Property crystal balls are notoriously unreliable but there are a few telling indicators that can signal the peak of a market.
In Brisbane, one sign to watch is interstate migration. Those fleeing Sydney and Melbourne for warmer weather and more affordable housing have long buoyed the Brissie market.
But our rapid growth has changed that dynamic.
“The PropTrack Home Price Index shows Brisbane homes prices have increased 74 per cent since the start of the pandemic – but over the same period Melbourne prices are up just 15 per cent,” reports realestate.com.au.
“This has upset the traditional ordering of city home values. Brisbane homes are now selling for more than those in Melbourne, while Adelaide – long the cheapest major capital city – is neck and neck. Sydney remains the most expensive capital city, a position it has held for most of the past three decades.”
Now that Brisbane is not such a bargain it holds less appeal to Melbournites, and this heralds a slowdown in migration and quite likely a slowdown in price growth.
“Migration to Queensland from New South Wales and Victoria won’t stop, but the historical relationship suggests a continued slowing,” reports realeastate.com.au.
“In turn, fewer people moving north, along with challenged affordability, are reasons we expect home price growth …in Brisbane to slow over the next year.”
Thinking of selling before the market turns? Find out how much your property is worth or talk to us about selling.