What's going on in Brisbane

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see_change

Interested in peoples opinion of what's going on in Brisbane at the moment .

Sydney isn't quite as crazy as it has been , but is still ( IMHO ) quite strong , but when I looked at the price figures on some of the suburbs in Brisbane , in the last couple of months some are showing a slight down tic .

Is this just a statistical change or is the market not as hot as what it was , or was it really not that hot and just being subject to hype from almost every property " expert " in Australia.

Cliff
 
see_change said:
Interested in peoples opinion of what's going on in Brisbane at the moment .

Sydney isn't quite as crazy as it has been , but is still ( IMHO ) quite strong , but when I looked at the price figures on some of the suburbs in Brisbane , in the last couple of months some are showing a slight down tic .

Is this just a statistical change or is the market not as hot as what it was , or was it really not that hot and just being subject to hype from almost every property " expert " in Australia.

Cliff
Click to expand...

HI Cliff,

I agree with you that Syd isn't as crazy as it was a few months ago but is still quite strong. Personally I would be very, very careful if someone is buying an IP in Sydney now.

I have a strong feeling that the numbers being published somewhat lags the reality of whats happening on the ground in Brissy.. When I was buying just few months ago in Brissy, the competition was very evident. I now look at similar places I bought just a year ago and the market has definitely moved, and I think some suburbs within 10km of the cbd have actually had a lot of growth in the last 6 month. Only time will tell how Brissy turns out in the next 12 months, but its very interesting! :)

Would love to hear what others think on the Brisbane issue.


Cheers

leo
 
I've been monitoring the Inner South/East market which seems to be all over the place.

I bought a PPOR (townhouse) in Coorparoo for $565k, which is $20k less than it sold for when new in 2009.

I've seen properties in Greenslopes which sold for $530k in early 2013 sell for over $600k in late 2014.

Some townhouses and units seem to be on the market for months for no apparent reason (they don't seem overpriced) whilst others are snapped up in days.
 
I think rentals here in my stamping ground (inner east) are soft right now. I have friends trying to rent a place that I would have said was worth $700+ and they started at $790, dropped to $750 and I think were down to $650. I just noticed it is not listed now so perhaps it is rented this past week, but they were getting worried.

I also look several months before leases are due to see if I can justify an increase. Right now, I'm feeling I cannot increase past a nominal $10 per week or they are likely to jump ship. Things just seem cheaper, but I'm guessing come January the prices will be higher as people find places for the new school year and that seems to be peak time for getting good rent locally.

I look only in areas we have houses, Annerley, Camp Hill, Coorparoo and thereabouts for houses for sale and rent. I don't tend to inspect in person, so my idea of value comes only from the internet, and we all know how photos are misleading and make everything look better than it really is. So I find it hard to pick an appropriate increase when houses at $400 per week look just as good as houses at $600 per week.

I'm going to look at a rental in Annerley tomorrow to gauge how it compares to the one we have there.

When I was looking for my middle son to purchase his first house back in March and April, many of the houses I called about were under contract. It seemed we had to move quickly or miss out. This is Holland Park and things were moving very quickly. We jumped on a house after only looking at about four. But he was very happy with it, and I think he got a good buy.
 
Roosterman said:
I've been monitoring the Inner South/East market which seems to be all over the place.

I bought a PPOR (townhouse) in Coorparoo for $565k, which is $20k less than it sold for when new in 2009.

I've seen properties in Greenslopes which sold for $530k in early 2013 sell for over $600k in late 2014.

Some townhouses and units seem to be on the market for months for no apparent reason (they don't seem overpriced) whilst others are snapped up in days.
Click to expand...

I was told by an agent that if we build the townhouses we want to, and not sell them "brand new" but rent them, which we will be doing (fingers crossed), that it would take about five years for the market to catch up to the value they will lose by not selling brand new.

He likened it to buying a new car. As soon as you drive it out of the showroom it loses value but after several years, the second hand value comes into the equation.

That sounds like it holds true for the one you looked at.
 
wylie said:
I was told by an agent that if we build the townhouses we want to, and not sell them "brand new" but rent them, which we will be doing (fingers crossed), that it would take about five years for the market to catch up to the value they will lose by not selling brand new.
Click to expand...

Slightly off-topic, but if you keep them as rentals for 5 years before selling, no GST needs to be included in the price. (but neither can you keep GST credits claimed during the building process)
 
wylie said:
When I was looking for my middle son to purchase his first house back in March and April, many of the houses I called about were under contract. It seemed we had to move quickly or miss out. This is Holland Park and things were moving very quickly. We jumped on a house after only looking at about four. But he was very happy with it, and I think he got a good buy.
Click to expand...

Wylie i bought some in Holland park and holand park west a litte earlier then your son, and i know the area and surrounds have increased by about 50k now, depending how much you paid for it. Back then a 3 bed house on 600sqm you could get for 530-550k. You'd be hard pressed to find that now.

well done to your son!

Leo
 
I think the immediate urgency has fallen away slightly, I am seeing less cash unconditional contracts compared to 2 months ago. Volume and prices still seem to be up though.
 
You only get 2 varieties of buyers in Qld optimistic or pessimistic,my daughter was looking a few months back and every time when she would put in a offer on paper they already had a better number on the contract..

I think that may have changed ,had a drink with a RE on Friday night,he only has one ppor in a inner riverside area,put the house on the market 6 months ago,1.3 mill,most offers were around 950k took it off the market rented the property out as they have already purchased close by,they put the property back on the market 6 weeks ago settled last week for 950k
and I don't think they made any money on that property,that's what people don't understand about inner Brisbane every high end suburb has only a few up-markets streets the rest are just the same..
 
RPI said:
I think the immediate urgency has fallen away slightly, I am seeing less cash unconditional contracts compared to 2 months ago. Volume and prices still seem to be up though.
Click to expand...
Yes. It's strangely patchy in parts. Sometimes you see a strong result that reminds you it's no buyers market.

Seems to be more contract crashes and also stand offs between buyers and sellers, might be 5-20k away that sort of thing and both sides not budging, usually the sellers win that standoff and they've been conditioned to expect that, however not always!
 
Residex free suburb report says Chermside West has gone up 15% in the last 12 months. Hope it's correct because I bought there about a year ago.. :)
 
I'm about to sell in Chermside but am holding off til after Christmas as it looks a bit patchy there at the moment. Early signs of slowdown/buyer caution is when main road houses aren't selling and there are a few sitting around for longer right now.
 
We bought a townhouse in Mt Gravatt, bordering Holland Park West at Easter this year. Hoping by the sounds of it there may have been some growth in that area too.
 
Seems pretty flat to me, I've bought 4 properties in brisbane over the course of this year and haven't noticed too much difference in the market.
 
RetireRich101 said:
Do you find more contract crashes as a result of bank valuation not leveling with purchase price, or is it because buyer walking away knowing they can use the B&P/Financial clause?
Click to expand...
I don't think it's valuation problems, it's tough working out when you need to go in strong and when you have some time to negotiate.

'Strangely patchy but still strong' is a good description. In the background we seem to have no great strength in the economy, which is likely reflected in the outlook for interest rates, on the other hand we have this historically high Sydney/Brisbane ratio which has to narrow in my opinion.
 
We have just in the last month bought 2 separate houses in the Redlands council area.

The ones we bought were both at the same price level as what they were when they previously sold 6 years ago, rents are both over 5.5% on purchase price....great by Melbourne standards :)

There is definitely no crazy stampede or competition yet, but it seems that listings that are realistically priced don't stay listed for too long.

Southern money late to (or cashing in on) the Sydney rising market may move north like it has in previous cycles?

I'm just gonna wait and see if my gut is right,

Cheers
 
natedog said:
We have just in the last month bought 2 separate houses in the Redlands council area.

The ones we bought were both at the same price level as what they were when they previously sold 6 years ago, rents are both over 5.5% on purchase price....great by Melbourne standards :)

There is definitely no crazy stampede or competition yet, but it seems that listings that are realistically priced don't stay listed for too long.

Southern money late to (or cashing in on) the Sydney rising market may move north like it has in previous cycles?

I'm just gonna wait and see if my gut is right,


Cheers
Click to expand...

It's already moved north

North to redcliffe .....

Kind of thought that would happen when we bought in birkdale
 
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