Shortage of listings may help sellers
We’ve been tracking the number of homes for sale in postcode 4101 (West End, Highgate Hill and South Brisbane) and there’s been a very strong drop in recent weeks. The graph below shows how quick the change has been.
* The total number of apartments and houses for sale in the 4101 peninsula has dropped 32% over the past 5 months;
* 287 places for sale in March but now just 195
*This area had 598 sales in 2008 so this reflects a market that’s well and truly undersupplied. There are still buyers looking but many sellers are holding their houses and apartments off the market.
* Sales volumes in the first quarter of 2009 totalled 140, pretty much in line with 2008, so the market is still steady.
So with just 195 homes on the market right now we have just 4.2 months supply – down from more than 6 months supply in March.
Other suburbs are suffering similar undersupplies. One western suburbs agent told us last week their office had just one apartment for sale – in an office of 15 salespeople!
Perhaps not surprisingly 3 of our last 8 sales have been for full asking price, and in one case, more than the list price. This is nowhere near a boom market but for some sellers it’s a great opportunity.