Posted by Rob Honeycombe on 30 May 2011
We keep a close eye on what’s for sale in Highgate Hill and there’s been a fairly sizable drop in the numbers over the past couple of weeks. As at today there’s just 11 Highgate Hill houses on the market for example, and of those only 4-5 are actively campaigning (i.e. doing more than just sitting on the web). This peaked at 24 at the time of January’s floods and has stayed around 20 for most of this year.
Local apartment listings are also down with just 24 now for sale, having peaked at 33 just a month ago.
This is positive news for local property owners as it means there’s less for buyers to choose from, and less price competition. It supports our view that very few owners are in a forced-sale situation – many would like to sell and upgrade/downgrade/move elsewhere, but they’re prepared to sit out this current market dip.
Surrounding suburbs are witnessing a similar drop in homes for sale, so if you’re looking to buy you might like to make your move now!
Tags: Brisbane housing supply, Brisbane real estate agents, selling a house Brisbane, selling an apartment Brisbane, time on market
Posted in Brisbane's sales market, Highgate Hill | No Comments »
Posted by admin on 4 December 2008
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”.
Tags: auction clearance rate Brisbane, Australian Bureau of Statistics, Herron Todd White, Michael Matusik, Real Estate Institute of Queensland, Residential Tenancies Authority, RP Data, time on market
Posted in Brisbane's rental market, Brisbane's sales market | No Comments »
Posted by admin on 23 January 2008
The time a property takes to sell is often a good indicator of the state of the market. So in our inner city at the moment there’s no doubt that market’s very healthy. Recent stats from RP Data report Brisbane’s average house was taking just 25 days to sell and an apartment 24. These are much quicker than you’d usually expect, confirming what is rightly seen as a seller’s market. While these sort of stats reports have only recently become something close to reliable, we’d suggest a 40-50 day time on the market might be considered a ‘balanced’ or normal period, with buyers and sellers on relatively equal footing. Darwin’s averages are currently 54 and 65 days for example, more than double here in Brisbane.
The national winners? Melbourne and Canberra are both averaging less than 25 days on the market for house and apartments. With some stockmarket investors looking for a new place to invest it’ll be interesting to watch the next few months…
Tags: RP Data, time on market
Posted in Brisbane's sales market, trends in Brisbane property | No Comments »
