The demand and supply of Prestige houses has been the ultimate driver of the Brisbane Prestige real estate this past year and has shown no sign of slowing down.
The prestige property market last year was high on the back of the pandemic property price growth. In May 2022, the first of several rate rises took some of the head off the market, as buyers calmed, and banks tightened. As the year followed, speculation of significant price drops was widespread against a backdrop of rising inflation and mortgage costs.
And whilst market momentum has certainly shifted, prestige property results in Brisbane have held their own. This is because post pandemic, interstate and overseas buyers have caused a major influx of high-net-worth buyers, causing not enough houses for sale to satisfy the demand.
(29 Couldrey Street, Bardon – Offers over $5.6 Million)
In the next few years, the short supply of prestige houses in Brisbane’s blue-chip suburbs is expected to grow even more dire. A competitive drive between new buyers has been evident this year, as is often the case in the current market conditions.
With Easter holidays fast approaching and the high post summer holidays, it is expected for buyers to remain extremely active and the drive for a prestige home to heighten further.
(11 Hartley Street, Camp Hill – Going to Auction Onsite Sat 18th March 2022 at 10:00AM)
As more buyers compete for fewer properties and the supply and demand ratio is expected to keep the sale prices high and expected to smash Brisbane’s house price records by a mile.
If you are considering coming into the market, reach out to one of our Prestige Property Specialists who will help you achieve the best price for your property.