For those of you who love their property stats, here’s a round-up of some of the latest on our market. According to RP Data Brisbane prices are down 1.7% for 2008 with our auction clearance rate just 25%. The average time it takes to sell a house is now up to 47 days and apartments are 44, with an average discount from original listed price of 6.1%. Rents have risen strongly this year – up 10% for 2 bed apartments and 14% for 3 bed houses in the inner suburbs, according to the Residential Tenancies Authority. The Real Estate Institute of Qld says the vacancy rate is 1.3% (down from 2.6% in June 2007), while in our office it’s currently 0.5%.
The ABS has just released population data for the year to June and Queensland added 98,000 residents. QIC’s Doug McTaggart says this will grow as Sydney house prices recover and New South Welshpersons creep over the border. Valuers Herron Todd White report the inner city’s market is holding up relatively well and “staying near the CBD will certainly help keep property blues at bay.” The Reserve Bank yesterday dropped official interest rates by another full point to 4.25%, some commentators are tipping it’ll go to the 2’s, and analyst Michael Matusik comments that “every 0.25% fall translates into a household being able to push up the price of housing by 2% for the same level of repayments”.