First Open House and it was Sold!
“Let the good times roll” the saying goes.
But how far can it really roll?
The Brisbane Property Market, that is.
The RBA has held interest rates steady again this month and many first home buyers and investors will breathe another sigh of relief if they have put their toes into the water in the past 2 years or so. The current status of the market in Brisbane is really one of lack of supply of houses. There are plenty of units and townhouses on offer (just cast an eye over our inner city skyline right now) but the reality is that Buyers are flocking to any well priced, mid range homes within a reasonable distance of the city.
Now is possibly one of THE best times to sell if you would like to cash in on opportunity if our results are anything to go by.
Let’s look at one of Sue’s latest sales – a very tidy 3 bedroom 1 bathroom home located in Nathan, one of Brisbane’s university suburbs within 12 km from the CBD. It was offered for sale in the low 500K’s and the first Open House brought in 35 groups of visitors, all of them potential buyers. A quick estimate showed that 90% of those inspecting the property were first home buyers. From these groups, 10 parties made offers on the home. The number of offers on homes is one of our strongest indicators of the strength of the market and both Sue and I have seen this time and again over the past 2 years. The question is “How long will it last?”
Needless to say a firm contract was accepted quickly and yet again, we find ourselves in a position where there are many people still wanting to buy a home. And because homes like this do not last, we have very few properties to offer them. As a broad comment, I would suggest that older home owners whose homes are somewhat simpler in style and have not been overly renovated or ‘tricked up’ are likely to be highly saleable in this market. This could be the perfect time for Mum or Dad to get top dollar for their home if they want to relocate into a care situation or retirement village. This fits nicely into our specialty, the Seniors Real Estate market.