There was no doubt that properties available for sale over June, July were at all-time lows causing buyers to get despondent about trying to find their new home. This also had the knock-on effect of high numbers of buyers through open homes, multiple offers being presented to Sellers, and high number of registrations at Auctions. An example is 18 Binyara Street, Chapel Hill, and an Auction of Liz Browning’s where she had 8 registered bidders, competitive bidding and a successful sale under the hammer for a great price.
A growing trend that we are noticing is an increase in homes selling prior to going to the market.
An example is 67 Rosebery Tce Chelmer. A home that Peter May and Karen Simons worked together to sell for $1,750,000. This was an exceptional result that was achieved by bringing a buyer and seller together without the traditional marketing mix.
The good news for buyers was we started to see this incredibly lean period ease with an upswing in new properties being listed for sale.
Home owners and property investors will be happy to hear is that the last quarter across Brisbane showed more of the same – sustainable, consistent growth. Brisbane’s median house price is now up to $660,000, this is up 1.5% for the quarter according to the REIQ Queensland Market Monitor report.
Some commentators are talking a lack of strength in the Brisbane market compared to Sydney and Melbourne, however my view is the strength of Brisbane’s market is its capacity to avoid volatility due to sustainable and consistent growth.
The number of million-dollar suburbs held steady at 14 suburbs, with Auchenflower joining the club and replacing Paddington, which fell out with a median of $994,050 for the quarter.
It’s very easy to get carried away with big numbers, and the upper end of town, homes selling for over $2,000,000 is strong however I would like to stress the ace up Brisbane’s sleeve is without a doubt it’s affordability. With less than 8 per cent of houses and 3 per cent of units sold above $1 million. We are a very attractive marketplace compared to our southern counterparts.
- Ascot ($1,520,000)
- Auchenflower ($1,055,000)
- Bulimba ($1,110,000)
- Chelmer ($1,035,000)
- Clayfield ($1,075,000)
- Fig Tree Pocket ($1,028,000)
- Hamilton ($1,065,000)
- Hawthorne ($1,200,000)
- Highgate Hill ($1,141,119)
- New Farm ($1,600,000)
- Robertson ($1,078,000)
- St Lucia ($1,255,000)
- West End ($1,100,000)
- Wilston ($1,200,000)
On the unit market, there has been a lot of talk around over supply and how that will negatively impact on values however the statistics simply don’t support this. The annual Medium unit price now sits around $442,000, which is Down 2.9% in 2017 based on June 2016 figures. However, it is still up 9.1% on June 2012 figures, which indicates growth of almost 10 per cent over a five year period.
So on a whole, the news is positive within the western suburbs of Brisbane and our team is working hard to ensure the news remains positive for our clients.
If you have any property related questions that we can help with, please don’t hesitate to call one of our hard working and dedicated team members on 3379 4311.