The Facts behind the Brisbane Property Market Forecasts for 2017
Just last week, the Home Value Index Agency released their latest survey catering to the Brisbane property market 2017 and its first quarter. With several other regions experiencing a decline in market values (of which have been detrimental to home owners), these same areas have presented a fantastic opportunity for buyers hoping to save cash and purchase a cheaper than average property, while values are low.
How does Brisbane compare?
Although many regions are currently experiencing a decrease (ranging in severity), Brisbane on the other hand is undergoing a drastic climb – one that could spell the ideal opportunity for home owners looking to sell their properties. In the second quarter of 2016, property values in the region were at a comfortable +6.2% – almost double when compared to the same time last year.
When considering the 3.8% incline in 2015 (a percentage that still benefits home owners), it was quite surprising to see this amount increase by a whole 2% in the first quarter of 2016. Just three months later, this percentage climbed up to 6.2% – a further 0.4% higher than earlier on this year.
As the year comes to a close, many experts believe that the region will experience an impressive increase to values – and although not quite as high as the second quarter of 2016, the 6.1% value is still certainly something that home owners may want to cash in on.
What has caused this increase?
Throughout 2013 and until the end of 2015, Brisbane had experienced a rapid decline in the value of properties; mainly due to the fact that home prices had been so high. This habit of increasing and decreasing has been going on for years now, with the region currently experiencing an increase in market values – and these will eventually swing in favour of buyers.
Right now however, the potential for sellers to make more on the value of their homes is prominent. By aiming to sell within the first quarter of 2017, a home owner may be able to enjoy a healthy 6.1% increase on the value of their property. With the average property possessing a value of between $400,000 and $450,000 AUD – this can offer tens of thousands of dollars extra for sellers.
How to cash in on the increase in value
Many experts consider the recent survey to be a guideline, but with the accuracy of the past half a dozen released by the HVI; there’s minimal need to doubt the claims. If things pan out as expected, then early next year could certainly be one of the best times for owners to sell their homes; or for those willing to risk waiting a little longer, there’s always the chance that the second quarter could yield an even greater increase.