Resilient Bardon Records High Buyer Demand as Property Market Cools

As the property market cools in other parts of Australia, Bardon still managed to record high buyer demand as it makes it to the list of resilient suburbs in Queensland, the latest research says.

PopTrack’s latest data crunch covering the three months to November 30, 2022, identified the areas with the largest number of potential purchasers per sale for listing as well as an average house or unit price that has been stable or has shown growth.

They looked into the suburb’s automated valuation model or AVM figure, which estimated the value of individual properties to then assign a suburb value. This gives a more holistic overview of the suburb as compared to looking at sale prices alone.

PropTrack economist Angus Moore said that whilst prices across much of the country fell due to higher interest rates, the declines didn’t appear to be evenly spread and there are some areas where values hold up. 

Brisbane continued to perform strongly over the past year or so, the report said, defying the current coiling trends in southern states. The list is led by Belmont which managed to record an AVM of $1.11 million, rising 0.9 per cent, and where 106 potential buyers per house listing showed interest.

Meanwhile, Bardon topped the list when it comes to the units market where it recorded 116 buyers per listing and an AMV value of $948,000 or an increase of 2.4 per cent in the three months to 30 November.

Experts say that Bardon attracts young professionals, small families, downsizers and astute investors due to its good growth prospects and rental returns. In 2023, buyer demand is seen to likely exceed supply in the area mainly because of its good location, lifestyle and proximity to reputable schools.

Meanwhile, national home price falls have slowed down in January 2023 or a decline of just 0.09 per cent. That equates to a downturn of 4.51 per cent from its March 2022 peak, PopTrack Home Price Index shows.

Brisbane, Sydney and Hobart recorded the fastest pace of home price decline when compared to their respective peaks. Brisbane home prices dropped 0.07 per cent month-on-month in January 2023 which is 3.76 per cent below its recent peak.

Still, Brisbane home prices are higher by 42.1 per cent compared to pre-pandemic levels, a pattern seen in the rest of Australian capital cities as well as regional counterparts.

Published 13-February-2023