Snapshot of Brisbane from quality research. The most influential factor surrounding Brisbane’s real estate market at present is a lack of buyer confidence. Over the March 2010 half year this had reached a peak with an “imminent“ interest rate rise looming following the surprise
November rate rise, January’s floods, falling house values, rising cost of living and increasingly debt averse and conservative households.
The half year to March 2011 has seen Brisbane record its lowest level of house sales in at least a decade as values weakened over the year. This equates to a 28% drop in house sales from the March 2010 half year. A 28% drop in volume and people are trying to tell you that ALL IS WELL!
Similarly to houses, Brisbane’s unit sales have reached their lowest volumes in over a decade causing values to subside as fewer buyers enter the market. A 35% drop in sales year on year. The $million plus market is down nearly 50%!
So far – hard statistics. No interpretation needed. Fairly basic and easy to understand.
Next comment made Q3 – 2011 is, however, pure speculation – “Looking forward there are a number of promising indicators boding well for a stabilising in the market, with the bottom of the cycle likely to occur towards the end of 2011 or during 2012.”
REALITY – the slide has continued like an all conquering lava flow for the rest of 2011 and throughout 2012, which is nearly over! 2013?