QLD MARKET OVERVIEW
QUEENSLAND
QLD Market Overview with Mark Creevey & Tony Williams
Reflecting on 2022, what were some of the prevailing trends that you noticed and how did they play out in the market? In 2022 we saw the beginning of a what has been a long cycle of interest rate rises from 0.10% in April 2022 which have continued up to 3.85% in May 2023 impacting upon affordability and sales volumes which have retracted from the peak numbers being achieved in response to the Covid Home Builder stimulus in mid-2020. Increases in construction and civil costs have continued to have a strong influence on the feasibility for various forms of development, particularly those with a large built form component ie Apartments. Marketwise, what are you forecasting in 2023 and how will increased lending costs impact the various markets? Increased lending costs are likely to continue to influence the purchasing power of buyers for varying forms of residential product. Developers are likely to focus on catering to this by trying to offer a variety of product at more affordable price points What market sectors do you anticipate being most in demand over the next six months? We anticipate investor markets will strengthen over the next 6 months with potential for longer term capital growth and increased returns due to strong growth in rental markets combining to make this sector more attractive.
MARK CREEVEY
Director, Ray White Special Projects
TONY WILLIAMS
Director, Ray White Special Projects
74 – May / June 2023
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