From ups and downs to current, past and future trends, Steve Gott from Gott Realty presents the North Brisbane Property Market Forecast for 2020.
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How an Election can affect the Market
The election proved to be very disruptive to the general market place. This last election was the worst election campaign that I have ever experienced in my 40 years in real estate. Buyers just sat on their hands and listing volumes fell.
Post-election to current position has not changed much. New listings hitting the market are still low compared to last year, as buyers are just starting to emerge from hibernation. Recent sales results across Queensland have just recovered to pre-election numbers.
What does this mean for the coming months and into next year?
Current sellers are in a good place and properties now on the market should be experiencing more buyer interest. With a lower number of new listings hitting the market and about the same number of buyers coming back into it, the chances of current sellers selling their properties have improved.
A recent report shows that the median house price in Brisbane has fallen by 1.4% and 2% since mid-2018. Units have suffered a 3.1% median price fall. House prices have held up the best in the Moreton Bay Regional Council area compared to other areas in Brisbane.
How the future is looking
The media recently spruiked about the so-called boom in real estate expected within the next 3 years for South East Queensland. I have heard these types of predictions so many times over the last 20 years, with little coming from them.
There may be a slight price increase in suburbs that have been hidden from the general market, or in those suburbs that have had major infrastructure taking place nearby. As you can see in the graph below, Cashmere achieved the best median growth from $650,000 to $750,000 in two years where on the other hand Lawnton and Bray Park achieved $50,000 median price growth in the same time frame.
My prediction however is there will be little change to the general housing market for some time. With the large volume of unsold units on the market and the median price on these units falling to $368,382, many first home buyers will be attracted to these properties as a first step into the housing market. The last time we had an oversupply of units in Brisbane, the general housing market was also affected. Buyers purchasing units instead of houses will cause houses to take a little longer to sell, which we are already seeing in the stats coming through.
What this means for Sellers
To achieve a good sale price for a home, a seller should look at how they present their home to the market. Placing your home on major real estate sites with a few nice photos doesn’t cut it anymore. We now see buyers interacting with properties online, especially those with video across real estate portals and social media sites.
With potentially fewer buyers in the market place, it’s now time to relaunch tools of the trade from 25 years ago – buyer booklets. These are still the best selling tool a real estate agent can use, as buyers generally have plenty of time to look before making a decision to buy, especially if the other property they are looking at the agent gave them a photocopied piece of paper with scant information on about the home.
With a booklet, your property is top of mind and they have all the details about your home close by at all times, so they can keep referring back to as well as show friends and family before making the decision to buy.
North Brisbane Property Market Forecast 2020
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