September and October, at 1.4%.  The table below highlights where vacancy rates across Brisbane sit at the end of October 2021.

Region Vacancy Rate September 2021
(change from August 2021)
Beenleigh Corridor 0.6% (-)
Brisbane CBD 4.9% (-)
East Brisbane 1.4% (-)
Inner Brisbane 2.4% (-0.1%)
Ipswich 0.8% (-)
Northern Brisbane 0.8% (+0.1)
South East Brisbane 0.7% (-0.1%)
Southern Brisbane 1.5% (-)
West Brisbane 1.2% (-)

Source: SQM Research

Vacancy remained relatively unchanged this month across every sub-region throughout Greater Brisbane.  These tight vacancy rates are continuing to put upward pressure on rents throughout the city. 

Housing rents have demonstrated annual growth in Brisbane of 11.7% according to CoreLogic Data, which is up a further +0.4% compared to one month ago.

Rental incomes in the unit market throughout Brisbane have seen an annual increase of 6.8% up +0.3% compared to last month. 

Gross rental yields for dwellings across all of Greater Brisbane according to CoreLogic remained have slipped slightly lower this month due to property values rising faster than rents.  As at the end of November, the gross yield in Brisbane is 3.8% , down -0.1% compared to last month. 

Brisbane Property Market Update November 2021

 

What did we see on the ground across Brisbane during November 2021?

In the first couple of weeks of November, our team noticed a huge jump in the prices that some buyers were prepared to pay for properties. This eased a little towards the latter part of the month.  Perhaps some buyers made a last-ditch effort to throw everything on the table, fatigued from missing out several times throughout the year, in an attempt to move into a new home before Christmas?

Whatever the reason, buyers were stretching to buy.  We often thought that there would be valuation risk with some prices that were being achieved.  But for many buyers who have stronger equity positions or additional cash, a valuation shortfall is less problematic.

Of course, prices achieved are now the new baseline for property values in Brisbane so as the market moves aggressively upwards, we have to readjust our expectations for what a specific budget will buy.

Open homes are still well attended, although the number of groups through has been declining compared to a few months prior.  The actual demand is quite property-specific, with multiple offers still being achieved for most private treaty sales. 

Auctions that we attended throughout the month were also very well attended with a strong number of registered bidders competing for quality properties.

 

The months ahead …

As we head into the festive season we do expect the number of active buyers to reduce as people focus more on Christmas shopping rather than property shopping.  At the same time, we also expect that the number of properties that become available for sale will also drop off sharply as we head into December. This is a seasonal trend that we do not expect will be any different this year.

With the planned State border openings in December, we do expect that the buyer depth will return quickly early in the New Year as those who are relocating become buyers who will compete with the already heightened demand here in Brisbane.  

Of course, not all people who relocate will buy, so we also expect a further tightening in vacancies early in 2022.  With Brisbane already experiencing a tight rental market, it is likely that tenants will find it even more difficult to secure a property as more people compete for limited stock.

At some stage, we do expect that the rate of growth in Brisbane will start to slow, and this is likely to occur at some stage throughout 2022, perhaps once house prices increase to a level where affordability constraints become an issue. Additionally, further tightening of credit policies and increases in fixed interest rates could slow some of the housing activity or even an increase in listings which is a trend already observed in Sydney and Melbourne.

That said, there are no signs of any of the above at this stage, so hold on for the ride everyone.  Brisbane property growth is leading the nation and we expect this may continue in the months ahead.

– –

Would you like to understand more about working with a Buyers Agent in Brisbane?
Make an enquiry with Streamline Property Buyers HERE.
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Automatic Valuation Reports for Property

Automatic Valuation Reports for Property

Property buyers rely on a number of different tools to assess the value of a property.  This article will explore Automatic Valuation Reports (correctly known as Automated Valuation Model (AVM) Reports), and how they relate to the actual market value of properties throughout Brisbane.

An automatic valuation report is an algorithm-based computer-generated report, which provides an estimate of the market value of real estate at a specific point in time. The specified value of a property that this report produces uses a combination of mathematical and statistical modeling, along with databases of existing properties and transactions, and then calculates real estate values.

Automatic valuation reports are widely employed in the real estate sector. Some are provided directly to the public on free platforms such as onthehouse.com.au and propertyvalue.com.au. Others are available on subscription only such as CoreLogic.  Additionally, mortgage providers, such as banks and other financial institutions, regularly use AVMs for residential portfolio valuations.

Because of their rapid rise in popularity and the availability of Automatic Valuation Reports to consumers, the debate has become apparent about their merits and their accuracy.

But do they accurately reflect the true market value of properties, and can consumers rely on AVMs to come to a determination on what to offer when purchasing residential property in Brisbane? 

There are pros and cons associated with Automatic Valuation Reports that are important to outline.

PROS

  1. AVMs are systematic and fast which means an estimate can be provided instantly once an address is entered. In our busy world, this can be a huge advantage for many people looking for quick information.
  2. AVMs are cheap and therefore they save cost, especially when they need to be generated in large quantities.
  3. AVMs are computer-generated, thus eliminating human error and removing bias and subjectivity from the equation.

 

CONS

  1. AVMs rely on high-quality data and often that data is low in volume or not representative.
  2. AVMs do not and can not factor in the actual condition of a property. Instead, they just assume an “average” state and that all properties are of the same state. Clearly, this is not true when we can buy fully renovated homes as well as unrenovated original homes when selecting real estate.
  3. AVMs are less accurate in areas where the composition of housing varies substantially. They are more effective when the property stock is very generic in the same location.
  4. In new estates where there is little or no known data upon which the AVM can rely, the lack of historical records can result in grossly inaccurate results.
  5. AVMs can only work when the data provided is correct and up-to-date. Therefore AVMs are unreliable in a fast-changing real estate market.

 

So whilst there are some pros, the cons still outweigh the benefits of relying on AVMs – especially in a fast-moving market. In fact a 2017 conference paper “Automated Valuation Models (AVMs): a brave new world?” concluded that statistically-based valuations may be widely off-the-mark and need to be augmented by professional judgment.”  READ HERE

Therefore whilst their use is growing, AVMs have not and should not override human valuation estimates. Instead, a thorough assessment of a property’s value requires not only experience where judgment is called on but also local knowledge of the specific market conditions where individual properties may be dissimilar in a variety of ways.

Our team consistently finds that AVMs underestimate the actual market value of properties in Brisbane – especially in a fast-moving market where growth is strong month-to-month. Instead, a comprehensive analysis of comparable sales, with consideration given to land size, zoning, property impacts, property size, and the property condition is much more accurate.

Despite the fact that AVMs are becoming more mainstream and easier to access, there will always be a need for local knowledge and expertise, as well as a physical inspection and on-site evaluation of the property in question.

 

Get in touch if you would like to know how we can help you. You can book in for a FREE Discovery Call with Streamline Property Buyers. We are the Most Qualified Team of Brisbane Buyers Agents.

Other blog titles you might find interesting:

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Why use a Buyers Agent at auction?

Why use a Buyers Agent at auction?

In this blog we explain why you should use a Buyers Agent at auction, and how can they help give you an advantage.

The number of properties being sold by auction in Brisbane is starting to increase. We have traditionally been a market dominated by private treaty sales, however with more recent market trends, we are quickly becoming a city where auctions are more prevalent. This article will explain how a Buyer’s Agent can help when you need to participate in an auction to secure your perfect home or investment. So, why use a Buyers Agent at auction?

When a property is listed for sale by auction, the main goal of the sales agent and the auctioneer as a team on the day is to draw out the maximum possible purchase price for the vendor. The auctioneer does this by asking for minimum bid increments from the bidders and creating a sense of urgency, whilst the sales agent does this by talking to bidders, often standing side by side with them, encouraging bidders to put forward a bid in an attempt to increase the current bid amount. If an auction stalls, tough negotiations can pursue, and inexperienced negotiators often falter under this type of pressure. The environment at an auction is often one of high pressure, which can create anxiety and stress in any bidder who is not familiar and confident with the auction bidding process.

Why use a Buyers Agent at auction? Engaging a confident, experienced and professional Buyer’s Agent to bid on your behalf and to represent you on auction day, takes the pressure away from you as the buyer. Instead of getting caught up in the high-pressure tactics, as a buyer, you can relax a little knowing that your emotions will not get in the way of the important decisions that you need to make. 

We often see tell-tale signs that inexperienced bidders give away, especially when they are approaching the top of their budget. Body language, facial expressions and delays in bidding can all indicate signs to a professional bidder that others are at or approaching, their maximum bid limit. Here are some of the reasons why engaging a Buyer’s Agent to represent you makes sense.

1.  Why use a Buyers Agent at auction? – Eliminate the Emotion

When you buy at auction, there is no cooling-off period, so you need to ensure you are making informed decisions that are not fueled by emotion. Spending a “little bit more” might put you in a financially stretched position, or feeling emotionally attached may cause you to bid more than you actually need to.

Professional Buyer’s Agents will remain calm, non-emotive and focused on getting the best possible result for you. Acting under your prior written instructions, there is no need for emotions to sway your decision on the day. Instead, the decisions are made before auction day, when you are feeling calmer and level-headed.

 

2.  Why use a Buyers Agent at auction? – Be better prepared

Understanding the market and what you may need to pay to secure a property is important when setting auction bidding limits. An area specialist Buyer’s Agent, who is in the market daily, is an expert at researching and understanding property prices. A professional can provide informed pricing guidance, therefore enabling you to be more prepared on auction day, or even suggest an alternative strategy such as placing an offer prior to the auction, when there may be an opportunity to do so and it is warranted.

Additionally, when bidding at auction it is important to understand the paperwork that is involved, both prior to bidding and immediately following an auction win. A licensed Buyer’s Agent can guide you through this process to ensure you are informed and confident.

 

3.  Why use a Buyers Agent at auction? – Be objective during the auction

Buyer’s Agents do not feel intimidated at an auction like many other buyers who are less familiar with the auction bidding process. They will bring all of the tricks of the trade to intimidate other less experienced bidders, which will work to the advantage of their Clients. Having a qualified bidder to represent you instills confidence and in the event that an auction enters negotiations prior to selling, you know that you also have an expert negotiator on your side who will have emotional detachment in this daunting process.

 

There are many advantages of how a Buyer’s Agent can add value when engaged to bid at an auction on your behalf.  If you are buying in Brisbane, and you need an expert auction bidder and negotiator on your side, reach out to the team at Streamline Property Buyers. We would love to help!

 

Get in touch if you would like to know how we can help you. You can book in for a FREE Discovery Call with Streamline Property Buyers. We are the Most Qualified Team of Brisbane Buyers Agents.

Other blog titles you might find interesting:

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Brisbane Property Market Update October 2021

Brisbane Property Market Update October 2021

This article will highlight what has been happening in the Brisbane Property Market during October 2021.

Brisbane Property Market Update October 2021 – Brisbane has experienced a bumper month during October in the residential property market. Prices have really taken off, bucking the national trend, gaining momentum throughout the month. This article will highlight what has been happening and why.

Supply remains very low according to CoreLogic data. The total volume of listed properties available for sale in Brisbane, was -31.3% lower for the 4 weeks ending 3 October 2021, compared to the equivalent period last year. New listings over the same period were +2.3% higher in Brisbane, which really is not enough to satisfy the demand from buyers who are actively looking to purchase in our City.

On the contrary, demand is still extremely high, especially for detached houses throughout the inner and middle ring suburbs.  Auction clearance rates, according to Domain, have remained historically high for Brisbane being recorded at 69% through to 88% every weekend throughout October. This is unusual for Brisbane which traditionally has not had the same appetite for auctions compared to Sydney and Melbourne. It seems this trend is gradually changing as both buyers and sellers become more confident in this way of transacting property.

Westpac released their property price forecasts recently which indicated that the Brisbane Property Market is expected to grow 22% in 2021 (which has actually already been exceeded) and then a further 10% in 2022. Based on the imbalance between supply and demand throughout the city, we also expect prices to continue to escalate.

It is acknowledged that recent moves by regulators to restrict lending to property buyers will decrease the borrowing capacity of new buyers by about 5 percent. This is, however, likely to have a much higher impact in the regions where there is the largest gap between property prices and incomes.

The table below highlights the price to income ratios for dwellings, houses, and units in each of the three largest capital city markets. Incomes were assessed based on the Greater City Regions from the 2016 Census, whereas median values as of 1 November 2021 have been used.

Location Sydney Melbourne Brisbane
Weekly Family Incomes $1,750 $1,542 $1,562
Annualised Family Incomes $91,000 $80,184 $81,224
Median Value – Dwellings $1,071,709 $780,303 $642,097
Median Value – Houses $1,333,767 $972,659 $731,392
Median Value – Units $837,262 $621,898 $437,086
Dwelling Price to Income Ratio 11.8 9.7 7.9
House Price to Income Ratio 14.7 12.1 9.0
Unit Price to Income Ratio 9.2 7.8 5.4

 

Obviously, it is important to also consider the disparity between property prices and incomes at a more local level, however, when we review this information, the majority of areas with the largest gaps between prices and income levels are also in Melbourne and Sydney. A recent report by RiskWise showed that prices in the eastern suburbs of Sydney were more than 22 times the typical income of residents, whilst northern beaches and north shore prices were 15 times income levels.

In Melbourne, the regions most affected were in the inner east and inner south, along with the Mornington Peninsula with prices in these locations more than nine times income levels.

RiskWise founder, Doron Peleg, said buyers were already stretching themselves to get into these markets and a reduction in borrowing capacity would have a “noticeable impact on market dynamics.”  Because Brisbane is a much more affordable market as a whole, there is likely to be less risk that the recent changes will impact the market in the foreseeable future.

Queensland also has recently seen a surge in the number of job advertisements with an 8.5% increase to the end of September 2021. Over the last 12 months, the number of job advertisements has increased 54.1% across the State, which is a strong result. This is reassuring as local businesses appear to be more enthusiastic about the months ahead, perhaps in part due to the borders opening up in the near future.

With the strongest market movements across October, it is important to recognise that not all areas throughout the city are performing the same way. Let’s take a deeper look into the performance of the Brisbane market throughout October 2021.

 

Brisbane Property Market Prices

The latest Hedonic Home Value Index data by CoreLogic released on 1st November 2021, has confirmed that the median dwelling value in Brisbane increased by +2.54% over the month of October, which is 0.75% HIGHER than last month.  This level of growth confirms that in Brisbane, the momentum of price growth across the city is picking up once again.  The current median value for dwellings across Greater Brisbane is $642,097 which is $16,806 higher than just one month ago.

The quarterly growth in dwelling values across Greater Brisbane has now jumped to +6.5%, an apparent pick up since last month, and annual growth for the last 12 months is now +22.3%.

Brisbane Property Market Update October 2021

Source: CoreLogic

The top end of the Brisbane Market is still driving the growth as you can see in the CoreLogic Data below. This shows that the strongest growth in dwelling values is still within the top end of the market. In the three months to September 2021, the top 25% of values experienced 6.7% growth in that market segment compared to 4.2% growth in the lowest 25% of values across the city. Whilst both the highest value and lowest value segments of the market continue to show growth over the last 3 months, the rate of growth at the top end continues to outperform when comparing the month-on-month trends.

Brisbane Property Market Update October 2021

Brisbane Property Market Update October 2021 – House Prices

In the Brisbane Housing Market, we saw median values for the greater Brisbane region increase 2.8% across the month of October 2021 which is substantially higher than the 2% growth recorded in September.  This is the highest monthly growth recorded for Brisbane in property boom. The 12 month change in Brisbane house prices has been 24.8%.  The current median value for a house in Greater Brisbane is currently $731,392, the highest it has ever been.  This is $22,156 MORE than one month ago!

Brisbane Property Market Update October 2021

Source: CoreLogic

Brisbane Property Market Update October 2021 – Unit Prices

The Unit Market in Brisbane saw a further pick up also.  After a slower month throughout September when greater Brisbane Units grew +0.6%, October experienced an increase of +1.3% growth. The 12-month growth for units across Brisbane is now +10.4%.  The current median unit price in Brisbane is $437,086, which is $7,086 more than one month ago.

Brisbane Property Market Update October 2021

Source: CoreLogic

 

Summary of Price Growth in Brisbane for the Year to Date

The graph below charts the % change in property values for Houses and Units since January 2020 for both houses and units in Greater Brisbane.

Brisbane Property Market Update October 2021

The trendlines here show that the housing sector is continuing to outperform the unit sector on a month-to-month basis. This has been a trend observed since October 2020. This graph also demonstrates the large spike in price growth throughout the last month in Brisbane, especially in the housing sector of the market.

Below we have charted the actual median value changes for Houses and Units across Greater Brisbane since January 2021. You can see Houses have increased $147,490 over the last 10 months, whereas units have increased $43,909 across the same period of time.

Brisbane Property Market Update October 2021

 

Brisbane Rental Market Movements

Vacancy Rates at a city-wide level in Brisbane increased slightly between August and September, shifting to 1.4%.  In the months prior, Vacancy has remained unchanged at 1.3% since May this year.  The small increase in the City-wide values has come from the inner-city locations. The table below highlights where vacancy rates across Brisbane sit at the end of September 2021.

Region Vacancy Rate September 2021
(change from August 2021)
Beenleigh Corridor 0.6% (+0.1%)
Brisbane CBD 4.9% (+0.3%)
East Brisbane 1.4% (+0.1%)
Inner Brisbane 2.5% (+0.2%)
Ipswich 0.8% (-)
Northern Brisbane 0.7% (-)
South East Brisbane 0.8% (-)
Southern Brisbane 1.5% (+0.1)
West Brisbane 1.2% (-)

Source: SQM Research

The Brisbane CBD saw a further increase in Vacancy this month, so this is a firm trend that we have seen for the last three consecutive months.  Additionally, in the Inner Brisbane location vacancy looks to be trending upwards also. The rest of Great Brisbane remains low with limited stock available for tenants.  This is especially evident in the middle and outer ring locations of Greater Brisbane. 

The tight vacancy rates are contributing to rental price growth throughout Brisbane. 

Housing rents have demonstrated annual growth in Brisbane of 11.4% according to CoreLogic Data, which is up a further +0.6% compared to one month ago.

Rental incomes in the unit market throughout Brisbane have seen an annual increase of 6.5% up +0.3% compared to last month. 

Gross rental yields for dwellings across all of Greater Brisbane according to CoreLogic remained at 3.9% throughout October. This remained unchanged compared to last month.

Brisbane Property Market Update October 2021

 

What did we see on the ground across Brisbane during October 2021?

We have noticed the huge stretch factor that some buyers are putting forward to secure quality properties throughout the city. When we consider the prices that have been achieved at auctions over the most recent few weeks, it is hard to look back and see what we were previously paying for similar properties just a few short months ago. The rate of the market movement throughout Brisbane has been truly incredible.

Of course, the buyer depth varies throughout different suburbs around the city. Whilst the market is strong, even C-Grade properties are selling fast as buyers are making compromises just to get into the market. Many have forgotten the significant impact of the floods 10 years ago and paying top dollar for properties in flood zones. Main road properties are also being snapped up by buyers who are just trying to get into the market and are otherwise priced out of those locations.

Of course, we never recommend making these types of compromises when the property is typically held for longer periods of time. At some stage, the market will turn. We always recommend buying the types of properties that will be in high demand despite market conditions. 

But regardless of these types of impacts, there seem to be multiple buyers for every property in Brisbane right now. The further away from the CBD that we look, generally the buyer depth starts to thin out more and more. Obviously, there is a related scarcity factor in that trend, which is something buyers need to be aware of when hoping to achieve both short-term and more sustained long-term capital growth.

 

The months ahead …

We do not expect to see prices stabilise in Brisbane for some time yet. We are confident that prices will continue to grow, especially in the housing sector where the demand is the strongest throughout the city.

Buyer inquiry is still strong, especially from property investors who are priced out of the more expensive southern capital cities. Whilst the demand for more affordable property remains strong, we expect to see property values continue to rise.

There will be a slow down in the weeks leading up to Christmas, where listing volumes will decline and perhaps buyers will focus more on Christmas shopping rather than property shopping. We then expect a resurgence in the new year. Of course, time will tell.

 

– –

Would you like to understand more about working with a Buyers Agent in Brisbane?
Make an enquiry with Streamline Property Buyers HERE.
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How to Assess Flood Impacts in Brisbane

How to Assess Flood Impacts in Brisbane

Brisbane is a city built along the banks of the Brisbane River.  It is known as the “River City” for a reason. But being a River City, it is also a city that is exposed to flood risk, and this is what this article is going to focus on to ensure you can assess the flood impacts in Brisbane before you buy a home or an investment property.

Brisbane has experienced many significant flood events over the past two centuries. Back in February 1893, the first big river flooding event occurred where water levels were recorded at 8.35 meters above the low tide level in the Brisbane CBD, the second highest flood event ever recorded at the City gauge. This event was termed the Great Flood and that month was then referred to as Black February. The flooding was caused by a huge rain event associated with a tropical cyclone. This caused the Brisbane River banks to burst and the water flooded into the surrounding areas. This flood resulted in 11 deaths and about 190 people were hospitalised. 

Fast forward to January 1974 and our city experienced the largest flood to affect Brisbane in the twentieth century.  Once again, this was caused by a cyclone where 642 millimeters of rain fell within the space of 36 hours and the river system simply could not cope.

At that time the water levels peaked at 6.6 meters at the City gauge, but because development was a lot more advanced than it was back in 1893, 8,500 homes were completely inundated with floodwaters on this occasion.  Brisbane was an inland sea during this flood event and 14 people lost their lives as a result, mostly in the inner city suburbs.

Off the back of these flood events, the Wivenhoe Dam was constructed to provide flood mitigation control for the City.  This is located about 80km by road from the Brisbane CBD.  Residents in Brisbane became more optimistic that Brisbane would never flood again and development was fast tracked throughout the city.  No one thought that a river flooding event would impact our lives, or our homes again.

Then in 2011, the flood that was never meant to happen happened. After days of rain, the Wivenhoe Dam was over its capacity and the flood gates had to be opened to release some of the water.  Brisbane was in for a shock.

 

On 11 January 2011, the Brisbane River broke its banks and by 13 January 2011, the river was raging.  This time 20,000 residential homes were affected by flood waters across 94 suburbs throughout the city.  It was the flood that was never meant to happen, but it highlighted the fact that our River City may never be immune from future flood events.

Understanding how to assess the flood risk associated with a property is therefore important when you are looking to buy a property in Brisbane.  So here are some steps you can follow that will help you to assess this risk.

Downloading a FloodWise Report to assess the flood impacts in Brisbane

The Brisbane City Council provides predictions for the potential for flood risk for most properties around the City.  A FloodWise Property Report can be completed HERE.  You will be required to enter the property address, click Search and then select the way you would like to view the report before downloading.

Brisbane Flooding 1

This search will provide one of four types of reports, depending on the site. 

The first type of Report is issued when there is NO known FLOOD Impact across a site. You will see this note on Page 1 of the FloodWise Report if this applies to your property search:

Brisbane Flooding 2

Obviously, this is the best possible outcome as it means the property is not going to be impacted at all by any type of flooding event.

 

The second type of report provides a warning that the property has Flood and Planning Development Flags, but there will be no visible graphs. The alert on Page 1 of the FloodWise Report will look like this:

Brisbane Flooding 3

This usually means that the property is impacted by overland flow flooding. Brisbane City Council does not have publicly available information on the overland flow modeling. Whilst we can get an understanding of the overland flow pathways, we don’t have details and the onus is on a buyer to engage a hydraulics engineer to complete an assessment to ascertain what that impact actually is. For development, this becomes much more important compared with just buying a residential site.

 

The third type of report that might be produced happens when there is a known flood impact on a site, but the information is not complete enough to determine what the minimum habitable floor level must be for flood immunity.  There will be a graph on the first page of the report that will look something like this:

Brisbane Flood Report

This usually happens when a block of land is too large for the council to have complete clarity of what the flood impact is likely to be at every point on the site and therefore the minimum habitable floor level is not noted on the report.  In this instance, the onus is again on the property buyer to confirm what the minimum habitable floor levels might need to be to achieve flood immunity across the site.

 

The fourth and final type of report is produced when there is a known flood impact on the site AND there is sufficient information in council’s database to also determine what the minimum habitable floor level must be for a dwelling property to achieve flood immunity on that site.  The graph on this report looks something like this:

Brisbane Flood Report 2

You can see in this example, there is a dotted line that shows the minimum habitable floor level. This is the most comprehensive report out of all of the possible options.

 

Now let’s look at how to interpret the rest of the information in these reports.

The Green line on the right-hand side of the graph represents the contours on the property, or the ground levels of the site, based on the Australian Height Datum in meters m(AHD).  A level of 0.0 AHD is considered sea level.

The highest and lowest point on the site are noted on this report through the lowest and highest points on the Green line.  Obviously, suburbs closer to the bay in Brisbane will be closer to zero, whereas more elevated suburbs will be much higher.

On the left-hand side of the report, you will see some bars on the chart. These bars represent the annual probability of a flood event occurring for that particular property. These bars also show the magnitude of the associated risk for any flood event.  This is measured using the Annual Expedient Probability (AEP), in other words, the chances that a property will flood in any year.

Usually, the higher the probability (ie: the higher the AEP expressed as a percentage), the lower the flood level will be. The same holds true in that the lower the AEP, the higher the flood level will be. 

Some reports, but not all, will also include a flood level as recorded during the Floods of January 2011.  And finally, some reports, but not all, will include a Defined Flood Level (DFL) as well which is a measure used for Brisbane river flooding whereby the flood level of 3.7M AHD at the Brisbane City Gauge and a river flow of 6,800m3/s is the flow.  This gets a bit complex, but for those who understand hydraulics, it may be useful.

If the bars on the left-hand side of the chart are higher than the points in the Green line on the right-hand side of the chart, then you can expect that during a flood event, water is likely to cover part or all of that land.  You can then calculate the DIFFERENCE between those two levels to get an indication of the likely flood LEVEL for that property at its highest and lowest point.

When it comes to new approvals for dwellings, or renovations on properties, council are focused on the 1% AEP levels. For any non-habitable spaces within a home (eg: garages & laundries) council requires those floor levels to be 300mm ABOVE the 1% AEP level for a site.

For any Habitable spaces (eg bedrooms, living rooms dining rooms) these need to be at least 500mm ABOVE the 1% AEP level for a site.

For any existing dwellings that may not already achieve flood immunity, a calculation between the ground levels and the ACTUAL floor level can often determine what level of flood inundation could be expected in the event of a significant flood event on that site.

If a property ALSO falls within a Creek/Waterway Flooding overlay Category 1, 2 or 3 OR in a mapped overland flow path, you may also need to account for an undercroft area in the event you are looking to complete any future renovation works. This can get quite complex, and we recommend if this applies to seek help from professionals such as architects, certifiers, and town planners.

On Page 2 of the Property FloodWise Report a Technical summary will be provided.  This information is predominately for builders and architects who are completing renovation or building works on a property.  Basically, if you understand how to read the graphs on page 1, you will not need to understand this more detailed technical information.

Checking the FloodWise Report for a property is an important part of the due diligence process that should be completed prior to a property purchase so that you understand the flood impacts in Brisbane and how they may impact on a specific property.  Understanding how to interpret the reports is also essential. Finally, applying the information from the report to the specific property, and understanding what it means in relation to the existing property on a site is invaluable.  This ensures any future compliance requirements in relation to renovations or improvement works are understood upfront.

 

Get in touch if you would like to know how we can help you. You can book in for a FREE Discovery Call with Streamline Property Buyers. We are the Most Qualified Team of Brisbane Buyers Agents.

Other blog titles you might find interesting:

When is the market fenzy in brisbane going to stop Why you should not let FOMO set in when you buy

 

Brisbane Property Market Update September 2021

Brisbane Property Market Update September 2021

This article will highlight the Brisbane Property Market Update September 2021.

Throughout September, the residential property market in Brisbane remained robust with growth still very strong, especially in the housing sector. This growth is being fuelled by a number of factors contributing to low supply and high demand. We will run through a few of these things in this market update.

Firstly, the availability of properties to buy (supply) is down. According to CoreLogic data, the total advertised stock in Brisbane is still -28.7% lower up to 29 August 2021, compared to the equivalent period last year. Although new listings over the same period are +8.3% higher in Brisbane, the rapid rate of absorption means there is not a lot that is available to buy in the current market throughout our city.

Secondly, demand is very high. This continues to be supported by the expectation that mortgage rates will remain at record lows for an extended period of time. Brisbane has avoided lockdowns over recent weeks so our local economy continues to thrive. We remain a much more affordable market and now we are seeing investor activity rise with 29.7% of all housing finance commitments throughout July 2021 going to Investors, most likely driven by the higher yields and also strong capital growth prospects.

A recent Annual Investor Sentiment Survey by Property Investment Professionals of Australia (PIPA) confirmed that a staggering 58% of respondents believed that Queensland offers the best property investment prospects over the next 12 months. This is a huge increase off the back of last years’ results where a smaller 36% of investors thought Queensland offered the best investment prospects.

According to data released by realestate.com, year-on-year investor enquiry has increased the most in Brisbane, up 186% compared to the previous 12-month period.

Brisbane property market update September 2021

According to their report, the regions within Greater Brisbane which experienced the highest spike in investor enquiry include Logan, Moreton Bay, Ipswich, and North Brisbane. It was suggested that relative affordability and tight rental markets appear to be piquing investor interest in these areas. This is especially true when comparing Brisbane to other East Coast capital city markets.

Brisbane Property Market Update September 2021

 

Net migration into Queensland throughout 2020 was almost double the decade average, meaning more people needing somewhere to live. Initially, this puts pressure on the rental market, but through our own enquiry we are also seeing a lot of people who want to relocate, buying now before they make the move in the future.

According to ABS data, we had more than 58,000 people move to Queensland during the 6 months to March 2021. The data also showed that there was a shift to regional NSW and regional QLD, but apart from this, Greater Brisbane actually recorded the largest net flow of people into the capital city from March 2020 to March 2021. Perhaps the drivers include people wanting more sun, less traffic, and a more affordable lifestyle.

Brisbane Property Market Update September 2021

With Household Wealth across Australia rising 5.8% in the June 2021 Quarter, to a record high of $13.4 trillion, there seems to be a lot of money available to spend once the national economy opens up. As the vaccinations continue to roll out, and pathways out of lockdowns are being planned, it seems that the future remains bright for Australia on the other side of Covid-19. That said, the Queensland borders are still shut and at some stage, we will need our own pathway forward so that we can operate as one national economy again in the future.

Let’s take a deeper look into the performance of the Brisbane market throughout September 2021.

 

Brisbane Property Market Prices

The latest Hedonic Home Value Index data by Corelogic released on 30 September 2021, has confirmed that the median dwelling value in Brisbane increased a further +1.8% over the month of September. This is slightly lower than the dwelling growth that was experienced in Brisbane throughout July and August, which suggests a slight slow down in the momentum of price growth across the city. The current median value for dwellings across Greater Brisbane is $625,291 which is $12,914 higher than just one month ago.

The quarterly growth in dwelling values across Greater Brisbane is 5.9%, indicating a slight slowdown since last month, and annual growth for the last 12 months is now 19.9%.

Brisbane Property Advocate

 

The top end of the Brisbane Market is still driving the growth as you can see in the CoreLogic Data below. This shows that the strongest growth in dwelling values occurred in the top 25% of values in the three months to August 2021, with 6.9% growth in that market segment (no change in this growth compared with the three months to the end of July) compared to 4.3% growth in the lowest 25% of values across the city (again no change in this growth since the end of July). Whilst both the highest value and lowest value segments of the market continue to show growth over the last 3 months, the rate of growth at the top end continues to outperform when comparing the month-on-month trends.

Brisbane Property Market Update September 2021

 

Brisbane House Prices

In the Brisbane Housing Market, we saw median values for the greater Brisbane region increase 2.0% across the month of September 2021 which is slightly below the 2.1% growth in August. Prior to that monthly growth was trending at 2.2% throughout May, June, and July, so there has been a slight reduction over August and again during September. The 12 month change in Brisbane house prices has been 22.2%. The current median value for a house in Greater Brisbane has now broken the $700,000 threshold. It is currently $709,136, the highest it has ever been. This is $17,922 MORE than one month ago!

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Brisbane Unit Prices

The Unit Market in Brisbane saw a reversal in the momentum of price growth this month, after a pick up in the momentum of growth throughout August. September saw an increase of +0.6% growth for units in Greater Brisbane, compared to +1.4% last month. The 12-month growth for units across Brisbane is now +8.8%. The current median unit price in Brisbane is $430,000, which is $4,223 more than one month ago.

Brisbane property Market Update September 2021

 

Summary of Price Growth in Brisbane for the Year to Date

The graph below charts the % change in property values for Houses and Units since January 2020 for both houses and units in Greater Brisbane.

Buyers Agent Brisbane

 

The trendlines here continue to show that the housing sector is outperforming the unit sector on a month-to-month basis. This has been the case every month since October 2020. Whilst the housing sector has experienced fairly consistent growth of between 2% and 2.2% over the last 5 months, the unit sector has experienced more erratic price growth on a month-to-month basis.

Below we have charted the actual median values for Houses and Units across Greater Brisbane since January 2021. You can see Houses have clearly outperformed Units when breaking the growth down into different asset types in Brisbane.

Brisbane Property Market Update September 2021

 

Brisbane Rental Market Movements

Vacancy Rates at a city-wide level in Brisbane remained unchanged between July and August, staying at 1.3%. They have tracked sideways remaining unchanged since May this year. The table below highlights where vacancy rates across Brisbane sit at the end of August 2021.

Region Vacancy Rate August 2021
(change from July 2021)
Beenleigh Corridor 0.5% (-0.1%)
Brisbane CBD 4.6% (+0.1%)
East Brisbane 1.3% (-)
Inner Brisbane 2.3% (+0.1%)
Ipswich 0.8% (-0.1%)
Northern Brisbane 0.7% (-)
South East Brisbane 0.8% (+0.1%)
Southern Brisbane 1.4% (-)
West Brisbane 1.2% (-)

Source: SQM Research

 

The Brisbane CBD remains slightly elevated, which was a trend that emerged last month. This contrasts with the trends we have been witnessing in the months prior. Otherwise, vacancy remains tight across the city. There is still not enough stock to provide rental accommodation to tenants who need a home, especially in the middle and outer ring locations of Greater Brisbane. This continues to put upward pressure on rent prices throughout the city, more so for houses than units.

Housing rents have experienced annual growth in Brisbane of 10.8% according to CoreLogic Data, which is a further +0.7% more than a month ago.

Rental incomes in the unit market throughout Brisbane have seen an annual increase of 6.2% up +0.6% compared to last month.

Gross rental yields for dwellings across all of Greater Brisbane according to CoreLogic remained at 3.9% throughout September. This is the same as last month, so there was no further record low this month.

Best Buyers Agent Brisbane

 

What did we see on the ground across Brisbane during September 2021?

One thing we are noticing on the ground is the level of competition at auctions at various locations around the city. Most of the properties that are selling by auction are achieving a very good price as buyers compete in a transparent environment to secure properties throughout Brisbane. It seems buyers are becoming a bit more comfortable with the auction bidding process, which traditionally has not ever been the most common way to buy properties here in Brisbane.

We are hoping to see a few new listings coming to the market now that school holidays are over and the Spring selling season is in full swing. Many Agents are a bit more optimistic about what is coming soon, so perhaps there might be more to choose from in the near future?

Buyer demand is still very strong and the depth of buyers in some areas remains extremely high. When you put forward an offer on a property, and you are one offer amongst 20-30 other offers, you know you are targeting a high-demand home! It looks like the multiple offer situation is here to stay for some time yet for properties that are listed for sale on the major real estate portals.

The speed of the market remains fast also, with most quality properties still selling after the first weekend of open homes. The only instance where this does not appear to be the case is where vendor expectations are ahead of the market – which sometimes starts to happen when prices are escalating so rapidly. When a vendor receives multiple offers but does not accept any of them, it is a sign that they may need to adjust their expectations.

 

The months ahead …

Based on our current level of buyer enquiry, as well as the number of active buyers still out on weekends inspecting, bidding, and making offers on properties available for sale, we do not see any slow down in sight for Brisbane at this stage.

For price growth to really slow down, we need to see a huge increase in the number of properties available for sale, or a huge decline in the number of active buyers in the market. We can not see either of these scenarios playing out in the near future and therefore we expect the trend in property price growth to remain positive and strong for the foreseeable future.

For some, this rapid price growth seems unsustainable. But for others who have been waiting patiently for this growth since the last strong price growth cycle in Brisbane, we remain more optimistic. With such a bright future for Brisbane with its pipeline of infrastructure projects and an Olympic Games to look forward to, the property market looks set to benefit into the future.

– –

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Cashflow versus Capital Growth in Brisbane

Cashflow versus Capital Growth in Brisbane

One of the areas in relation to property investing that is least understood is around the property investment strategy and cashflow versus Capital Growth.

In our role, we speak to so many property investors who do not understand what type of property is best suited for them based on their goals, risk appetite and their personal circumstances. Property investing should NEVER be a one-size-fits-all approach, and yet so many investors select a strategy that may have unintended consequences for them in the future.  The purpose of this article is to highlight the difference between a high capital growth and a high yield strategy when selecting an investment property here in Brisbane.

As a member and participant on a number of property investment facebook groups and online chat forums, I see many individuals seeking advice in relation to what is the best suburb in Brisbane to invest in for a specified budget.  It always amuses me when others jump in with their suggestions and recommendations, based purely on price.  This approach comes with so much risk, because there has been no thought given to the requirements for growth and yield for that individual. 

How to determine the right investment strategy for you

To get an understanding of what investment approach might be best for you there are a number of considerations that you need to make:

  1. What are your investment goals? That is, are you looking for more income now, or are you looking to create a future nest egg for yourself and your family?
  2. What is your current taxable income? Remember any income that you generate through investments owned in your own name now will be taxed at your marginal tax bracket so this needs to be considered before you buy.
  3. What is your exit strategy? Consideration must be given to whether you intend to hold the asset into retirement and live off the income it generates, or if you intend to sell at some stage in the future.  The tax implications associated with this must also be considered up front.
  4. At what stage in life are you now? The duration of the investment period that you have to work with can influence the type of property that you might target based on your specific needs at that time in life.
  5. What is your risk appetite? We all have our own comfort levels and these need to be considered so that you can sleep at night!

 

Let’s take a look at a high yield asset first

Brisbane is a higher-yielding city than the likes of Sydney and Melbourne, so many investors are attracted to our city because of this benefit.  Properties that return a higher yield are usually positively geared and are often cashflow positive properties as well.

A positively geared property means the property is producing income from a tax perspective.  A positive cash flow property is one that puts money in the bank each week, once you account for all holdings costs, interest on the loan, and any repayments that you may be making towards the principal of the loan.

Properties are more likely to be cashflow positive on interest only lending – especially in the current environment where interest rates are at record lows.  Fewer properties remain in a cashflow positive position once they convert to principal and interest loan repayments.

An investor can control the gearing and the cashflow position for an investment property through the finance structure that they implement for the purchase.  For example, paying a higher deposit through cash would mean that the interest charges are lower due to a lower loan-to-value ratio and therefore the property is more likely to be positively geared, or even cashflow positive.

Investors MUST keep in mind that high-yielding assets have lower growth when assessing assets over the longer term.  There is an inverse relationship between growth and yield.  As one goes up, the other goes down and vice versa. 

We can select an “example” high yielding suburb in Brisbane and determine the long-term performance of an asset based on historical data.  Whilst there is no guarantee that the past is a reflection of the future, we do know that the past is going to tell a story that investors need to consider.

Let’s assume that the property value is $500K. The example property has a gross weekly rent of $600 which provides a strong 6.12% yield.

These are the additional assumptions:

  • Annual Vacancy rate of 2%
  • Borrowing at 80% Loan-to-Value Ratio (ie: $400K loan on the $500K purchase)
  • Paying for the remaining 20% property value and purchase costs via cash
  • The Interest Rate of 3% pa remains unchanged over the investment period
  • Principal and Interest Lending
  • Rental expenses = 27.37% of Rental Income (this covers property management fees, rates, insurance, maintenance etc)
  • Inflation on rental expenses set at 2%

Being a high yielding location, the capital growth rate is set at 3.5%. This is representative of historical growth rates in suburbs within Greater Brisbane that achieve higher yields like this example. For this reason, the Rental Price growth is also set at 3.5% pa (in line with capital growth).

The two most important things to note in relation to the cashflow in this scenario are as follows:

  1. The pre-tax cashflow position is +$10,035 in the first year.
  2. By year 31 the annual pre-tax cashflow position is +$70,350

In relation to the FUTURE VALUE, based on the compounding growth rate of 3.5%, this property will look like this:

  1. By year 31 the value will be $1,453,000
  2. This is an INCREASE of $953,000 from the time of purchase.

Brisbane Property Podcast

 

Now let’s look at a high growth Asset as a comparison

Consider now that the location selected is a high growth location which is in most cases going to generate a LOWER yield. In this example, we will again assume that EVERYTHING remains the same as in the higher yielding example, however, we will switch the growth rate the yield around. Therefore, the growth rate is assumed to be 6.12% pa and the yield is assumed to be 3.5% (based on a weekly rent of $343 per week on a $500K purchase). We can also assume that the rental price growth will be similar to the capital growth because the more scarce locations will achieve higher rental returns over time due to limited supply and higher demand. This ensures that a rental yield of 3.5% is maintained over time based on the property value. All other variables in the modeling will be exactly the same.

The cashflows in this scenario are as follows:

  1. The pre-tax cashflow position is -$9,870 in the first year.
  2. By year 31 the annual pre-tax cashflow position is +$134,161.

In relation to the FUTURE VALUE, based on the compounding growth rate of 6.12%, this property will look like this:

  1. By year 31 the value will be $3,153,000
  2. This is an INCREASE of $2,653,000 from the time of purchase.

Cashflow versus Capital Growth in Brisbane

Of course, this example is provided purely to illustrate the difference that a small change in the compounding growth rate can make over many years.  TIME IN the market makes a huge difference when investing for capital gains for the future.

The reality is that generally the higher growth assets are located in the more scarce locations and therefore they are already priced higher.  So it would not be realistic to expect that you can shop with the same budget and expect to choose between either high yield or high growth. 

The difficulty for investors comes, when they have higher investment budgets, and they are presented with a CHOICE.

Should I buy One Higher Growth Asset or Two Higher Yielding Assets?

We also often get inquiry where people may have a budget of more than $1M to spend in Brisbane, but they ask if it is “better” to buy two properties instead of one with this budget.  Again, the answer always depends on the unique circumstances of the individual.

If we look at the higher yielding asset and we consider buying two of these at $500K each, the numbers look like this:

  • Total Pre-Tax Cashflow for first year = +$20,070
  • By year 31 the annual pre-tax cashflow position is +$140,700
  • Total combined asset value = $2,906,000
  • Total INCREASE in value from time of purchase = $1,906,000

BUT … if you are a high-income earner, on the highest marginal tax bracket, then you would be paying tax of $4,770 in the first year for EACH property, which REDUCES your cash position from +$20,070 to +$10,530.

By year 31, assuming you were still paying tax at the highest marginal tax bracket, then your annual pre-tax income of +$140,700 would be reduced to $74,570 AFTER tax. 

Over the life of the 30-year loan on each property, you would have paid a total of $481,670 in TAX which works out to be $963,340 across the two properties of TAX PAYMENTS in this scenario!!!!!

The after-tax cashflow position over the 30 years would be a total of $143,145 for each property, which provides after-tax cashflow of $286,290 across the two properties over the 30 year period.

Therefore, the TOTAL return would be:

  • Total after-tax cashflow across 30 years = $286,290
  • Total Growth over 30 years = $1,906,000
  • TOTAL RETURN over 30 years = $2,192,290.

 

Now let’s look at the alternative – buying a single high growth asset with the total budget of $1M and therefore targeting a higher growth asset.

If we look at the higher capital growth asset and we consider buying just one of these at a purchase price of $1M, the numbers look like this:

  • Total Pre-Tax Cashflow for first year = -$23,415
  • By year 31 the annual pre-tax cashflow position is +$134,161
  • Total asset value = $6,305,000
  • TOTAL INCREASE in value from time of purchase = $5,305,000

AGAIN … every investor must consider the tax implications of their investment decisions.  Using the same examples, if you are a high-income earner, on the highest marginal tax bracket, then you would NOT be paying tax, in fact you would get a TAX REFUND of $3,155 in the first year.  This is because at this time the property is NEGATIVELY GEARED which means you will be paying a portion from your own funds to hold the asset because the costs associated with holding the property exceed the income from rent that is being achieved.

By year 31, assuming you were still paying tax at the highest marginal tax bracket, then your annual pre-tax income of +$134,161 would be reduced to $71,105 AFTER tax.  This is only $3,465 less than in the high yield example!

Over the life of the 30-year loan on the single property, you would have paid a total of $602,705 in TAX which works out to be $360,635 LESS TAX compared to the scenario of buying the two properties with the higher yielding returns.

The after-tax cashflow position over the 30 years in this high growth scenario would be -$120,353, mainly because the income from rent has not fully covered all costs as well as principal repayments for this property over the life of the loan. 

Therefore, the TOTAL return would be:

  • Total after-tax cashflow across 30 years = -$120,353
  • Total Growth over 30 years = $5,305,000
  • TOTAL RETURN over 30 years = $5,184,647.

When we compare the two scenarios, the difference in the TOTAL RETURN, puts the single high growth property ahead by a HUGE $2,992,357!!!

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So, which Strategy is better?

The answer to this question is still – It DEPENDS!

Of course, looking at the overall returns, targeting the high growth asset results in significantly higher levels of wealth after 30 years.  There is no doubt about that from the numbers above.

But, some would argue that having all your eggs in one basket presents as higher risk.  If the property is vacant, for example, you have no income at all.  But if you buy the RIGHT asset then the risk of vacancy is minimized.

Also, given you would have one high value asset instead of two lower valued assets after 30 years, some would argue that it is better to own two properties so you can sell just one if needed and still hold the other.  As I said previously, the exist strategy is very important to consider before you buy as these decisions need to be included in selecting the overall approach.

Finally, your own income levels and risk appetite will influence how much you have to spend and that may limit the type of strategy that you can afford to buy.

As we always say – the right strategy for an individual investor depends on individual circumstances.  We always need to consider the investment strategy alongside the tax strategy and the finance strategy.  There are so many moving parts to consider before an investor even starts to look at properties to buy.  It is so important to plan prior to executing!

I hope this article has helped you to understand that investment strategies need to be tailored.  Too many investors start off blind and make mistakes.  Getting professional advice can help you tailor the right mix of growth yield based on your unique circumstances.

– –

Get in touch if you would like to know how we can help you. You can make an enquiry with Streamline Property Buyers Team. We are the Most Qualified Team of Brisbane Buyers Agents.

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Brisbane Property Market Update August 2021

Brisbane Property Market Update August 2021

This article will update on the Brisbane Property Market during August 2021.

This month started with the short sharp lockdown throughout Brisbane, so buyer and seller activity stalled until the second week of the month.  Brisbane Property Market Update August 2021 saw a lot of Agents held back their new listings until the lockdown was over, but buyers were back out and active from the first weekend after lockdown was lifted and the backlog of new listings came through in the remaining weeks throughout August. The month has remained strong in terms of price growth in both the housing and unit sectors of the Brisbane market, despite nationwide headlines suggesting that property markets are losing steam.  This is simply not the case here in Brisbane.

Transaction activity across Brisbane is strong. According to CoreLogic, sales volumes in Brisbane rose 47.5% in the year to July 2021, an annual change that reflects the heightened demand from buyers across the city.

Whist new listings have increased 5.3% in Brisbane compared with the equivalent period last year, total listings are down -29.1% according to CoreLogic.  What this means is that more buyers are making compromises and buying properties that may have been on the market for longer.

CoreLogic also tracks the number of sales that have taken place over a given period by the number of new listings added to the market over the same time. For the past decade, the ratio has averaged 0.9, suggesting that for each listing added to the market, there was just under one transaction that took place. Now, this ratio is tracking at 1.4 nationally over the three months to July 2021, and 1.3 in Brisbane.

Even auction clearance rates in Brisbane are tracking at record highs.  At the same time last year our clearance rates tracked between 35% and 58% throughout August, but this year the clearance rates during August according to Domain are tracking between 73% and 80% in Brisbane, which really is astonishing for our city.

Investors are making up 26.6% of all housing finance commitments in Queensland, which is slightly less than last month. This is indicative of a further lift in lending to owner occupiers, but not first home buyers whose lending commitments are also falling, comprising only 26.3% of all owner occupier housing commitments across the State.

It really is not a surprise that demand continues to grow given mortgage rates are so low. They have fallen by about 110 basis points since July 2019.  This means that housing interest payments as a percentage of household incomes have declined from a peak of 10.6% in 2008 to now just 4.7% across Australia. Mortgage stress is not something that a lot of households have to worry about at the moment.

Despite concerns that mortgage rates were tipped to increase due to the better-than-expected economic recovery at the beginning of 2021, this now looks less likely given the extended lockdowns throughout New South Wales, Victoria, and the Australian Capital Territory. Mortgage rates are one of the most important determinants of housing demand, so with the RBA likely to facilitate a low-rate environment for some time yet, buyer demand is unlikely to taper off in the near future.  This is especially true for Brisbane, and South-East Queensland as a whole, where we continue to see an influx of interstate migrants which is putting even more upward pressure on the demand for housing to rent and to buy.

Let’s take a deeper look into the performance of the Brisbane market throughout August 2021.

Brisbane Property Market Update August 2021 –  Prices

The latest Hedonic Home Value Index data by CoreLogic released on 31 August 2021, has confirmed that the median dwelling value in Brisbane increased a further +2.0% over the month of August.  This is equivalent to the dwelling growth that was experienced in Brisbane throughout July, so there is no change in the momentum of price growth across the city.  The current median value for dwellings across Greater Brisbane is $612,377 which is $13,672 higher than just one month ago.

The quarterly growth in dwelling values across Greater Brisbane is now 6.1%, suggesting a slight pick up again since last month, and annual growth for the last 12 months is now 18.3%.

Brisbane Property Market Update August 2020

The top end of the Brisbane Market is still driving the growth as you can see in the CoreLogic Data below.  This shows that the strongest growth in dwelling values occurred in the top 25% of values in the three months to July 2021, with 6.9% growth in that market segment (up from 6.4% since the end of June) compared to 4.3% growth in the lowest 25% of values across the city (up from 3.8% last month).  Whilst both the highest value and lowest value segments of the market continue to show growth over the last 3 months, the rate of growth at the top end continues to outperform when comparing the month-on-month trends.

Brisbane Property market Update August 2021

Brisbane Property Market Update August 2021 – House Prices

In the Brisbane Housing Market, we saw median values for the greater Brisbane region increase 2.1% across the month of August 2021 which is just below the growth that we have been experiencing in the housing sector throughout Greater Brisbane for the last 3 months.  Monthly growth has been trending at 2.2%, so there has been a slight reduction in August compared to the preceding 3 months. The 12 month change in Brisbane house prices has been 20.2%.  The current median value for a house in Greater Brisbane is $691,214, the highest it has ever been. This is $16,476 MORE than one month ago!

Brisbane Property Market Update August 2021

Brisbane Property Market Update August 2021 – Unit Prices

The Unit Market in Brisbane saw further positive growth in the median value this month, and a further pick up in the momentum of that growth also.  July saw an increase of +1.4% growth for units in Greater Brisbane, compared to +0.8% last month. The 12 month growth for units across Brisbane is now +8.9%. The current median unit price in Brisbane is $425,777, which is $6,635 more than one month ago.

Brisbane Property Market Update August 2021

Summary of Price Growth in Brisbane for the Year to Date

The graph below charts the % change in property values for Houses and Units since January 2020 for both houses and units in Greater Brisbane.

Brisbane Property Market Update August 2021

The trendlines here show clearly that the housing sector has outperformed the unit sector every month since October 2020.  Whilst the unit sector saw a loss of price growth momentum between May and June, this seems to have recovered throughout July and August. 

Below we have charted the actual median values for Houses and Units across Greater Brisbane since January 2021.  You can see Houses have outperformed Units when breaking the growth down into different asset types in Brisbane.

Property Buyers Brisbane

Brisbane Property Market Update August 2021 – Rental Property and Movements

Vacancy Rates at a city-wide level in Brisbane remained unchanged between June and July, staying at 1.3%.  The table below highlights where vacancy rates across Brisbane sit at the end of July 2021.

Region Vacancy Rate June 2021
(change from May 2021)
Beenleigh Corridor 0.6% (-)
Brisbane CBD 4.5% (+0.6%)
East Brisbane 1.3% (+0.1%)
Inner Brisbane 2.2% (+0.1%)
Ipswich 0.9% (+0.1%)
Northern Brisbane 0.7% (-)
South East Brisbane 0.7% (+0.1%)
Southern Brisbane
1.4% (-0.1%)
West Brisbane 1.2% (-)

Source: SQM Research

There was a small spike in vacancy this month in the Brisbane CBD, which contrasts with the trends we have been witnessing in previous months.  This is something we will be monitoring over the coming months.  Otherwise, vacancy remains tight across the city.  There simply are not enough investment properties in Brisbane at the moment for the number of tenants looking for somewhere to live.  This continues to put upward pressure on rent prices throughout the city.

Rental incomes in the unit market throughout Brisbane have seen an annual increase of 5.6%, up a full +1.0% compared to last month. 

Housing rents are still climbing too, with the annual increase in rents for Brisbane Houses now at 10.1% according to CoreLogic Data, which is +0.7% higher than a month ago.

The table below shows the changes in rents for All Houses in each region as well as the change in rents for 2 bedroom units. 

Region All Housing Rent Changes  Last 12 months 2 Bedroom Units Rent Changes Last 12 months
Beenleigh Corridor +12.6% +6.2%
Brisbane CBD +9.7% +5.9%
East Brisbane +15.1% +4.5%
Inner Brisbane +11.9% +4.5%
Ipswich +8.3% +7.3%
Northern Brisbane +12.2% +2.9%
South East Brisbane +6.4% +1.7%
Southern Brisbane
+10.7% +7.5%
West Brisbane +10.9% +9.4%

Source: SQM Research

Gross rental yields for dwellings across all of Greater Brisbane are compressing even further with escalating dwelling prices outpacing rent price growth.  According to CoreLogic, at a city-wide level, gross rents have dropped again this month to 3.9%, down a further -0.1% from last month.  This is a new record LOW for Brisbane. 

Property Advocate Brisbane

What did we see on the ground across Brisbane during August 2021?

During the lockdown at the beginning of the month, the Brisbane real estate market went quiet which is typical of what we have experienced in other lockdowns.  Whilst private inspections were still possible, these were not encouraged given the risks associated with the transmission of the Delta variant of Covid-19.

Once lockdown ended however, it was business and usual. Open homes on the weekends since that our team have attended have been popular. As expected, the demand returned to pre-lockdown levels almost immediately after Brisbane opened back up.
Everything we have purchased for clients that has been listed for sale has gone under contract with multiple buyers submitting offers.  In almost all instances this is also still after the first open home unless the Agent specifically sets a timeframe for when offers are closing which is sometimes a few days after.  Auctions have remained partly online, and others have been conducted in person once again.  But clearance rates remain high and prices achieved remain strong based on what we have been experiencing throughout the month. 

Buyers are becoming increasingly stressed and frustrated.  Many don’t understand the pace of the market and what they need to pay to secure a quality home or investment.  That sense of missing out becomes disheartening, especially when there is such a small number of options available for buyers to choose from.

 

Brisbane Property Market Update August 2021 – The months ahead …

Heading into Spring we expect conditions to remain unchanged throughout Brisbane.  Normally at this time of the year, we see new listing numbers starting to ramp up.  Whilst new listings are starting to show some more positive signs, there does not seem to be enough properties available for the number of buyers in the market right now.

We still see Brisbane property values climbing substantially in the immediate future based on the real-time indicators we are assessing each week. 

Time will tell how long this boom lasts. But we have waited a long time for this in Brisbane and it is finally here!

 

Would you like to understand more about working with a Buyers Agent in Brisbane?
Make an enquiry with Streamline Property Buyers.
We are the Most Qualified Team of Brisbane Buyers Agents

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Start an investment portfolio in Brisbane and how the current market conditions could help you

Start an investment portfolio in Brisbane and how the current market conditions could help you

It is not a surprise to most of us that the Brisbane Property Market has seen strong growth over the last 12 months. We have seen this in the news headlines for months.  There have been a lot of buyers in the market, and very few sellers, and this is putting strong upward pressure on prices.  So how can you start an investment portfolio in Brisbane if you have not been able to save a deposit for another purchase?

If you already own a property in Brisbane, this means that you might have some strong equity growth in your property!  In the last 12 months alone, according to CoreLogic Data, the median value of Brisbane house prices increased 17.7% and unit prices increased 7%.

Let’s quantify what this might look like for you.  See below a table of previous values and current values based on the median price growth for Brisbane in the housing sector.  We have also included a column for the growth that might have been achieved over the last 12 months based on the median rate of growth for the city.

August 2020 Value August 2021 Value Growth
$500,000 $588,500 $88,500
$750,000 $882,750 $132,750
$1,000,000 $1,177,000 $177,000
$1,250,000 $1,471,250 $221,250
$1,500,000 $1,765,500 $265,500

 

This growth in property values over the short term, is not something most property owners think about.  But the fact is, being able to leverage from this growth is what can enable any property owner to kick start an investment portfolio themselves.

When looking to invest in property, most individuals are seeking either a boost to their current cashflow position, or longer-term growth which contributes to wealth creation.  The balance between income now (ie: investment yield) and growth in the future (ie: equity) will always depend on an investor’s unique circumstances. 

Regardless of the investment strategy (ie: the balance between capital growth and yield), it is always better to maximize investment debt when you also have personal debt (ie: a home loan that you are paying off).  This is where a clever finance strategy can ensure you get the best tax advantages associated with your investment properties as well.  These three factors must ALL be considered based on an individual’s personal circumstances when you start an investment portfolio for your future.

Start an investment portfolio

For many property investors, the hardest part is actually saving the deposit to get started.  A lot of investors think that you need to set aside additional cash until you have enough to cover the contributions towards a deposit, as well as purchase costs for a property purchase.

 

But in actual fact, this is not the case when you are already a property owner.  Whether you already own a home or another investment property, you can use the equity growth in that property to start an investment portfolio!  Here’s how …

The equity is simply the difference between the current value of a property, and the amount owing on that property (eg: the mortgage amount).  The equity position can be increased either by paying off the debt (ie: through repayments) or through growth in the asset value (Ie: capital growth). 

Generally, a bank will allow you to borrow up to 80% of the value of a residential property without needing to take out Lenders Mortgage Insurance (LMI), subject to their assessment criteria of course.  LMI only applies when the amount of borrowed funds exceeds 80% of the value of the property.  What this means is that you can potentially tap into the additional funds that sit in your home as equity.  This is especially exciting because, with recent market growth in Brisbane, the market itself has done a lot of the hard work in creating the equity!

 

So how can you take advantage of this increased equity in your property to start an investment portfolio?

It is really quite simple!

1. Get in contact with your Mortgage Broker today so that they can provide a valuation estimate on your existing property to determine its current value. Your Mortgage Broker will also help you calculate your available equity.

2. Perform an assessment of your borrowing capacity for another property purchase.

3. Re-mortgage or re-finance your existing facility to draw out the equity as an equity loan which you can use as a deposit for the next property purchase (again your mortgage broker can assist with this process).

4. Ensure you can afford the investment as well as any additional repayments that may be necessary to hold that investment property.

Once you understand how much you can afford to pay for an investment property, then you can start your research in terms of where to buy and what to buy so that your investment purchase achieves the goals you have set for yourself and your family.  We encourage all investors to seek professional assistance if they are unsure of what type of property might be best for their unique circumstances.

 

In terms of Brisbane as a location for your investment, there are a few things that make our city a great pick!

1. Brisbane is a very affordable market. Our median dwelling value is $598,615 according to CoreLogic Data at the end of July 2021. Compare this to other capital city median values below.

Capital City Median Value as at July 2021
Brisbane $598,615
Sydney $1,017,692
Melbourne $762,068
Canberra $793,872
Hobart $621,102

 

2. Brisbane offers strong gross rental yields of 4.0% compared to Sydney at 2.5% and Melbourne at 2.8%.

3. Brisbane has experienced positive net migration due to interstate migration over the last 12 months which means more people are moving to the great South East, and therefore more people need somewhere to live.

4. Brisbane also has a rental crisis right now, with the city-wide vacancy rate sitting at 1.3%. Rents in the housing sector have increased 9.4% over the last 12 months.

5. Brisbane’s response to the covid-19 pandemic has been superior to other capital cities and we have the lifestyle that many Australians are seeking, which is why so many people are moving interstate.

6. A lot of infrastructure which will better connect south-east Queensland will be fast-tracked due to the announcement that Brisbane will host the 2032 Olympic Games. This will benefit our city both in the lead-up to the Games and for many years thereafter.

 

To find out more about what is happening in the Brisbane property market right now, visit the Streamline Property Buyers’ blog HERE where we provide monthly Brisbane property market updates.

The list of reasons why Brisbane is a great place to invest right now could be longer, but we have outlined just a few. If you want to set yourself up for a better future by using equity from your existing property as a deposit for an investment property – speak to your mortgage broker today. This is a great way to start an investment portfolio. Using this strategy and taking advantage of the recent growth in the Brisbane market, without having to save cash for a deposit is clever. It is a great way you can get ahead and potentially begin your property investment journey.

Get in touch if you would like to know how we can help you. You can book in for a FREE Discovery Call with Streamline Property Buyers. We are the Most Qualified Team of Brisbane Buyers Agents.

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Brisbane Property Market Update July 2021

Brisbane Property Market Update July 2021

In this Brisbane Property Market Update July 2021, we have some amazing news! Brisbane is now officially going to be an Olympic City and how exciting is that! The plans can finally be set in concrete for the transformation of our city, which will include the fast-tracking of important infrastructure which will benefit the residents for many years to come. This is an extremely exciting time for Brisbane and the city that it will now become in the years ahead.

From a property price movement perspective, Brisbane is bucking the national trend in terms of house price growth in recent months. Our city is one of few capital city markets in Australia that has maintained growth momentum in housing values. Whereas the larger markets of Sydney and Melbourne have seen price growth slowing in the last 3 months, this is not the case in Brisbane in the housing sector. Even though the rate of growth has eased in other markets, housing values are continuing to rise substantially faster than average so market conditions nationwide are still very good.

Research director of CoreLogic, Tim Lawless, has attributed the loss of steam in the Sydney and Melbourne markets since March to several factors, one of which is declining affordability. With Brisbane’s median dwelling values at $598,615, we remain a much more affordable market compared with Sydney’s median dwelling value of $1,017,692 and Melbourne’s median dwelling value of $762.068. Even Hobert and Canberra are more expensive markets than Brisbane with their respective median dwelling values being $621,102 and $793,872 according to the latest Corelogic data released on 2 August 2021.

Of course, there are also some negative impacts on consumer sentiment due to the extended lockdowns in Sydney, and this is something we all must consider in the months ahead as we deal with the Delta variant of COVID-19 within our communities. Even so, from our experience from past lockdowns throughout the country, we are seeing a trend whereby buyer and seller activity reduces during the event but recovers quickly to pre-lockdown levels once restrictions are lifted.

Any potential for interest rates to rise in the near future looks less likely now that the recent lockdowns have seen Australia’s economy slow down, and this is now likely to keep rates on hold for a longer period of time. Any lift in the cash rate seems extremely unlikely for at least the next 18 months, and according to the RBA the forecast is not to see any movement until 2024 at the earliest. This is going to ensure ongoing demand for housing given the low cost of money in the current economic environment.

We are still seeing more investors enter the market with lending data now showing 26.8% of all housing finance commitments in Queensland going to investors. Whilst this is still a smaller proportion, there is definitely a trend that is shifting higher.

Employment growth in Queensland is leading the nation with an additional 235,000 employment opportunities by June 2021 throughout the state according to ABS data. This may also be due to the lockdowns in both Sydney and Melbourne recently. With Brisbane also entering a new lockdown due to the Delta COVID-19 variant, we will be watching to see if this has any impact on these employment trends in the future.

Looking at the mismatch between demand and advertised supply, we can still see why Brisbane markets are strong. Sales volumes have increased 44% in Brisbane over the 12 month period leading up to June 2021, whereas total listing volumes had declined -25.9% across the same period according to CoreLogic. This provides some clarity as to why the pace of price growth has been so strong in recent months through the city.

Let’s take a closer look into the performance of the Brisbane Property Market Update July 2021.

 

Brisbane Property Market Update July 2021 – Price Growth

The latest Hedonic Home Value Index data by Corelogic released on 31 July 2021, has confirmed that the median dwelling value in Brisbane increased a further +2% over the month of July. This is back to the dwelling growth that was experienced in Brisbane throughout May, after only a very slight dip to +1.9% growth throughout June.  The current median value for dwellings across Greater Brisbane is $598,615 which is $12,473 higher than just one month ago, and $95,991 higher since the same Corelogic results were published 12 months ago.

The quarterly growth in dwelling values across Greater Brisbane is now 6.0%, suggesting a slight pick up again since last month, and annual growth for the last 12 months is now 15.9%.

Brisbane Property Market Update July 2021

The top end of the Brisbane Market is still driving the growth as you can see in the CoreLogic Data below.  This shows that the strongest growth in dwelling values occurred in the top 25% of values in the three months to June 2021, with 6.2% growth, compared to just 3.8% growth in the lowest 25% of values across the city.  

Brisbane Property Market Update july 2021

Interestingly, the number of people who are highly engaged with unit listings has been higher across Queensland compared with house listings. This is in contrast to what we have observed by being on the ground at inspections where anecdotally we are seeing more buyers attending open homes for houses than units – especially in Brisbane.

 

Brisbane Property Market Update July 2021 – House Prices

In the Brisbane Housing Market, we saw median values for the greater Brisbane region increase 2.2% across the month of July 2021 which is CONSISTENT with the growth that we experienced in the housing sector throughout Greater Brisbane for the last 2 months.  The 12 month change in Brisbane house prices has been 17.7%.   The current median value for a house in Greater Brisbane is $674,738, the highest it has ever been.  This is $17,187 MORE than one month ago and $98,400 more than at the beginning of 2021.

Brisbane Property Market Update July 2021

 

Brisbane Property Market Update July 2021 – Unit Prices

The Unit Market in Brisbane saw further positive growth in the median value this month, as well as a slight pick up in the momentum of that growth as well.  July saw an increase of +0.8% growth for units in Greater Brisbane, compared to +0.7% last month.  The 12 month growth for units across Brisbane is now +7%.   The current median unit price in Brisbane is $419,142, which is $3,607 more than one month ago and $28,357 more than at the beginning of 2021.

Brisbane Property Market Update July 2021

 

Summary of Price Growth in Brisbane for the Year to Date

The graph below charts the % change in property values for Houses and Units since January 2021 for both houses and units in Greater Brisbane.

The trendlines here show clearly that the housing sector has not yet seen any slow down in price growth over the past 4 months. The unit sector saw a loss of price growth momentum between May and June, which seems to have recovered in July.

Brisbane Property Market Update July 2021

Both sectors are still appreciating in value, but houses have shown more superior growth since the beginning of the year, compared to units.

Brisbane Property Market Update July 2021

 

Brisbane Property Market Update July 2021 – Rental Property and Movements

Vacancy Rates in Brisbane remained unchanged between May and June, staying at 1.3% city-wide. The table below highlights where vacancy rates across Brisbane sit at the end of June 2021.

Region Vacancy Rate June 2021
(change from May 2021)
Beenleigh Corridor 0.6% (-)
Brisbane CBD 3.9% (-)
East Brisbane 1.2% (+0.1%)
Inner Brisbane 2.1% (-0.1%)
Ipswich 0.8% (-)
Northern Brisbane 0.7% (-)
South East Brisbane 0.6% (-)
Southern Brisbane
1.5% (+0.1%)
West Brisbane 1.2% (-)

Source: SQM Research

The current vacancy rates in each region are extremely tight across the city.  Even the Brisbane CBD is seeing current vacancy rates back at levels seen in March 2020 before the pandemic.  Tight vacancy rates like this are putting upward pressure on rents as evidenced in the rental data below. 

Rental incomes in the unit market throughout Brisbane during July have seen an annual increase of 4.6%, up 0.8% compared to last month. 

Housing rents, are still climbing faster, with the annual increase in rents for Brisbane Houses now at 9.4% according to CoreLogic Data, which is 1% higher than a month ago.

Gross rental yields for dwellings across all of Greater Brisbane are compressing with escalating dwelling prices outpacing rent price growth.  At a city wide level, gross rents have dropped slightly to 4.0%in July, down -0.1% from last month.  This is still very attractive compared to Sydney at 2.5% and Melbourne at 2.8%.

Brisbane Property Market Update July 2021

 

What did we see on the ground across Brisbane during July 2021?

Not much has changed on the ground throughout July, compared to June. The excitement of the Olympics announcement is evident for many residents, although this may take some time to filter through in terms of how it may shape our city in the years ahead.

Buyers have still been very active throughout July and open homes have been well attended, both on Saturdays and also mid-week.  With the most recent lockdown, we expect the momentum to pause, but we do not expect at this stage that the buyers will disappear. Like previous lockdowns, we expect the demand to match the pre-lockdown levels as soon as everything opens back up.

There is still not much selling without multiple buyers submitting offers, and most properties are still selling after the very first open home. The only exception is when there is an auction campaign in place, which usually involves a 3-4 week campaign, but recently we have seen auction campaigns reduce to as little as 7 days.

For buyers, it is a stressful and frustrating time. As prices escalate, buyers are having to either adjust their expectations or increase their budget every month if they intend to stay in the same areas. 

On the ground, it really is a frenzy in many locations across the city. There are simply too many buyers for the available stock that is coming to the market.  Buyers are paying a premium just to secure a decent property at the moment, but with the depth of buyers, this is not something we expect to see slowing down any time soon.

 

Brisbane Property Market Update July 2021 – The months ahead …

Our position remains the same as last month in that we do not expect any slow down in the momentum of Brisbane housing price growth in the foreseeable future.  Even with the temporary lockdown, we expect that the pent-up demand will continue as soon as things open back up throughout South East Queensland.  The current Delta outbreak in the city will not impact the fundamental imbalance that we have between supply and demand that is putting such strong upward pressure on prices.

Hold on for the ride everyone … Brisbane really is on fire.  It is a very exciting time for our City!

 

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