Rates are rising, some effects of the GFC still linger, and every day the newspapers have a different take on what Brisbane’s property market is doing. But let’s look at some of the hard facts.
- Building Approval levels have dropped to low levels not seen since the 1980’s
- Release rate of new stock and lack of competition is affecting prices
- Still not enough homes being built in Queensland
- South East Queensland saw a population increase of 75,000 in 2008-09 with a need for 30,000 homes, yet only 17,000 were built
- Interstate migration has dropped only slightly in Queensland (Victoria now leading the way), but there is still a high number of people coming from overseas
Given these fact, I still believe the market is strong for sellers. The average days on market for houses in this area is 21 days, which also speaks volumes.
The other day I had a lady yelling at me because I still had not found her perfect home. I told her to sell her a home I had to literally wait until the owner was ready to move. I could just got to the wholesaler and buy her one off the shelf. Sellers are holding on – nothing I do can force people to sell – no use yelling at the agent because we have no stock on our shelf.