Briefly, we will check in on some media reports and do a little fact checking as there has been a lot of confusing information bantered around of late.
So if this sounds interesting to you, stay tuned, turn up the volume and enjoy.
It has been an interesting quarter in the real estate market as media reports are simply not reflecting what we’re seeing on the front line.
Locally, the Brisbane market is showing signs of continued and steady growth. This is largely because of the increase in migration to Brisbane and the broader South East Queensland region. On an annualised basis, 22,500 people move to Queensland, the highest growth achieved in over the past decade.
To put this into perspective, Queensland has just passed Victoria in terms of the highest level of interstate migration nationally.
With the third quarter of this year now out of the way, we’ve found some interesting patterns and statistics emerging out of the market in 2018. The traditional spring rush seems to have come a month later than usual but now the market is really kicking off.
Gary Eaton said to me earlier today that he’s seen a large increase in activity in Chelmer, Graceville and Sherwood with more buyers at open homes, increased interest in pre-market sales and general increased activity.
In Oxley. Ted Hagemeijer told me about the demand he is now seeing for new, high level homes. Two examples are the recent sales of two quality homes at 17 and 19 Irwin Terrace. Ted noted that buyer activity in Oxley has remained solid with his average days on market hovering around 19 days, a trend that he has maintained for over 24 months.
Liz Browning echoed those remarks. In her core suburbs of Chapel Hill, Kenmore and Indooroopilly, she is seeing very high demand with average attendance rates at her open homes remaining above 20 buyers and that’s lasted for over 18 months now.
Zac Ryan mentioned that Bellbowrie and Moggill have both seen a recent surge in buyers looking to get into the market He mentioned that this activity has outperformed the level of buyer interest he experienced this time last year.
The high end of the market is also continuing to gather huge interest. Paris Arthur recently listed 139 Kamala Dr Pullenvale and secured a feature on Channel 9 along with huge interest locally, nationally and internationally with fielding enquiries from a wide range of sources.
So as you can tell with these facts, the Brisbane market remains stable and the media reports are unnecessarily scaring people. It is import that we look at the Brisbane Property market independently and not through the lens of Sydney and Melbourne.
Yes, we are seeing tightening lending practices and there is talk about how this could impact the property market but personally, I believe that responsible lending practices do not negatively impact the market, if anything, it safeguards our market and helps to ensure stable and sustainable growth.
On the rental front, Brisbane has just record its fifth consecutive gain in occupancy rates. A recent report by SQM Research found that the greater Brisbane region currently has occupancy rates at above 97%, up from 96.5% at the same time last year. With less than 3% of rentals vacant, Brisbane is proving itself as the safest investment moving forward.
For our rental team, we’re proud to announce that they won the #1 rental team within the entire Place Group at this year’s annual awards. They did this with numbers that are out performing all of our competitors. They’ve been working closely with out tenants to ensure that over 98.5% are paying on time.
Their vacancy rate is consistently below 1.5% and their vacancy turnaround time in most cases is no more than 5 days. If you are an investor and you want a team that look after your investment like they own it, you can’t look past the Property Management department here at Place Graceville.
All in all, it has been another solid quarter for the local property market with some great client success stories. If we can help you with anything property related, please do not hesitate to get in touch with a member of my hard working and dedicated team on 3379 4311.