April Property Update 2022

Welcome to our April 2022 property update.

With the Federal election campaigning in full swing and the prospect of a hung parliament, as we expected many buyers and sellers are holding off making a decision about transacting property until the election outcome is known. This happens every election.

However as we come out of school holidays and Easter and Anzac long weekends, I do expect to see more properties come to market than currently as we lead into the election.

In March we saw a 0.2% fall in property prices in Sydney, yet a 2% increase in Brisbane, which brings quarterly growth to 0.3% and 6.4% respectively.

Nationally March was up 0.7% and 2.4% for the quarter.

Cordell Construction Cost Index (CCCI) showed a 9% increase the year to March 2022, the highest annual gain in construction costs since the introduction of goods and services tax (GST) in 2001.

I recommend you review your insurance to ensure that you are adequately insured.

Rents are still rising, with Sydney up 2.5% and Brisbane 3.5% for the quarter. For the March quarter unit rental growth was stronger that houses, however rental growth for houses since the start of the pandemic is stronger that units still.

The RBA left the cash rate on hold at 0.1%, however there is growing expectation this will increase later in 2022.

Nationally, residential property listings increased 1.8% in March, with Sydney increasing 3% in March, however listings are still down 14.9% compared to March 2021.

Please get in touch should you have any property related questions.

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