What is my House Worth? We know that all homeowners want to know what their home is worth, especially in a market as hot as Brisbane’s can be. So lets look at what goes into pricing a home?
Our local paper, the North-West News, recently ran an article quoting the latest Real Estate Industry of Queensland’s (REIQ) figures for the local area, with Gaythorne, McDowall and Everton Park listed as, “movers and shakers.”
To unpack “movers and shakers” just a bit, here are some interesting facts and figures:
- Since 2012, Gaythorne’s median sale price has jumped from $506,000 to $543,000 (or 7.3% for those who like it in percentages)
- McDowall saw a median price jump from $520,000 to $555,000 (or a 6.7% increase)
- Everton Park followed closely with a median price jump from $445,000 to $483,000 (or a 5.8% increase)
- These figures surpass the Brisbane-wide median price of $530,000 (with an annualised increase of 3.4%)
Thank you for pressing on. Enough of the figures. But really, they’re not so boring for anyone who owns property in the vicinity or is thinking of doing so. These make for very attractive figures, indeed.
These areas have many of the investor fundamentals when it comes to property, including: Being less than 10km to Brisbane city; proximity to other, up-and-coming suburbs; great local amenities; and good access to public transport.
Yet, when it comes to finding a good investment property, seeking out opportunities based on the ‘fundamentals’ may not always uncover these types of areas.
But that’s where statistics like the ones above come in, especially in the initial stages of creating a short-list of areas for further research.
Statistics don’t always illuminate the underlying fundamentals of an area, but instead, statistics usually correlate to the changes to demand and supply.
Remember, there are only two factors affecting price change: demand and supply. Prices will rise if demand is high relative to supply.
Is it time for you to get moving or shaking? Give us a call, or check out our latest testimonials here.