So far this year has started with some real heat in the market, which I believe is the start of my double digit growth prediction for good pockets of the Brisbane property market. I believe the local first time home buyers are really influencing the market, especially in the entry level $500-600,000 Price range which is the most competitive market right now. This market also in my opinion has a lot of capital growth potential and currently represents good value. In the slightly higher price range of $600-800K Buyers are stuck between markets, they are not in the first home / entry level investors range, but not in the higher $800K plus range. We are also finding a real lack of quality property available in this range. The Million dollar plus price point has also started the year strong but again with a real lack of quality options for buyers, which is creating increased demand on limited supply.
This warm market is also making it challenging for everyday buyers to evaluate pricing with a lot of sales evidence from the last quarter of 2016 now seaming out of date. This exciting market has seen an increased demand for professional representation from our Buyers Agency team which is keeping our team on their toes. My suggestion to buyers in this type of market is to do your homework up front, if you spot a property of interest, don’t wait until the weekend to inspect it and then do your homework.
Get on the front foot and start your research straight away, the more you can know before inspecting the property the better, you might find after investigating the property it’s no longer a property of interest to you, which can save you hours of driving around and inspecting property that doesn’t meet your needs.
I personally never inspect a property until I complete my desk based research first, it can take around 2 hours to complete this desk based investigation but trust me you will be glad you did as it can save you putting an offer in on the wrong property.
Here are some of the things I do before inspecting property; Firstly I undertake a flood search to confirm if there is Overland Flow, Creek or River flooding, Secondly I undertake a search for Easements and underground services to see if there is anything under the ground that affects the property and Thirdly I investigate the location of the property, is it a busy road? Too close to a train line or plane noise? Just to name a few.
Once the above is complete, a drive past the property and then conduct a personal inspection.
February is a short month but one that is often a great indicator of how the market is performing so stay tuned for next months newsletter!