Brisbane Buyers Agent Market Report January 2019, the Brisbane property market is still feeling the effects of the banks clamp down on lending. These restrictions are now starting to have a negative impact on not only the property market but the economy also. That being said I am not seeing any reductions in the value of Brisbane Property, whilst there is not a great deal of properties for sale, the ones that are coming on to the market are now starting to sell fast.
In regards to finance, if you are having problems with obtaining finance from your traditional bank, consider a non-bank lender as this group of lenders are very keen to fill the gap and increase their loan books. If your are looking for finance at the moment give Mike Buchecker a call on 0421 069 113, he is a very good mortgage broker and will help you no end.
As a part of our Brisbane Buyers Agent Market Report the unit market is still over supplied in the lower sub $600K price range and these units are going to suffer from negative growth in the coming 2 years. Areas like South Brisbane have literally hundreds of units either on the market right now or coming on to the market. Units in the higher price range are less abundant and will not suffer the same market outlook, in fact the opposite can be said for the more exclusive units.
We have completed the purchase of an inner city unit that was on the market for $1.35 million. An independent valuation was conducted which came back at $1.25 million and we successful purchased the property for $1.07 million. That is the type of savings you can expect if you’re looking to purchase a more exclusive inner city unit and is a combination of the developers wanting to clear stock, agents wanting to earn a commission in a slow market and my skills in negotiations.
The housing market within 10 kilometres of Brisbane has very few good properties for sale. They have not lost any value, however people are simply not selling right now and are prepared to wait for the market to change to a sellers market. Properties outside of the 10 kilometre zone are abundant and are selling well with little noticeable affect on their values.
The best deals to be had at the moment are still the spec investment property builds where land right now is very well priced and we can out together a property well under market value and create instant equity. For established properties, there are still a couple of suburbs within 12 kilometres of the Brisbane CBD where you can purchase a good quality 4 bedroom 2 bathroom brick and tile home on land over 500 m2 for under $500k with a return in the high 4% range. These homes are cash flow positive with a very low vacancy rate.