If you’re thinking about selling your Albany Creek home (or buying in the area), Gott Realty has personally collated local real estate data to give you a unique “insiders look” at recent Albany Creek Real Estate Trends, plus our forecast of what to expect in 2019.
If you have any questions once you’ve finished this article, or interested in a free property appraisal, contact us for a no-obligation conversation about how we can help you. Enquire online here, or call us on 07 3264 2440.
Albany Creek Snapshot
- The Albany Creek area is made up of approximately 5,000 properties.
- Our research investigates house sales only and the Albany Creek market has been consistent for the past 2 years.
- House sales per month have averaging around 12, or about 144 per year representing a turnover of 2.8%.
- There has been around 10% drop in the number of properties sold over the last 12 months.
Albany Creek Median Home Sale Price Decreases
The median home sale price 12 months ago was $580,000. We have seen a $500 drop in the last 6 months and a further drop of $4,000 in the last 3 months. This represents a 0.4 % fall in the median sale price.
Our graph (pictured below) also reflects this slight drop in the number of properties sold in Albany Creek in the last 12 months compared to the previous 12 months.
Median sale price on all properties sold in a band width in the middle, omitting the top sales and bottom sale.
Days on the Market
Another interesting aspect of Albany Creek sales has been the number of days on the market. Two years ago, the number of days a property was on the market was around 25. Today that number has fallen to around 19 meaning that homes are selling quicker.
Number of Properties on the Market
Despite a decrease in both average number of sales per month and days on market, the number of properties on the market have remained fairly consistent around 60 per month. While the average number of sales has dropped from 15 two years ago to 10 today; the shorter time on market (19 days now, compared to 25 two years ago) gives us the consistent monthly figure.
Property Influences in 2019
There are number of factors that could come into play next year. First and foremost is the Banking Royal Commission. Banks could, to some extent, close shop on many lending activities as we have already seen with some SMSF finance withdrawn for property.
I feel that the banks will still have a strong lending focus on the residential housing market, although many borrowers will have to jump through more hoops to obtain finance. This could result in a contract’s finance clause extending past the 21 day mark, as is the case is now with some applications.
Some other influences may include: –
- The Federal election could cause some disruption to sales in the area.
- Interest rates going up could cause some concern for some borrowers.
- Immigration continues to grow. This will cause positive benefits to property sales and prices.
2019 Property Market Forecast North Brisbane
If any one of these above influences takes hold, it’s likely there will be a significant negative impact on sales and property prices. However, if each influence fluctuates during the year, I estimate that disruption to the market will have a minimal affect.
I do however, expect days on the market to increase due to influence from any of the first three possible disruptors. Contract time lines and finance clauses may have to be increased from around 14 days out to 21 or 24 days for approval to be granted. From an agency perspective, monitoring finance clauses and finance brokers’ performances will then become an integral component of a successful sale.
Albany Creek Real Estate Agent
If you’re thinking about selling your Albany Creek home, speak to Gott Realty today for a no-obligation free property appraisal.
Albany Creek aerial shot sourced from Queensland Globe and reproduced in accordance with Creative Commons Attribution 4.0 International Public License. Original image modified with text overlay and Gott Realty logo.
Thinking of selling your home? Speak to Gott Realty today. Request a free property appraisal here, or contact us by phoning Steve on 0419 777 577.