Your Empire Property Market Report February 2023
Chris Gray from Your Empire Sydney, Lauren Staley from Infolio Property Melbourne, and Zoran Solano from Hot Property Buyers Agency Brisbane shared their February 2023 Property Market Report.
10 Key Points
Buyers are researching now and getting ready to buy from March onwards across all states.
Brisbane recorded a record price for a new build in the suburb Kedron - Always markets within markets.
Brisbane - The best opportunity is to buy an unrenovated property and be prepared to renovate it.
Lack of good quality Blue Clip Stock on the market
Softest Market in 10-20 years in Melbourne
Run Your Own Race and buy when you have the money. When buying and selling in the same market, timing is irrelevant.
All agents recorded a tight rental market with less than -1% Vacancy rates.
Tenants willing to accept rental increases
Landlords are prepared to terminate leases to achieve $200-$300 rent increases.
Reserve Bank Australia's (RBA) interest is predicted to reach around 3.5-4%.
What does the market feel like in Melbourne?
Lauren said in the Melbourne Bayside area, “It was a slow start to the year with low lock levels, only the leftover stock still on the market that will probably need a price adjustment. An auctioneer says they were only two Auctions in their area booked for February.” However, there if hope for buyers. Many potential sellers in Melbourne are obtaining property appraisals and predicting the quality stock will return to the market from March onwards.
What’s going on in the Melbourne Rental Market?
Lauren says, “The rental market is HOT with over one hundred people queuing to view a property. She feels many people are renting instead of buying, the property market has not dropped as much as anticipated, and they can not afford to buy a property in the area they want to buy.” Lauren says, “At Infolio Property, their “Vacancy rate is less than 1%, which is significant as we have over 700 properties on our books. Right now, it is a great space for investors.”
Melbourne Outlook?
With the Reserve Bank Australia (RBA) interest rates predicted to reach 3.5-4% Lauren says, “Run your own Race. Buy when you have the money.” She stresses, “it is important that you get into the market when it is right for you. It is essential to remember that when trading in the same market, the timing is irrelevant.” Her feeling about the market is. “Sentiment is low and feels like the softest market in 10-20 years.”
What does the market feel like in Brisbane?
Zoran in Brisbane says, “There are many buyers at openings due to pent-up demand.” The CoreLogic Australia stats indicate that there are historically such low stock levels on the market. He says, “Buyers are researching and getting ready to buy after Easter.” He says, “I am still getting multiple offers on quality homes because of an undersupply of blue chip properties on the market.”
What’s going on in the Brisbane Rental Market?
Zoran says, “The rental market is still strong; On the Hot Property Buyers Agency books, they only have one property available for lease,” He goes on to confirm, “which is still tenanted.” His thoughts on rental increases are, “tenants are willing to accept a reasonable rental increase in rent rather than move and potentially miss out on another property and pay for moving costs. We are also seeing a lot of tenant renewals.”
Brisbane Outlook?
Zoran says, “There are opportunities in the market. In Brisbane. unrenovated properties, that’s where the best opportunity is.” He also says, “There have been suburb records for a new build in Kedron. There are always markets within markets.”
What does the market feel like in Sydney?
Chris Gray says that RBA interest rates are predicted to reach between 3.5% and even 4%, people are now having the pay the principal and the interest, and he is starting to see some movement as owners come off their fixed-interest rate mortgages.
What’s going on in the Sydney Rental Market?
Chris says, “Mortgages have gone up by 3%; therefore, if that is a Million Dollar mortgage, then that’s an extra $30,000 annually. In some states, you can increase the rent once a year; therefore, an existing tenant is unlikely to keep paying more and more rent. Therefore, many landlords will terminate their lease with their existing tenant to increase the rent by $200-$300 a week with a new tenant willing to pay more for a quality property.”
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