Nothing for sale in South Brisbane!
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.
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