Adam Empringham,
Director of Sales at Image Property.
South East QLD Property Market Update 2023: Q1
Have you recently considered selling or renting your property in South East Queensland? If so, you might be interested to know that the real estate market has seen some changes in the first quarter of 2023.
South East QLD Property Market Update 2023 Q1: Brisbane
Let’s take a closer look at the Brisbane market.
While the growth rate has slowed down slightly, both sales and rental prices are still rising.
During the first quarter of 2023, there were 3,629 sales in Brisbane and a median sale price of $698,071. The median days on the market are currently sitting at 35 days, slightly higher than the average days on the market from the last quarter.
Meanwhile, there were 8,952 rental listings in the rental market, and the median rental price increased to $570.00 per week. The vacancy rate is at 1.3%, indicating a stronger Owner market with higher demand than the available supply. The price is a lot more competitive in an Owner’s market due to the low supply.
Both Owner and tenants need to understand vacancy rates, as it can help make informed decisions about pricing in the housing market.
South East QLD Property Market Update 2023 Q1: Sunshine Coast
The Sunshine Coast market is as equally promising.
Both the sales and rental markets have seen growth here as well.
During the first quarter, there were 322 sales on the Sunshine Coast, with a median sale price of $972,891. The median days on the market decreased from last quarter, currently sitting at 77 days on average.
Meanwhile, there were 553 rental listings, with the median rental price increasing to $701.00 per week, an increase from the previous quarter, which was sitting at $675.00 per week. The vacancy rate has increased to 1.3%, still allowing for a competitive market for landlords.
Compared to the rest of the nation, the South East Queensland market performs quite well.
With the high median sale and rental prices, along with steady and consistent growth over the past few years, it’s an attractive location for sellers and buyers.
Both the Brisbane and Sunshine Coast markets may be slowing compared to previous quarters.
However, they are still showing signs of growth and strength, making them great options for potential buyers or renters.
There are a few things to remember if you’re considering taking advantage of these market conditions.
First, as Brisbane’s vacancy rate continues to decrease and remains steady for the Sunshine Coast, there is still competition among sellers and landlords.
Ensuring your property is well-maintained, presented in the best possible light, and priced competitively is essential.
It would be best to consider potential buyers’ or renters’ needs and preferences when marketing your property.
To make the most informed decisions about your property, ensure you seek expert advice from industry professionals.
They can provide valuable insights into the current market conditions and guide you through the process of selling or renting out your property.
At Image Property, we have a thorough understanding of the South East Queensland property market.
Our team are committed to helping you achieve your property goals, whether you’re looking to sell, buy or rent out your property.
Get in touch with us today to learn how we can help you get the best possible outcome for you and your property.
