itsasecret

To all you regular Brisbane posters. Can you share some of your knowledge on the current housing market..

Are you seeing houses staying on the market longer.. ?
More houses on the market?
People dropping prices.?
Or are prices still rising?

I will be looking around east brisbane , around Vic Point. How is this area doing.?

Thanks in advance..

MrsDagboy

Yes. Many houses still on the market from before xmas. The good stuff (quality & well priced) is selling, but alot slower.

Yes

Some prices are being reduced by vendors which is something that hasnt been seen for quite a long time! Vendors are also very much more willing to listen to offers.

Not here.

This is a job for Superma....... errrrrrr, ABC

All I can tell you is that as a buyer now, Im having estate agents chasing me - pretty much unheard of in the last 2 years.

Ceri

Been away for a month, so if the housing market has drastically changed within that period I don't know .For the month of Jan to mid feb we've had two houses sold in our street within just two weeks of going on the market.

House prices seem to me to be still rising (there’s a house for sale in our area, very small plot 600 sq, only 3 bed, one garage, one bathroom (ie it's a very small house, the land has been sub divided into a 600 sq small plot) and it's on the market for $365 grand - can't believe that myself (you ought to see the house, an old pokey/small house and small plot of land - and it's situated on the main road ! ) ... last year I'd say that same house would have been priced somewhere in the region of $290 maybe - previous years it would have been around $110/$120 before the boom) . It seems to me it is rising at a slower pace than it has been doing for the past couple of years, but houses are still steadily rising around me - but at a much slower pace though.

What you have got to remember Brisbane is still one of the cheapest states for housing compared to Sydney and Melbourne so it's got further to rise, where Sydney and Melbourne may slow down drastically because they may have reached their peak (if they haven't already?) - Brisbane is playing catch up on prices (although Brisbane in my opinion will never reach Sydney's prices - Sydney is like the London of Britain - it has and will always be the most expensive).
The estate agents near us who write for our local quest paper say they still can not keep up with the demand and haven't seen a slow down yet, a lot of house buyers are investors from Sydney and Melbourne, plus interstate and overseas immigrants.

So yes, I'm still seeing It’s still rising, but not in great leaps and bounds like they've been doing for the previous years, just a steady rise. It also totally depends on the area of Brisbane, some areas in Brisbane have almost, or if not reached their peak, and some houses are taking a lot longer to sell, where other areas in the region are still rising, and flying off the shelf so to speak.. As they have further to rise in price, playing catch up again.

It depends whom you ask for future predictions - even property analysts can't agree on where the market is going. Nobody has a crystal ball. Plus there is the fear for some people of rising interest rates.. So who knows? But currently - yes they are still rising around me but not in great leaps and bounds like the previous boom years.
Depends on the location in Brisbane - some areas have reached their peak and are slowing down, while others areas are still rising.


Haven't got a clue what the prices and movement of homes for sale are like in Victoria point, but I think there is someone on here who lives in that area if I'm not mistaken, perhaps they can help for that area.

Different areas within Brisbane, different experiences - you'll get different answers
cheers

ABCDiamond

LOL

My views on Victoria Point:

Are you seeing houses staying on the market longer.. ? Yes, most people seem prepared to wait for a good price

More houses on the market? Not really, although there are more available houses. In 2003 there were more houses coming on to the market, but only staying for a few days before they sold.

People dropping prices.? You will see people dropping prices, but generally where they have overpriced them to begin with.

Or are prices still rising? Holding steady at realistic prices

The reason for less houses being on the market, is that in 2003, a 'lot" of people sold up when they were looking at 100% profits made in just a couple of years. Some of these people then moved a bit further north, where houses were cheaper.

The incentive to sell is not there at the moment, but with reports saying that the area will increase by 10% this year, and then 20% next year and dropping to only a 5% increase in the following year, we may see a big increase in sales again in 2005/6.

It does depend on how accurate these reports are though ?

MrsDagboy

Yeah, but 6 months ago, they didnt have to wait for a good price, most houses were sold at very close to asking price within a few days .

dotty

We have sold 4 houses since arriving back in January. Sunshine Coast, only dropped the price on one and that was for a 14 day unconditional cash contract.

What has changed tho is the 30/60/80% price rises per year! that we had over the last 3 years. If you are comparing prices to that yardstick then yes things have changed but I doubt even the most optomistic investor would have expected those price rised to continue year in year out.

Brisbane and surrounds, pricewise still has a long way to go to catch up to syd and melb and with population growth and $39 airfares it should continue to go up. We are leaving OZ but will keep 2 properties here, beach stuff, license to print money really.

My bet, show me an area with bigger growth % than SE QLD

itsasecret

Thanks guys,, some good points there.

ABCDiamond

Property Price changes in Victoria Point

Median Prices for Houses (not units) in Post Code 4165

Sep 2002 - $ 220,000
July 2003 - $ 268,000
Dec 2003 - $ 303,500
Jan 2004 - $ 319,500
Feb 2004 - $ 329,000

Same comparisons for Brisbane East

Sep 2002 - n/a
July 2003 - $ 280,000
Dec 2003 - $ 307,000
Jan 2004 - $ 348,000
Feb 2004 - $ 352,500

This information from www.homepriceguide.com.au/

Median change over last 12 months
Victoria Point +30%
East Brisbane +19%

ABCDiamond

Updated figures for March 2004 to be added to the previous post:

Median Prices for Houses (not units) in Post Code 4165

Feb 2004 - $ 329,000
Mar 2004 - $ 330,000

Same comparisons for Brisbane East

Feb 2004 - $ 352,500
Mar 2004 - $ 356,575

Median change over last 12 months to March 2004
Victoria Point +27%
East Brisbane +18%

Median change FOR UNITS over last 12 months
$215,000 - Victoria Point +13% (down from 20% in Feb 04)
$240,000 - East Brisbane + 9%

Prices seem to have held stable, maybe they were waiting for the Stamp Duty changes to come into effect on May 1st ?
Many houses are still for sale, as most sellers do not seem to be wanting to drop the prices.

April figures will be interesting to see, but not out yet.

ABCDiamond

Todays paper has the headline:

PROPERTY values in Brisbane have begun to stall, dropping by 2 per cent in the most recent quarter

However, on checking actual suburbs, I am pleased to say that my area has gone UP again, by 6.25% in the last quarter

The article went on to say:
But the southern fringe city of Logan has become the new boom area, alongside the central Queensland city of Rockhampton, which recorded the highest growth of anywhere in the state in the quarter.

The yearly figures showed Maroochy, Caloundra, the Gold Coast, Caboolture and Redlands as some of the best performers

and
"While 25 per cent annual house price growth was unlikely to continue indefinitely in Brisbane, the institute still expects positive growth in Brisbane over 2004 as a whole.

"The March quarter in any year is usually slower than the June and September quarter. We expect up to 10 per cent price growth for 2004, most of which will occur in the middle part of the year."


Courier Mail