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Housing in Brisbane

Housing in Brisbane

Old Oct 15th 2010, 5:33 am
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Default Housing in Brisbane

Last thing we need is another bubble/no bubble thread I am sure.....BUT......I am hearing anecdotally that the Brisbane housing market is at an impasse. Vendors not moving on price, Buyers not willing to pay the asking. And consequently nothing is selling at all. Who will blink first?? Any input from anyone on the ground there in Brisbane?
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Old Oct 15th 2010, 5:53 am
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Default Re: Housing in Brisbane

Who will blink first ? The people who need to ...

Not sure about property not selling, but some properties are taking a bit longer, probably the ones that are overpriced, and not priced realistically.

I've been trying to sell mine for 7 years, but no one will pay me $1M for it.
(valued at about $650,000).
 
Old Oct 15th 2010, 12:09 pm
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Default Re: Housing in Brisbane

In the past 2 months I have seen many houses up for sale at diferent times whilst riding to work (10k). In my opinion they are selling very quickly along my route (Wakerley to Balmoral)
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Old Oct 15th 2010, 12:48 pm
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Default Re: Housing in Brisbane

Originally Posted by sportsendurance
In the past 2 months I have seen many houses up for sale at diferent times whilst riding to work (10k). In my opinion they are selling very quickly along my route (Wakerley to Balmoral)
Wakerley average 94 days on market
Balmoral average 100 days on market
Victoria Point average 85 days on market

Main Regions ave time to sell:
Melbourne (region) average 46 days on market
Sydney (region) average 62 days on market
Brisbane (region) average 75 days on market
Perth (region) average 91 days on market
Adelaide (region) average 105 days on market
 
Old Oct 16th 2010, 1:33 am
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Default Re: Housing in Brisbane

Lots for sale in my area. Had a walk around today checking them out. Vendors or at least agents should have more sense than to have ads out the front of every property. It makes the market situation too obvious.
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Old Oct 16th 2010, 11:45 pm
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Default Re: Housing in Brisbane

Originally Posted by Steve2009
Lots for sale in my area. Had a walk around today checking them out. Vendors or at least agents should have more sense than to have ads out the front of every property. It makes the market situation too obvious.

Actually Steve this is closer to what I am hearing. Every second house on the market and NO buyers at all.......
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Old Oct 17th 2010, 1:15 am
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Default Re: Housing in Brisbane

Originally Posted by LongWayHome
Actually Steve this is closer to what I am hearing. Every second house on the market and NO buyers at all.......
If they think they're making the situation look better then they're horribly wrong. The res guys are obviously as clever as the commercial guys. Might as well but a big flashing red neon 'Vacant' sign over BrisVegas.
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Old Oct 17th 2010, 9:46 am
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Default Re: Housing in Brisbane

Originally Posted by LongWayHome
Every second house on the market and NO buyers at all.......
The question is, exactly how much of an exaggeration is that ?

23% of all auctions, in September for example, ended up as sales in Brisbane. This is the lowest of all Capital cities, but still more than none

Every second house on the market ? What suburb is that in ?
 
Old Oct 17th 2010, 10:13 am
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Default Re: Housing in Brisbane

Originally Posted by ABCDiamond
The question is, exactly how much of an exaggeration is that ?

23% of all auctions, in September for example, ended up as sales in Brisbane. This is the lowest of all Capital cities, but still more than none

Every second house on the market ? What suburb is that in ?


Yes obviously an exaggeration, but huge numbers on the market, and scant interest at the prices being asked. Deep discounting going on as well where the owner is in a tough position and must get out....
23% is a horrendous clearance rate.....
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Old Oct 17th 2010, 10:52 am
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Default Re: Housing in Brisbane

Originally Posted by LongWayHome
Yes obviously an exaggeration, but huge numbers on the market, and scant interest at the prices being asked. Deep discounting going on as well where the owner is in a tough position and must get out....
23% is a horrendous clearance rate.....
Brisbane has always had a low auction clearance rate.
Even in the real Brisbane Boom period it was only about 38%, and that was when houses were only on the market for hours before being sold through real estate agents.

I am wondering if the other states have the same auction process.
eg:
One particular actual weekend auction result...
23 houses auctioned on one weekend.
17 were sold. ie 74% were sold.
BUT... the auction clearance rate was 43.5% because only 10 of those were sold under the hammer.
The other 7 were sold to the highest bidder, by negotiation, AFTER the auction was declared with no sale above reserve.

Discounting in Brisbane is currently quoted at 6%, although areas like Paddington are higher at 10%.
 
Old Oct 17th 2010, 11:00 am
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Default Re: Housing in Brisbane

Originally Posted by ABCDiamond
Brisbane has always had a low auction clearance rate.
Even in the real Brisbane Boom period it was only about 38%, and that was when houses were only on the market for hours before being sold through real estate agents.

I am wondering if the other states have the same auction process.
eg:
One particular actual weekend auction result...
23 houses auctioned on one weekend.
17 were sold. ie 74% were sold.
BUT... the auction clearance rate was 43.5% because only 10 of those were sold under the hammer.
The other 7 were sold to the highest bidder, by negotiation, AFTER the auction was declared with no sale above reserve.

Discounting in Brisbane is currently quoted at 6%, although areas like Paddington are higher at 10%.
Interesting. Perhaps the metric is different between cities for measuring auction clearance. If 38% was the peak, 23% is not so bad after all...
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Old Oct 17th 2010, 11:03 am
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Default Re: Housing in Brisbane

Auction clearance rates are open to manipulation. Can't auctions be cancelled if there's not enough interest?
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