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Brisbane house price growth set to slow as unemployment and interest rate rises begin to bite

first_imgBrisbane home values are set to slow over the next two years. Picture: Darren England.Ms Dabbs said the property slowdown was set to occur across the country over the next two years.Home values across the capital cities are tipped to rise 5.6 per cent nationally in 2017, compared with 7.9 per cent in 2016, according to the report.“Although Queensland’s economy is doing relatively well, we’re seeing tighter lending criteria from the regulator and that’s likely to limit growth,” she said.“We’re also expecting in 2018 a further slowdown driven by a likely increase in interest rates.”She said Moody’s was expecting the Reserve Bank of Australia to increase interest rates in 2018, but it was likely the major banks would continue to raise rates out of step with the RBA.The CoreLogic-Moody’s Analytics Australian Home Value Index Forecast provides a quarterly projection of residential home values across the country over the next 10 years. Hobart is predicted to lead the country when it comes to price growth in 2017, with home values tipped to rise by 9.2 per cent. Brisbane home values are set to slow in next two years. Pic Darren England.BRISBANE home values will hit the brakes this year as the mining slowdown continues to weigh on jobs growth, according to the CoreLogic-Moody’s Home Value Index Forecast.The report predicts house prices in the city to grow by 3.3 per cent in 2017, after rising 4.5 per cent the year before.In 2018, Brisbane houses are tipped to rise in value by just 1.2 per cent.Moody’s is partly blaming the Brisbane market cool-off on a slowdown in mining activity, which it says is driving the jobless rate higher and resulting in a slump in private investment. Queensland’s unemployment rate is currently the highest in the country at 6.7 per cent, according to the latest Bureau of Statistics data.Apartment values are set to slow more sharply than house values and are predicted to remain flat in 2017, according to the report. GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HERE “A lot of that has to do with supply coming on line in the next 12 to 24 months,” Moody’s Analytics economist Emily Dabbs said.But the outlook for the state is brighter, with Moody’s predicting the property market to recover from 2018 onwards, supported by population growth, rising tourism and higher coal prices.Moody’s forecast is more optimistic than National Australia Bank’s, with its latest Residential Property Survey predicting Brisbane house prices to rise by just 1 per cent this year.More from news01:21Buyer demand explodes in Townsville’s 2019 flood-affected suburbs12 Sep 202001:21‘Giant surge’ in new home sales lifts Townsville property market10 Sep 2020 These are the Queensland areas tipped for above average property price growth last_img read more

Start reading Brisbane house price growth set to slow as unemployment and interest rate rises begin to bite

Auctions are springing into action as results rise along with the temperature

first_imgSamantha & Lachlan Stevens are auctioning their Coorparoo home to take full advantage of the spring selling season. Photo: AAP Image/Steve PohlnerTHE spring selling season has taken hold.CoreLogic analysis showed the number of properties going to auction rose 12 per cent in the first week of spring compared to the last week of winter.CoreLogic auction commentator, Kevin Brogan, said the climate motivated buyers and sellers.“It comes down to people’s willingness to go outdoors during inclement weather,” Mr Brogan said.“You’ve got the expression ‘Spring Cleaning’ — people looking to make a fresh start in spring,” he said.And as Brisbane’s market heats up, expect to see even more auction activity.Mr Brogan said hot markets also fuelled auctions because properties gained value during their campaigns. “If you’ve got a market that is rising rapidly and you’re a vendor, you actually want to flush out the people who are willing to pay,” he said.LJ Hooker manager, Ryan Ellem, said their network had already seen strong spring auction results.“We’ve seen an eight per cent increase in auctions this weekend compared to the previous month’s average,” Mr Ellem said.Place Bulimba agent, Shane Hicks, said spring was also the best time to plan for the New Year.“When I sign up an auction, I talk as much about the settlement date as the auction date.” Mr Hicks said.“Spring is when the gardens look great, the lawns look great and there’s a real feeling in the air from both buyers and sellers that they want this all done and dusted by Christmas,” Mr Hicks said.Lachlan Stevens, 29, and his wife Samantha, 27 will auction their home at 46 Temple St, Coorparoo on October 14.More from newsMould, age, not enough to stop 17 bidders fighting for this homeless than 1 hour agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investorless than 1 hour ago“In my opinion, I probably wouldn’t consider anything else but an auction in the current climate,” Mr Stevens said.Mr Stevens said they wanted to present their three-bedroom worker’s cottage at its best and spring was the perfect time as gardens came into bloom.“We’ve got two big deciduous trees in the back yard that are coming into flower and a frangipani tree in the front yard starting to push its leaves now and that should be in flower by the time the auction is on,” Mr Stevens said.They timed the auction to ensure a buyer could settle by Christmas.“They’ve got time off and can make their own changes to the home — people have got time to style it,” he said. John and Lyn Reynolds say their penthouse apartment in the Valley’s historic McWhirters Building is a great fit for a spring auction event Photo: AAP Image/Claudia BaxterJohn and Lyn Reynolds were drawn to a spring auction of their McWhirters penthouse at 606/38 Warner Street, Fortitude Valley which goes under the hammer at 10am on Friday October 6.“You have so much fresh air and daylight, looking out over balcony,” he said.“You go out into an atrium that instead of being blocked in, it’s open so you get beautiful fresh air and blue sky,” he said.Mr Reynolds said their apartment was perfect for young buyers with spring on their mind.“People who are alive and energetic and like music, good food and entertainment. The atmosphere here has been really alive. It really brings you a sense of energy,” Mr Reynolds said.Follow Kieran Clair on Twitter at @kieranclairlast_img read more

Start reading Auctions are springing into action as results rise along with the temperature