There’s a bit of a ‘Mexican stand-off’ happening in the Gabba’s real estate market. The numbers of sales are very low, even lower than during 2011 (which is hard to do). We had just 10 house sales during the first 3 months of 2012 and apartment turnover is also down. Buyer enquiry is strong but there’s very little for sale – for example at time of writing there are just 15 houses listed. The suburb’s biggest apartment building has had some body corp challenges to sort out and that’s also had an impact on the data with sales in that building reducing to a trickle.
Buyers seem to be waiting for prices to drop but there’s few forced sales and, if anything, we’ve seen some quality apartments sell at better prices than might have been expected due to the relative shortage. The drop in median prices reported in the graphs are no cause for alarm and are likely due to a temporary lifting we saw in 2011 from new project sales.
If you’d like an update on the market for your property please call our sales team on 07 3214 6800 or email firstname.lastname@example.org
(note: It can take 3 months for sales data to be fully recorded by the government so we produce our graphs 3 months in arrears. This means the stats aren’t as fresh but are fully accurate.)