June Real Estate Update
Media and market reports
For the last few months we have seen some confusing messages from the media. Property is up, property is down. They can't seem to make up their mind. Well, which is it?
Simply put, there are some "annual" figures that show growth over the last 12 months as being over 20%, while the current quarterly reports are flatter. When reading these numbers look at the time frame and remember that if it is annual data it will include results from before the election and before we knew what "Sub-Prime" really was.
Sales Market
Sales Market
This month has kicked off with a flurry of sales activity. 70% of our last crop of sales were previous auction campaigns that had been passed in and successfully negotiated in the following days. We are finding that a structured and professional campaign is drawing the buyers into action.
While the market has slowed over the last quarter, it is true there are some motivated sellers who are prepared to negotiate on their prices. There are also buyers in the market who recognise this and are prepared to act, the result being a sale.
Slowly, confidence is returning to the market and more buyers are venturing into making decisions. This will hold well for the next few months.
If you are thinking of selling contact one of the Coldwell Banker team and we will be happy to assist you.
Rental Report:
Last newsletter we covered the simple fact that there are more rental properties currently on the market than there has been. Using apartments in Q1 and Circle on Cavill as examples. A quick analysis of these properties from the end of April to now shows the number of apartments available for rent has doubled. (source: realestate.com.au)
This is contrary to some media reports, who tend to focus on Brisbane houses where vacancy rates are still low. Houses on the Gold Coast are renting reasonably well, as are units outside Surfers Paradise. I would suggest that the vacancy rates in Surfers Paradise are a little cyclical, as we move through winter we will see an improvement.
For a more in-depth review of the current rental market contract our Senior Property manager Victoria Lawrence on 07 55 399 471.