Nearly 70 per cent of Brisbane home sellers are expecting property prices to increase within the next six months, according to new data.
A survey carried out on 3306 Australian vendors by OpenAgent.com.au last quarter on their expectations for price movement for Brisbane property found respondents were the most optimistic they’ve been since the beginning of 2018, with 67 per cent believing prices would rise within the next six months.
At the end of 2018, 17 per cent of vendors believed Brisbane house prices would go down within the next six months; now, only 7 per cent believe prices are likely to drop over the next six months.
This is despite recent figures which showed Brisbane’s property prices had fallen again, making it one of only two capital cities in Australia to record house price declines over the quarter as well as the year.
The latest quarterly Domain House Price Report, released last week, showed house prices within the Brisbane LGA, where the median house price is $666,500, had fallen over the past year by 1.3 per cent.
However Carson Teh, data analyst from OpenAgent, said sellers remained optimistic about Brisbane prices.
“Though seller expectations in Sydney and Melbourne have now overtaken those in Brisbane, the optimism surrounding Brisbane’s property market has proven to be comparatively more stable over the past three years,” said Mr Teh.
“Home sellers in Brisbane have been expecting prices to be on the rise for at least three years, however, we haven’t seen confidence levels this high since the beginning of last year.”
He said the Brisbane property market had been performing well for many years.
“The Brisbane market hasn’t been as dramatically affected by the recent downturn in comparison to other capital cities such as Sydney and Melbourne,” said Mr Teh.
“Those looking to buy have a little time to make a move before dwelling values reach the next peak, however, those looking to sell could benefit from waiting for the market to bounce back even more,” said Mr Teh.
“Upsizers, in particular, should look to upgrade now before the gap between your current home and next home widens even more, whereas downsizers could do better off waiting for the market to improve.”
Compared to the previous quarter, the proportion of Brisbane home sellers that were expecting price increases has gone up by 28 per cent.
Another 26 per cent of Brisbane home sellers believed prices would stay about the same for the next six months.