When it comes to predictions on home price booms or busts we admit to taking little notice. In our experience there’s a huge number of influences on what home buyers will pay and what sellers will be prepared to accept. The general ‘mood’ of the market right now suggests prices in Brisbane’s inner-city are flat and not moving much in either direction.
Not many sellers have guns at their heads and there’s solid buyer enquiry for most types of property (definitely busier than most of 2011) = limited downward pressure on price.
Investors are back in the market but are ‘scavenging’, interest rates are down but may be flattening and while buyers have job confidence they’re still saving their pennies = limited upward pressure on price.
In a recent survey through this newsletter we had 109 of you share your thoughts on Brisbane home prices. A happy 28% said prices have bottomed, the cautious 26% said they’re still going down – and a fence-sitting 46% of you said you couldn’t be sure!
We love a good graph and the Real Estate Institute of Qld produced this one this week. It’s been a rollercoaster few years but it feels like the next couple might be more of a steady locomotive.