Inner-Brisbane market moves to a new level
Over the past year or so, you’ll have seen some common phrases when reading the various commentary on our real estate market. After the sluggish market and price drops of 2011-2012 there’ve been “green shoots” and “modest recoveries”. “Gaining momentum” was one of our favourites.
So while we urge caution that it’s too early to call any sustained change, right now inner-Brisbane’s real estate market is without doubt the busiest we’ve seen in a decade.
Buyers numbers are well up on 2013. First weekend inspections particularly are very busy (many open homes witnessing 20 plus groups), a reminder of those early 2000’s when multiple offers were the norm. We are currently selling properties for the asking price and sometimes more. Our average days on market are 23 and our discount from listing to selling price is 0.3%. For most areas and price ranges there’s more buyers than there are homes that suit their needs.
After a number of years of buyers being firmly in control, here’s two telltales for us that we have a market on a new, more balanced playing field:
Buyers are calling us back. We know we’re real estate salespeople and shouldn’t be surprised when some people don’t want to talk to us! But it’s been a little lonely in recent years… Now the calls are returned, buyers keen to hear what ‘freshies’ we might have coming up for them.
The second reason? In the past fortnight I’ve had 3 real estate agents contact me chasing investments for themselves. Like a Charleville grazier can smell the coming rains, these agents get a sense when the market’s on the turn.
It’s not all one-sided. Despite the competition we’ve still seen some price sensitivity from buyers. They’ll well-informed and most are not yet rushed to pay over the odds. They recognise there’s a shortage of listings across many inner city markets and prices, but many are still okay to bide their time. There’s more balance but it’s too early to say it’s a sellers market.
With that said, if you’ve been holding off selling I haven’t seen a market as good as this since 2004. Many are hoping it will continue ‘gaining momentum’ and those ‘green shoots’ will sprout into price growth to make Jack’s beanstalk look tiny.
For us, we’re just enjoying a busier, healthier market.