If you’re looking to sell your Eatons Hill home in the near future, take a read of Gott Realty’s Eatons Hill Real Estate Trend Report for October 2018.
We’ve personally compiled real estate data for a number of North Brisbane hotspots, including Eatons Hill, to offer our clients the most accurate assessment of the current property market in their area.
It’s part of our commitment to providing reliable, transparent advice and recommendations to home owners about how to achieve the best result when selling your home.
Eatons Hill Property Snapshot
- The Eatons Hill area is made up of approximately 2500 properties.
- Our research investigates house sales only and has revealed some instability in the Eatons Hill market during the past 2 years.
- Sales per month have been inconsistent and fluctuated greatly with some months registering 16, while other months have dropped down to just two sales.
Eatons Hill Median Home Sales
In the last 12 months the median home sale price has decreased slightly from around $624,00 to $600,000 (as at 30/7/2018).
The graph (pictured below) shows a steady decline in sale numbers.
There is a fairly consistent number of properties for sale at around the mid 30s; while days on the market have fallen from about 30 to 26 (as of June 2018).
Days on the Market
There is some conflicting data coming through about falling sale numbers and falling days on the market, which does not give a true indication of the market place.
Falling days on the market should show an increase in the number of sales taking place in normal circumstances, especially with the number of properties on the market.
These numbers could show that some properties are being withdrawn from the market and that prices for homes have peaked for the time being.
If prices have stabilised, we may see days on the market increase back to the 30-40 range, which could create a situation in some properties dropping their prices in an effort to sell sooner rather than later.
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 Banks could, to some extent, close shop on many lending activities as we have already seen with some SMSF finance withdrawn for property.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 general 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.
Eatons Hill Real Estate Agent
If you’re thinking about selling your Eatons Hill home, speak to Gott Realty today for a no-obligation free property appraisal.
Eatons Hill 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.