What happened during FY18-19?
In our latest market wrap, we will share a few insights into what’s happened in the marketplace during the 2018-19 financial year for both sales and rentals. focusing in on Chelmer through to Oxley, the centenary suburbs and Indooroopilly west to Bellbowrie, including Kenmore and Chapel Hill.
Briefly, we will look at a couple of trends we’ve noticed and give our thoughts on what to expect during the 2019/2020 financial year. So if this sounds interesting to you, grab a coffee and read on.
Here's what the numbers say...
Wow, for a year full of negative press, the results certainly haven’t lined up with what the journalists were predicting. Yes, Sydney and Melbourne took a hit but according to the REIQ market monitor report, Brisbane saw 1.5% growth for the financial year, this rounds out a whopping 24.8% over the 5 year period. The numbers are in for Sydney and Melbourne too with them seeing 3.6% and a 2.5% reduction over the 12 month period.
The team here at Place Graceville had a great year financial year, we’re proud to say we’ve helped 838 people find their happy place. That’s 241 Sellers, 241 Buyers along with 374 landlords and tenants. But more than helping them find their happy place, our clients awarded us with a 5 star rating on RateMyAgent making us the agency recommended the highest in Chelmer, Graceville, Corinda, Indooroopilly and Chapel Hill – Thank you to all those that trusted us throughout the 2018 / 2019 financial year. Our goal is to help even more of you during the year ahead.
What are sellers and buyers doing?
One trend that we noticed over the past 12 months is that Sellers seem to have gone into hibernation with the number of homes being made available across the core areas that we look after has reduced by 13.8%. We feel that this is one of the reasons why the Brisbane market has continued to hold strong. With supply being reduced while demand has held, prices have remained stable.
It’s fair to say, looking ahead, Buyers are out in force and they are very frustrated at the moment with the lack of available choice within the market. The good news for Sellers that are choosing to act now rather than waiting for the traditional spring rush, they see increased competition, ensuring they get a great result with less time on the market.
What else is influencing the market?
There are a number of reasons why there’s positive news coming from the press gallery. The cost of money is getting cheaper with interest rates on the way down along with changes from APRA, freeing up the banks ability to lend. This means it’s easier for buyers to secure higher amounts of finance, therefore increasing demand.
What does this all mean?
All in all, it has been a strong twelve months for the property market. 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.