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Well, the market has continued relatively strong in terms of numbers, however, there are possible early signs of a weakening and perhaps that could be a reflection of the political scene. Buyer enquiry in July has been down, however, we are receiving multiple offers on properties well priced.
Investors definitely like to see some certainty in government and with the recent changes in Canberra there will be a continuing degree of caution in the market place.
Notwithstanding this statement there continues to be pressure on prices and buyers are very astute when making an offer. With the advent of realestate.com and Domain buyers are well educated on the value of property in the area they are researching to buy.
Offers in written form are often accompanied by evidence of sales from an array of websites.
Our auctions continue to be a great success with realised prices meeting vendor’s expectations or better.
Below is an article by Michael Matuzik, and although it talks about Brisbane, it is generally indicative of our area as well.
“So how can you tell the market has turned the corner ?
“Market watchers will have their own theories on milestones that signal a change in the fortunes of the real estate market. I, for one, think that Brisbane has turned a corner and is well-positioned on the property clock.
“But why do I think this? What measures am I using? Well, here are my 10 market turn milestones.
1. Offers are made before a property goes “public”.
2. Multiple offers are made – by different buyers – on the same property after listing.
3. Properties start to sell above listed or reserve price.
4. New properties start to sell above their resale value.
5. Tightening vacancy rate and rising rents.
6. The amount of established stock on the market falls.
7. New housing supply falls below its long-term underlying demand.
8. Job growth starts to accelerate
9. Sales volumes start to increase
10. The time resales remain on the market fall.
“Brisbane has nine out of 10. Too early to call an upturn? Maybe, but the signs are definitely there. Of course, the proof in the pudding is a sustained rise in generic property prices.
“Now, depending on which data set you believe, recent REIQ figures suggest that the Brisbane property market has turned that corner.”
As always if you are considering the purchase of a property, or to divest your interest, please feel free to call our office on (07) 5536 2477.