Demand Still Outweighs Supply

Demand Still Outweighs Supply

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.

DEMAND STILL OUTWEIGHS SUPPLY

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.

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