Brisbane remains buyer’s market
The capital of Queensland is a buyer's market and will continue to remain so in the next two years predicted a property analyst.
Following a decade characterized by annual market gains of between 10 and 12 percent, the outlook for the next was grim?said property analyst Michael Matusik while presenting his industry outlook last Friday to the members of the Urban Development Institute of Australia.
"This will afford buyers on the ground more bargaining power, especially within the next two years," he said. "The market isn't going to improve any time soon - I can't see a circuit-breaker coming next year."
In October, there were 71,500 properties for sale in Queensland, a rise of 22 percent compares to last year's figures. An estimated 34 percent or around 25,000 of those properties were found in Brisbane. Properties in Brisbane now sell at an average of US$450,726, a decrease of 1.7 percent despite being one of the major cities in the countries.
Sellers are now advised to expect that it will take longer to get a good price. "Vendors have a lot of competition in the market," Matusik added."Often the first offer will be the best, and if you don't take the first one, there's a lot of history to show that there's about a 30 percent difference between that and the price you actually get."
On the other hand, home buyers can take their time at considering a property.."First home buyers have done their dash... leaving a great void," he said. "Investors are sitting on their hands, but discretionary buyers [those wanting to upgrade], whilst they're there in numbers, think the market is very overpriced."