Posted by admin on 18 January 2012
Have a quick look at these survey results, the opinions on home ownership collected from 1,500 people this month. And we’ll share something interesting at the end…
• 96 percent of homeowners are happy with their decision to own and even 84 percent who are “underwater,” or owe more on their mortgages than their home is worth, expressed the same sentiment.
• 79 percent of home owners would advise a family member or close friend just starting out to buy a home, and 69 percent of those who are underwater on their mortgage would offer the same advice.
• 74 percent said that despite the ups and downs in the housing market, owning a home is the best long-term investment they can make.
• Home ownership and a retirement savings program are considered to be their best long-term investments.
• 78 percent of respondents said that owning their own home is very important to them.
• Nearly seven out of 10 who are not currently home owners (68 percent) said it was a goal of theirs to buy a home.
• Job uncertainty and saving for a downpayment and closing costs are the biggest barriers to buying a home
You might be thinking there’s no great surprise in that. Generally Australian home prices have slipped a little over the past year but are overall fairly solid. We should still be feeling good about owning a home.
But what if we told you this the survey was conducted this month in the USA? In a market where home prices have reportedly dropped by a third (down 33% since their 2006 peak) – more than their prices fell during the Great Depression. In that context it’s a remarkable survey.
American or Australian, we love to own our own home.
Tags: first home buyers, home ownership Brisbane
Posted in Brisbane's sales market | No Comments »
Posted by admin on 6 September 2011
It’s hard to imagine a time when we didn’t have full-streaming real estate data bombarding us. Now there’s a number of national and local commentators producing emails, blogs, newsletters, reports and updates. So to help you digest it all here’s a Cook’s tour of the latest:
RP Data say Brisbane’s dwelling prices went down 0.4% in July (or $1,700) for a total 6.6% dip over the past 12 months. Brisbane unit owners can punch the air – your median price apparently rose 0.4% in July, while house-owners lost 0.6%. Their Tim Lawless says the upper end of the capital city markets is being hardest hit and times on market have increased across the board. “If these soft trends persist, the Spring Selling Season is likely to open up some attractive investment opportunities for prospective buyers. In contrast, the selling environment is likely to be challenging for vendors, particularly if they have unrealistic price expectations,” Mr Lawless said.
Analyst Michael Matusik says the data suggests the worst may be behind us, with the monthly and quarterly results starting to trend upwards. “Even Brisbane, with the impact of the recent flood weighing down its property market, has fallen just 2.6% or by $11,600 since January. The Australian sharemarket can fall more than this in a single day.” Matusik says most property owners are still ahead. “Just one in 14 resales across Australia over the last decade made a loss. Importantly, close to half of the sellers since early 2000 made an annual gain of over 10% per annum. Keep in mind that capital growth can be deceptive as most measures exclude inflation, costs, taxes and charges. But still, such a positive result is encouraging.”
And first home buyer may be back in the market and taking advantage of good buying. Home loan approvals from first-home buyers jumped to 35% in June, compared with an average of 27%, according to mortgage broker Mortgage Choice. Mortgage Choice says a drop in first-home buyers during the last financial year made it hard for existing home owners to sell before moving onto their next property. Mortgage Choice CEO Michael Russell attributed the fall in numbers to the ending of the boosted first-home owners’ grant, which he says brought forward purchases in 2009 and 2010.
Tags: Brisbane median home prices, first home buyers, Michael Matusik, RP Data, selling a house Brisbane, selling an apartment Brisbane, Tim Lawless
Posted in Brisbane's sales market | No Comments »
Posted by Rob Honeycombe on 18 January 2010
Our inner-city’s rental pool shrank again in 2009, confirmed by new data on Brisbane’s housing market. The Residential Tenancies Authority last week released their December quarter stats and the news for tenants isn’t good: the inner city has “lost” almost 500 homes.
First home buyers bought up rental properties and owner-residents continued the trend to move in from Brisbane’s outer ‘burbs.
These buyers have booted out tenants and without any new apartment projects completed the rental homes haven’t been replaced. When you have 500 homes disappear in 3 months it means tenants wanting to be amongst the action and lifestyle of the city now have less to choose from.
The RTA track all rental bonds and across greater Brisbane the total reduced by 538 in the December quarter. The inner city suburbs accounted for 490 of them.
And there’s no big additions to the rental pool on the horizon.
There’s just one big tower under construction in the CBD but it’s at least 2 years away. Across the inner city we have a couple of apartment buildings nearing completion but many of their sales have already been made to owner-residents. It’s going to be well into 2011 before we see any worthwhile increase in supply.
Despite this we’d suggest last week’s controversial Australian Property Monitors forecast for an 8% rent rise in Brisbane during 2010 is not something landlords should ‘take to the bank’.
December’s stats showed a 2 bedroom inner city apartment was now $440 per week, with that median rent not changing since March 2009. The RTA includes the CBD and surrounding 20 suburbs in their “city inner” category, and that area now has just 29,294 rental homes.
Read more on the latest stats on Brisbane median rents.
Tags: first home buyers, rental bond Queensland, rental supply Brisbane, Residential Tenancies Authority
Posted in Brisbane landlords, Brisbane's rental market | No Comments »
Posted by admin on 30 December 2009
I’ve just finished reading “First home buyers led the way in ‘09″ courtesy of local online rag www.brisbanetimes.com.au touting first-home owners as the savours of the local property market for 2009.
That’s great news and certainly worthy of a mention, but it’s fair to say that in the 4101 post code (and specifically in my own backyard of South Brisbane), first time purchases never really caught the buyer bug, with most activity this quarter undeniably as a result of a revitalized investor market, fuelled by improved rental returns and historically low interest rates.
That’s not to say that first home buyers aren’t an active or important segment of the South Brisbane market, just that most of those who can afford a home, can’t find one with a drought of available properties and some agents predicting a seller’s market just around the corner.
Busy at the moment too with families wanting to be close to Brisbane State High School…. always a positive for sellers at this time of year.
Tags: Brisbane State High School Catchment, first home buyers, www.brisbanetimes.com.au
Posted in South Brisbane and South Bank | No Comments »
Posted by Rob Honeycombe on 2 November 2009
Highgate Hill’s 2009 volume of house sales has so far dropped by 35% on last year’s turnover with a 9% decline in the median price – lower priced property is on the move which pulls this figure down. See the graphs below for the year to June 30th.
The apartment sales chart decline was even steeper with a reduction in turnover of 51% and a reduction in the median sale price of 34%. A lot of this has been spurred along by first home buyers grabbing the $14,000 grant which resulted in more lower priced properties selling.
Apartment buyers looking around the current median of $360,000 seem to be buying well – if they can convince local home owners to sell! We’re hearing a lot of potential sellers say they’d love to move to a larger home but want to stay in Highgate Hill – if only they could find the right thing.
It’s not all bad news though … one of the most recent sales was a house in Strath Street on 448m2 selling to a developer/renovator for $1.5million. More owner-occupiers made this area their home whilst investor enquiry starts to return to the market.
Get your copy of our “Sales Market in a Nutshell” – click for a full profile on Highgate Hill real estate.
Tags: Brisbane apartment prices, Brisbane house prices, first home buyers, investor enquiry Brisbane, sales volumes Brisbane
Posted in Brisbane's sales market, Highgate Hill | No Comments »
Posted by admin on 2 November 2009
After dropping in 2008 apartment prices in this suburb are up slightly so far this year, reflecting a busy time for first home buyers who’ve found plenty of good value in the area. See the graphs below for the year to June 30th.
For most of its residents Spring Hill is really an extension of the CBD yet that little stroll up the hill can still save you $50,000 or more for a comparable apartment. While traditionally an investor-driven market, Spring Hill’s apartments are now regularly being sought out by owner-residents, keen to enjoy the CBD lifestyle.
With recently released projects offering better lifestyle amenities this was inevitable. The larger apartment sizes and more boutique nature of some of the area’s older buildings will ensure they attract buyers wanting a renovation opportunity too.
Despite the median price dropping 20% on 2008 it’s hard to draw any major conclusions on house prices, as the busy part of all inner city markets has been amongst first timers. Cheaper houses have probably gone up in price. Dearer, well-located quality houses are still selling but have had much tougher market conditions.
Renovators are busy adding value to houses but many of these don’t go back to the market. If you’re within walking distance of the CBD you probably have less reason to move than most of us!
Get your copy of our “Sales Market in a Nutshell” – click for a full profile on Spring Hill real estate.
Tags: Brisbane apartment prices, Brisbane house prices, first home buyers, sales volumes Brisbane
Posted in Brisbane's sales market, Spring Hill | No Comments »
Posted by admin on 2 November 2009
Sales volumes have drastically softened through 2009 accompanied by a reduction in the median apartment sale price, which is down from $475,000 in 2008, to $385,000 for the 2009 January to June period. See the graphs below. Sellers are holding off but buyers are ready to buy!
The extension of the first home owner grant offered some relief (although our own sales numbers indicated very few actual first home owner purchases in this suburb). We’ve seen investors slowly return with caution helped by low interest rates, a shortage of rental stock and consistently strong rental returns.
Construction of Property Solution’s “Terrace Row” in Merivale Street has begun and this remains as South Brisbane’s only new development for 2009 (a far cry from the relative boom of 2006/2007!)
South Brisbane houses remain tightly held so their sales figures aren’t reliable, but it’s still fair to say prices are strong and sales volumes remain relatively unchanged.
Get your copy of our “Sales Market in a Nutshell” – click for a full profile on South Brisbane real estate.
Tags: Brisbane apartment prices, Brisbane house prices, first home buyers, investor enquiry Brisbane, sales volumes Brisbane
Posted in South Brisbane and South Bank | No Comments »
Posted by admin on 2 November 2009
The median price of apartments is well down for the year to June 30th as first home buyer activity has created a busy market for the lower end. Riverfront and luxury apartments have not been selling easily and reflect the tougher market for all higher-end property in recent months.
The number of apartment sales in the CBD is up on 2008 after that very quiet year. These are mostly established apartments with little new project offerings in the market at the moment. There’s been a growing divide between prices for established and some new apartments – construction price rises make it easy to argue that today’s prices are actually good value.
The median house price in the suburb is up another 16% in the first half of this year. But with such small sales volumes (11 so far) it’s hard to be sure of a reliable trend. Our ‘on the ground’ observation tells us prices have remained solid and sellers generally find buyers waiting for new listings.
Renovations seem far more common than a couple of years ago and buyers are putting plenty of confidence in the continued attraction of the CBD lifestyle, knowing full well that houses in this area are an incredibly scarce commodity.
Click through to read a full profile on Brisbane City real estate and other inner city suburbs.
Tags: Brisbane apartment prices, Brisbane house prices, first home buyers, sales volumes Brisbane
Posted in Brisbane CBD, Brisbane's sales market | No Comments »
Posted by admin on 21 August 2009
Are first home buyers still buying? It’s the most common question people are asking us at the moment.
In May it seemed like they”d run out of steam and we might have seen the last rush. The maroon line on the graph below shows the total grants to Queenslanders each month and you’ll see that June kicked back up again. Maybe with more job confidence, buyers lined up for their $14,000 from the government in bigger numbers than ever. The First Home Owners Grant has cost taxpayers $13billion since the October introduction of the boost.
With reasonably tough bank criteria and some conservative valuations going on, we’re surprised the run has continued as long as it has. The grant has pulled forward an enormous amount of first home demand. The graph does show the lines flattening, Queensland more so than other states, and the upcoming release of July stats will give us an update on their appetite.
Our view from the market is that sales volumes are steady as investors are taking up the slack, with first home buyers slowly easing in number.
Tags: first home buyers, First Home Owners Boost, home buyers Brisbane
Posted in Brisbane's sales market, property taxes and rates etc | No Comments »
Posted by Rob Honeycombe on 5 July 2009
Life in the ‘burbs isn’t for everyone. The trimmed hedges, rolling front lawns and brick lowsets may be perfect for some but, for others, they’re a nightmare of endless mowing and maintenance. If the idea of a 40-minute commute sucks the life right out of you, here are some tips on finding an affordable home in the city.
Look for the uglies. Real estate is like a high school dance and the pretty ones do go first, and for higher prices. Why? Because most of us can’t use our imaginations (or are too lazy). Simple, really simple, renos and 5 tins of paint can make a massive difference to the purchase price. We’ve seen $3,000 spruce-ups add $30,000 to value – and more often than you’d think. If your housewarming needs to be a cocktail affair with the place looking schmick you mightn’t agree – but it can be just as much fun to invite friends over for a ‘paint and pizza’ night!
Brisbane’s inner city is full of brick apartment buildings from the 1980s and earlier. These were the days when only investors bought in the city – and they weren’t winning awards for their stunning architecture. In many cases the buildings look tired and there are no ensuites, lifts or gyms. On the plus side, they often have big rooms and great locations – and the renovation tasks are manageable on a budget. Think carpet, paint, window dressings and the kitchen when you can afford it.
Try Highgate Hill, Paddington, Bowen Hills (an area that’s got an enormous future) or Spring Hill. Old high-rises may not be fashionable property but they’re almost always close to transport and shops. When you get to sell there’ll be a ready market of investors and first home buyers – regardless of the ups and downs that might slow sales of other property.
Train-spotter? You will save big money if you buy alongside one of our many train lines, and if you pick the line (avoiding the freight routes) it can be okay. Main roads are another option but in our experience this noise is more constant and harder to live with. With either rail or roads it will take you longer to sell when the time comes as your pool of willing buyers is that bit smaller.
Those tight-budgeted house buyers needn’t give up either. Some of the ‘transition’ suburbs like the ‘Gabba, East Brisbane and Kelvin Grove have a reasonable number of affordable homes. You might have to live near a panel beater or a wholesaler for a time but this is Brisbane’s inner city and change will come sooner than you think.
# We wrote this article for the real estate pages of ourbrisbane.com
Tags: Bowen Hills Brisbane, Brisbane apartments, Brisbane housing affordability, East Brisbane, first home buyers, home maintenance, Kelvin Grove Brisbane, ourbrisbane.com, Paddington Brisbane, renovation, Woolloongabba Brisbane
Posted in Brisbane's sales market, Highgate Hill, Woolloongabba, architecture and renovation | No Comments »
Have a quick look at these survey results, the opinions on home ownership collected from 1,500 people this month. And we’ll share something interesting at the end… 
