After a period of measured adjustments, the Redlands real estate sector is demonstrating a remarkable resurgence, indicating a positive trajectory for property values in our community.
It has been remaining steady and strong throughout but we are back on the rise for higher price projections.
With keen observation and extensive analysis, real estate experts have noted a surge in market activity.
NAB’s group chief economist Alan Oster said in a report: “We see the pace of price growth slowing in (the second half of 2023), with (capital city average) prices remaining broadly flat but ending the year around 4.7 per cent higher based on price gains in the year to date.”
Prices in Brisbane (5.4 per cent), Adelaide (three per cent) and Perth (six per cent) are also predicted by NAB.
Also stated in PropTrack’s Property Market Outlook Report, released last week, is a prediction that home prices will increase between two per cent and five per cent nationwide this year, with most capital cities posting gains.
The bank is predicting the RBA will hike interest rates a further two times by September, taking the cash rate to 4.6 per cent, but suggested rates could start to drop next year.
“We see the RBA lifting rates to 4.6 per cent by September, then staying on hold until 2024,” a statement from the bank read.
“That sees (national) property prices rise by 4.7 per cent this year and around five per cent next year as rate cuts begin to add some support.”
Mr Oster said inflation was expected to remain above target levels for another 18 months.
In the past 12 months, the Redlands real estate market has displayed a range of median prices, showcasing the diversity of our local housing landscape.
Realestate.com.au data shows that in the heart of the town, Sheldon has emerged as the frontrunner, boasting an average house price of $1.5 million.
Moving towards Cleveland, the average home price stands at a noteworthy $920,000. The suburb continues to attract attention for its scenic waterfront locations, proximity to amenities and robust housing market performance.
The Redlands market is making waves, and you don’t want to miss the boat. With promising trends on the horizon, it’s essential to stay in the loop, whether you’re already part of the scene or just dipping your toes in the property pool.
