Forecasters predict Australia’s hottest property market in 2022
More jobs, more interstate migrants and the 10-year insurance policy of hosting the world’s biggest sporting event will send South East Queensland property prices to record heights industry experts say, with the current housing boom tipped to burn throughout 2022.
Despite an astonishing year of price hikes that saw median house prices rise by up to 38% in our local area alone, a decade of catching up for lost time coupled with a tidal wave of southern migration is predicted to keep the real estate revival in motion, with the re-opening of international borders expected to soften the blow of future interest rate hikes.
Brisbane in general has traditionally underperformed compared to other capitals, so there is definitely more room for growth. SQM Research’s Christopher’s Housing Boom and Bust Report 2022 named Brisbane as next year’s winner of the Australian real estate market—with the city expected to dominate dwelling value growth in 2022. The report, released in late November, also predicted median property prices across the capital would increase by up to 14 per cent.
Whilst we don’t personally believe we will see the same magnitude of growth that we benefitted from in 2021… this was a historically unprecedented level of capital growth. It’s essential to allow people to catch up, so we suspect throughout 2022 we’ll see a softening of the intensity to the real estate market but the demand will continue to be ahead of where it’s been for many, many years.
We are likely to find at some point buyers will say they won’t pay any more and we will start to get pushback which is a healthy thing because if you keep blowing up a balloon eventually it will burst. Some sellers may make the mistake also of putting a total pie in the sky price on their property, and there really is a point, even in the strongest of markets, that buyers will talk with their feet and totally disregard those overpriced properties.
Selling in 2022, you need to know this!
From January 1st all properties sold require smoke alarms to be installed prior to the settlement of the property. So what does this mean? Smoke alarms in the dwelling must be interconnected with every other smoke alarm in the dwelling so all activate together. Having smoke alarms interconnected means if one goes off, they all go off, giving occupants of the property additional time to escape should a fire or hazard be present.
The new smoke alarm legislation from Queensland Fire and Emergency Services outlines that any property sold must have smoke alarms on each story, in every bedroom and in hallways or if no hallway, in the most likely path of travel towards the exit of the property. Smoke alarms must be hardwired or powered by a non-removable 10-year battery, or a combination of both.