"Is it a good time to sell"?
This is without doubt the question we’re being asked most at the moment. Of course all good real estate agents know the way to answer this one, but here’s a few observations from the coalface. There are some encouraging prices being achieved and we believe the supply of possible buyers is actually quite large. There’s a big number “lying in wait”. We used to be able to confidently predict that buyers would be in the market for 6-8 weeks only, they’d buy or opt out. Largely aided by the internet, many are now remaining on active search duty for upwards of 4-6 months. So when a new listing comes along we’re getting very solid enquiry. And with that relative strength of demand there appear to be some properties and pockets of inner Brisbane where there’s minimal supply, and sellers are being left with a happy grin, if not a broad smile!
Prices are not zooming ahead but for better presented property, and definitely those that have something unique, sales prices seem to be creeping up. The ABS December stats show Brisbane’s house price up 3% for the quarter, compared to a capital city average of less than 1%. The ABS says our 2006 growth was 7.1% but we haven’t seen too many on-the-ground examples that support this high a number. One notable exception is near CBD houses, where few owners have strong reasons to sell and in suburbs like Spring Hill and West End for example, even the most ‘modest’ old place is pushing past $500,000.
Brisbane’s median apartment price is still well under $300,000, making us the 3rd cheapest after Adelaide and Hobart. So unless you’re enticed by either of those fair cities….. it’s our opinion inner Brisbane apartments particularly are still relatively undervalued. In one South Brisbane comparison we have a 15 month old re-sale that’s $190,000 cheaper than a very comparable off-the-plan apartment just 300m away. The developers aren’t being greedy – they simply can’t offer new projects at less and still achieve a return.
So yes it is a good time to sell provided you appoint Bees Nees!