Property Value Brisbane
Understanding property value in Brisbane
Property value in Brisbane, Queensland is determined by a variety of factors. Brisbane house prices are a hot topic for the Brisbane real estate market particularly given the high cost of housing in other capital cities – such as Sydney and Melbourne – which makes Brisbane properties an attractive option for property investors and first home owners alike. As with any financial investment, making good decisions around property requires up-to-date, independent information. With so much change in Brisbane house values in recent times, we believe a professional valuation is essential when determining property value in Queensland. Real estate property valuations should be carried out by certified professional valuers. You can check registrations with the Valuers Registration Board of Queensland and the Australian Property Institute to ensure your valuer is qualified.
Property valuation tools vs expert valuers
There are many Australian property value reporting tools available and tools for house value estimates too, but of course the expert analysis provided by a university qualified independent property valuer will deliver the most impartial and accurate independent advice. Why would you trust an online estimator to value your property?
Here is a summary of some aspects that affect a Brisbane property valuation:
Property Location
Your property location will affect its value: is it a rural property or a city property and which suburb? Views and proximity to local services such as shopping centres, schools, and public transport nodes are some of the aspects we take into account. These aspects are important property value indicators. Development in the area can affect valuations also.
Property Age
The age of your house will affect the property value. Newer does not always equal a higher house value in Queensland as some homes have heritage or architectural relevance that greatly affect the property’s valuation. In general though, the age of a building will be a big factor of influence on value.
Property Improvements and Renovations
Functionality is important and this is where property improvements can make a difference. If your home has recently been renovated then you might require a new valuation.
Top home improvements to improve property value
Top home improvements to increase property value include: kitchen and bathroom renovations, additional living spaces including outdoor living spaces such as decks and patios. Bringing the outside in is important in tropical Queensland were liveability is influenced by the indoor outdoor areas for entertaining.
Economic Factors
Both global economic conditions and the local economy influence the property market. This includes interest rates and bank and financial institution lending policy and practice. These factors affect the activity in the market and therefore potentially increase property value. You can find further information about this on the RBA website. In March 2020, we’ve seen the RBA cut the cash rate. You can read the latest speech (at the time of writing) which mentions the need for forecasts to account for the expected impact of the devastating Australian bushfires and more recently the Novel Coronovirus outbreak on the local economy. Information on the Australian economy and the economic outlook for Brisbane and Queensland are updated regularly across various websites.
Land Area
The size of the block, the topography, aspect and position will influence the property value. From the extremes of roadside corner blocks to quiet streets, and city views or waterside locations vs suburban property views.
Find out what a property valuation will cost
If you are wondering about the cost of a property valuation or want an answer to the question ‘what does a property valuation cost’ and would like to obtain a quote for a property valuation or order a valuation, please fill out the form below and we will contact you directly. If you would rather chat please call (07) 3865 6574. We provide valuations in Queensland with most of our valuations in Brisbane.
NOTE: Information is kept strictly confidential and we do not visit your property without speaking to you first.
Updates
These updates were introduced to track factors affecting property values and property valuations in Brisbane:
The COVID-19 pandemic is expected to have an impact on the economy in the coming months. The RBA has announced rate cuts already. We will update our information as required however you can also stay up-to-date via the RBA website. ‘Minutes of Ad Hoc Monetary Policy Meeting of the Reserve Bank Board, 18 March 2020′ will be made available on 1st April.
Core Logic has reported 1 May, 2020 that there was no market evidence of property values falling in April despite a sharp decline in market activity and consumer sentiment.
Read the full Minutes of the Monetary Policy Meeting of the Reserve Bank Board dated 21 July 2020 deciding to maintain the current policy where the Board determined that it would not increase the cash rate target until “progress is made towards full employment and it is confident that inflation will be sustainably within the 2–3 percent target band”
A rather upbeat media release from the RBA provides an optimistic outlook for Australia. Dated 6 October and pre-budget announcements.
A very in-depth Statement of Monetary policy was released in November 2020 noting we are in recovery but it will be extended and bumpy. It’s a big read if you are keen.
Here we are now ‘almost’ post-COVID-19 in Australia with a more promising economic outlook than first expected and the latest monetary policy media release from 6 April mentions ‘housing markets have strengthened further, with prices rising in most markets’ and finance costs still very low. Read more on the RBA website.
On the face of things in Queensland right now it almost feels like pre-COVID times. We await the new monetary policy statements from the RBA on 2 February 2021. Stay tuned.
The RBA monetary policy meeting minutes from 6 July 2021 depict an upbeat recovery underway for both global and domestic economies. Whilst major cities around Australia are currently in lockdown, the minutes state that our economy recovers quickly once restrictions ease. Particularly of note is the more than 10% increase nationally for housing prices in the first half of the year. This is good to see and reflects the strong market we are experiencing in Brisbane. With access to the latest market evidence and up-to-date sales data, you can be sure that professional property valuations are based on actual recorded sales evidence and not hearsay or market hype.
Here we are in November 2021 and the latest RBA monetary policy statement is optimistic but also notes that any increase in the cash rate will be dependent on wages growth and ‘this will require the labour market to be tight enough to generate wages growth that is materially higher than it is currently.’ The report also notes ‘Housing prices are continuing to rise in most markets ‘.
February monetary policy statement was good news for those looking for stationary interest rates with no change. Bond purchases are ceasing. Even though the desired inflation rate has been met, the RBA is not yet convinced it is stable and is still looking for wages growth before moving on interest rates. View the full RBA Statement on Monetary Policy – February 2022.
May 2022 and we are experiencing the first increase to the cash rate in a very long time. The RBA noted the “underlying strength of the Australian economy and its ongoing resilience.” A positive economy and rising labour costs mean we can expect more rises. Housing price growth remains strong despite softening in some capital cities. See the RBA monetary policy statement here.
June 2022 and the RBA are delivering cash rate increases hard and fast. They mentioned housing price decreases in some markets but noted they remain more than 25 per cent higher than prior to the pandemic, supporting household wealth and spending.
November 2022 and we are easing into the end of the calendar year with many increases in effect since our last update as a tool to ease inflation.
January 2023 and we are seeing a market that is impossible to predict with further rate increases for 2023 from the RBA. We will be focussing on other content this year to help property owners make decisions around property with the best advice possible.
It has been a while since we last announced changes that affect the Brisbane property market. But let’s skip forward to November 2023 and say we would not have expected so many consecutive interest rate rises. The most recent RBA media release announced another another rate increase. read the full statement via the link. The cash rate is now 4.35%.
April 2024 we note for those that have not been following along, the RBA board now meets 8 times a year instead of 11. This means fewer monetary policy decision media releases. Read the full information from the monetary policy Brisbane meeting.
