Forums / Property Investing / General Property / Brisbane Market going Backwards!

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  • Profile photo of GeronimoGeronimo
    Member
    @geronimo
    Join Date: 2002
    Post Count: 167

    Today attended an auction on a quality property 3.5km from the Brisbane CBD with full City Views and there wasn’t a single bid!

    We are seeing it all round Brisbane at the moment so my prediction is a minor correction over the next few months before a steady increase later in the year. Clearance rates are pretty poor at the moment.

    My prediction is that there will be some great long term buys in about 3-4 months. The days of a quick 100k profit on a trade are long gone I believe, so lock in those valuations and get cashed up.

    Any other thoughts on the Brisbane market from those out hunting in the field?

    Brendon


    Acute Mortgage Reductions
    http://www.acutemr.com.au
    [email protected]

    Profile photo of yackyack
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    @yack
    Join Date: 2003
    Post Count: 1,206

    Same all over Australia – Auctions are a thing of the past.

    Profile photo of AUSPROPAUSPROP
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    @ausprop
    Join Date: 2003
    Post Count: 953

    I agree… make the most of it – the time to buy is now whilst we are in this lull. Auctions may be a thing of the past for sellers, but as a buyer it’s paradise. Stockmarket at all time highs – wouldn’t be touching that, but then I personally never would.



    Extensive list of ‘Off The Plan’ property available for sale in Perth.

    John – 0419 198 856

    Profile photo of brahmsbrahms
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    @brahms
    Join Date: 2004
    Post Count: 485

    market is certainly no longer frantic, however at auction yesterday – property sold very well for 5-6% above my humble expectations (and the expectations of a valuer mate who lived next door to the auction property)

    had clients successfuly purchase at auction last weekend, they were highest bidder on another property the weekend before where we had 5 parties bidding.

    this strong activity indicates the market isn’t dead for auctions, am convinced however that the lofty vendor expectations are being laughed at and totally ignored by the buying market.

    my examples have been in the 350 – 450k purchase price area – i think the pressure is definately on for higher value properties

    brendon your example was probably well above this pricing bracket being 3.5k’s from city/city views etc?

    a couple of valuers i spoke to during the week feel that some areas have come off 5 – 10%, and in all cases these were secondary locations.

    is there more pressure on the higher end of the market?

    cheers

    brahms

    If you don’t ask, the answer is no!!

    Profile photo of GeronimoGeronimo
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    @geronimo
    Join Date: 2002
    Post Count: 167
    Originally posted by brahms:

    my examples have been in the 350 – 450k purchase price area – i think the pressure is definately on for higher value properties

    brendon your example was probably well above this pricing bracket being 3.5k’s from city/city views etc?

    brahms

    Hi Brahms

    Around 400k Camp Hill, very well presented property. Probably could of got mid 400’s 6 months ago so no, I don’t think the vendors expectations were unrealistic.

    And as for the higher end of the market, properties in Lifestyle river suburbs such as Bulimba/Hawthorne, New Farm etc are still doing well, although taking a little longer to sell.

    At the same time, the best selling stock seems to be brand new contemporary designed homes as apposed to Qlders.

    Brendon


    Acute Mortgage Reductions
    http://www.acutemr.com.au
    [email protected]

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