Mid year market update
It has certainly been an interesting year in local real estate, with the insanely hot market conditions of the last two years finally cooling around June. That is certainly not to say that prices are dropping, we are still getting strong numbers through most of our open homes and properties are selling well and within a timely manner.
We are coming off a period of historically unprecedented growth(up 43.7% in the last 12 months in Shailer Park & Cornubia), so whilst it is natural to see a softening in the intensity of the real estate market, it’s good to note that the overall demand is still there. There has to come a point where with such swift and strong increases in prices things do have to plateau out, and that is the new phase that we have entered into now.
We have returned to a more stabilised and normal market. What is important now is that seller’s do listen to feedback from the current market, and price their properties competitively to get buyer’s excited. This is what will cause competition and consequently drive the final sales price up. It is also a less stressful market in which to buy, particularly if you need a ‘subject to sale’ clause in your new purchase.
Recent interest rate rises have put the brakes on to an extent in the short term, but once people realise that it is not all the doom and gloom that the media like to spruke, we feel things will continue to surge ahead towards the end of 2022. See our article overleaf which explains why rising interest rates is really no need to worry (well not so much as the media will have you believe!).
With the sudden increase in property values over the last two years, the median price for a property in Shailer Park currently sits at $902,000 & in Cornubia it is $960,000. What we expect to see is a resetting in buyers’ expectations, particularly first home buyers who are likely to look at more affordable entry pathway options such as townhouses and apartments. This will help increase the values of townhomes, which have often lagged well behind in terms of capital growth historically. It may very well be a good time to consider investing in a townhouse or unit.
Let’s also remember, that we are blessed in Brisbane to have more interstate migrants, more jobs and the 10-year insurance policy of hosting the world’s biggest sporting event to help keep our real estate market burning in the years ahead.
What we can personally attest to, is that with 17 years of experience in selling local real estate, we certainly have the skill set to know when to adapt and change our processes to ever changing market conditions. We have had the privilege of selling in all kinds of markets, from the recent highs to the lows of the GFC.
For us it is time to take stock and to further hone our systems and processes and sharpen up those negotiation skills to ensure our clients continue to have a seamless and rewarding property transaction with our team.
We have an incredibly extensive buyer’s database which currently sits at over 12,000. We have finely honed systems to ensure that we can communicate with those buyers at the touch of a button. Our marketing strategies including our in-house social media expert, ensure our properties continue to stand out amongst the crowd. Our marketing strategies are broad and designed to ensure that every potential buyer will see your home- from here to Mars, literally!
If you are looking for a team that has the experience to achieve the best prices in the timeliest manner in all types of markets, then you are in the right place.
Get in touch to discuss any of your real estate questions at any time, we are here to help.
Mark, Nicky & Nadine