Hi from Brad Shipway,
I hope you managed to get some rest, relaxation and family time over the Easter break!
Over the past six months or so we have found minimal listings hitting the market which is the main reason why owners have been able to achieve a quick sale but at the same time over asking price. A recent report has shown a surge in properties hitting the market in Brisbane, as homeowners head for the market exit in a bid to take profits. In March the number of houses for sale in Brisbane rose by 6.9%. On a local level we have seen a slight impact based on the fact that our open home visitors have decreased just slightly and buyers are taking a bit longer with decisions and make offers, however I have to stress that it’s not all bad news as things are still selling fast and great prices are still being achieved.
Another recent report I came across mentioned the latest Herron Todd White (Professional Valuers) review identifies the housing market in Brisbane as a rising market and suburbs like Stafford, Stafford Heights and Chermside West as suburbs with great opportunities for growth. The conclusion is not that we will experience a boom but more a steady, ongoing value gain through the market cycle.
We have found that the property of highest demand type at the moment is vacant land due to the lack of land within 10-15km from Brisbane CBD. Whenever land hits the market it attracts record prices and huge enquiries. For example, we recently listed a 630sqm block in Aspley and it was sold within 3 days with 6 offers and over 20 enquires and even after it went under contract the enquiries did not stop. We are finding a lot of land buyers are looking to build their dream homes and most are looking for blocks above 450m2 (the bigger the better) and suitable street frontage. Anything with 13m frontage and above is highly desirable, with 10m frontage not attracting the same level of enquiries.
I hope you enjoy April’s market update, and please remember if you ever want a market update for your suburb or a more specific “market appraisal” for your home, please do not hesitate to email or call me at any time, we are more than happy to assist.
If you would like this newsletter emailed directly to you, sign up below.