What a year 2022 has been for Brisbane property owners.
Looking back over the year we kissed our lockdowns goodbye, we opened the borders and we welcomed back our interstate brothers and sisters.
When it comes to property, most of us are very affected by the herd. We buy when everyone else is buying and pause when everyone else pauses. When The market was running in 2020 – 2021, people would say “I missed the market”, yet in 2022 when we saw the steep climb flatten, people changed to “I’m going to wait and see what happens”.
Standing out in front of the market as the auctioneer has given me the insight to see those patterns and it’s very interesting to see who’s buying currently. Largely it is the astute investor and the prestige buyer. Two groups that tend to beat to their own drum. Two groups who don’t just blindly follow the pack. In fact, they tend to buck it. They sit out of the market when it’s ‘white hot’ and return when there is value.
The other trend emerging is the growing number of these interstate migrants that are now buying. Their leases are up, their roots are down and they now see strong value in staying “double the lifestyle and half the price”.
As the sun sets on another year, I think we will wake to see a wave of transactions in January.
The prestige property records will likely continue to be broken into the new year and only after the coast is clear for interest rate rises, will we be able to see the new direction of the property herd.
- Haesley Cush is an award-winning auctioneer who has called more than 10,000 auctions. He co-owns Ray White New Farm, East Brisbane, Spring Hill, Bulimba, Clayfield, Toowong and Living Here Cush Partners.