16 March 2007
Traditionally the property market is flat prior to Christmas, with focus less on property and more on festivities and spending. After New Year the market generally accelerates as part of the well known seasonal change; by this time investors know the collateral damage to their hip pocket as a result of the Christmas spend. This year Investigate Property has witnessed a slightly more fevered approach by property investors.
Right throughout January and February Investigate Property have seen a level of activity not seen since around 2003. This increase in buyer activity is continuing into March. The strange thing is it appears to be largely in middle to outer suburbs and the less expensive properties - say anything with a 'three' in front of the price.
One prime example is in September 2006 Investigate Property located a 3 bedroom home on a busy road in Wavell Heights for one of their clients. This property was purchased for $253,500 after a week of negotiating. A similar property inspected at the start of this month, also on a busy road and requiring a lot more work, was listed at 3pm on Tuesday for $349k, inspected by Investigate Property at 1pm on Wednesday along with 9 other parties, and sold that week.
One headline in the Courier Mail earlier this week was "Prices Through the Roof", with opening line stating that "The property market is showing all the signs of an impending boom" (Courier Mail, 10th March 2006, p.3). This article comes even before the release of the REIQ's March quarter sales figures.
To view the Courier Mail article click here. (Note: Link may only remain active for a short period).
Herron Todd White (HTW) released a graph in the "Month in Review" (HTW, March 2007) stating Brisbane and Melbourne as being the only areas at a stage of "Start of Recover".
To view the HTW article click here.
Further to these there is the well publicised 'rental crisis', which has forced home buyers back into the market and kept property investors in the game.
There certainly is enough evidence to suggest Brisbane maybe experiencing another Boom.
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