Inner-Brisbane’s real estate sales market: What’s really going on?!
Improving. Busier. Optimistic but still cautious. That’s the best way we can describe the current sales market. Those who want to sell are finding buyers without too much trouble – at a market price that’s often up ‘a bit’ on where it was. It’s the best market for sellers we’ve seen in some years, probably since 2009 and we’ve gained some speed. But, on balance, buyers are still driving the bus.
Our turnover was up 13% in the September quarter, according to the Real Estate Institute of Queensland, who say there’s reason for optimism with big southern price rises a good sign for us. “Queensland remains one of the most affordable places to buy or invest in property. With this in mind we are likely to see an increase in interstate investors and migrants taking advantage of these excellent opportunities,” says CEO Anton Kardash.
More than a year ago we noticed the first trickle of interstate investors and our new apartment buildings in particular have this year seen a tsunami of southern interest. RP Data says inner-Brisbane’s median dwelling price is improving, now just 1.3% below its last peak. Sydney’s home prices, for example, are now 9% above its previous market peak. We look cheap.
All the stats are positive. REIQ says vendor discounting required to achieve a sale is down (to 6.5% from 7.9% a year ago), time on the market for each sale listing is down (78 days compared to 90 last year) and the level of stock for sale is low – and Bees Nees City Realty can attest to the accuracy all of those trends. Our agency is desperately short of listings and our past 3 months’ sales have seen an average days on market of just 26.
So what have prices done? Across Brisbane the REIQ say the past 12 months has seen houses up 3.4%, with units down 0.1%. So while the developers and parts of the property industry will enjoy some of the headlines claiming boom times are back, they’re not. At least not yet.
The market is busier. After a year of consolidation and talk of “green shoots”, the signs are positive and there’s good reason for all inner-Brisbane property owners to look forward to 2014. And those looking to buy might do well to get a wriggle on!
We’d love to hear your comments about the market