Can you believe it’s spring already? Rainy weather aside, we are finding the activity is increasing with the property market moving into its busiest time of the year.
Did you know in Brisbane the majority of sales are made in Spring, with 27% of sales occurring from now until summer with auctions becoming much more common around town.
In this months update, we look at some interesting statistics around Brisbane’s unit market, go through 11 Rules for buying at Auction, give you a great idea for date night venue (hint: it involves tasty food and jazz 🎷) and finish off with a story about one Brisbane person who made $850,000 profit from a property in just 9 months!
- Brisbane Property Market Update
- 11 Rules for Buying at Auction
- Making an $850,000 profit from a property in 9 months
- A place for your next date night! 🎼🎺💃
Brisbane Property Market Update
For the first time in a while, there appears to be some green shoots appearing in Brisbane’s inner city apartment market. According to recent figures released by property researcher Michael Matusik, there is growing demand to live in Brisbane’s downtown and very limited construction of new apartment supply.
Let’s look at the demand side of the equation. The official population forecasts for the inner Brisbane area are way below recent trends. We estimate, based on the last decade, that there is a need to build 6,000 new dwellings each year across inner Brisbane. Nearly all of these new dwellings will be apartments.
This forecast applies for the next ten years. But we think the need will be greater, especially now that Brisbane City Council has effectively said NO to infill suburban development.
On the supply side, there are 185 new major apartment projects proposed across inner Brisbane, totalling around some 48,250 apartments. However only 30% of this stockpile is under construction and an addition 17% or about 8,000 apartments are probable over the next two to three years.
Over half of the currently proposed inner Brisbane apartment stock is unlikely to commence anytime soon.
The article also comments on Brisbane’s apartment rental supply reducing, and with many people migrating from interstate moving straight into the city it could present opportunities for property investors going forward.
11 Rules for Buying at Auction
Spring is the selling season for property with over 27% of sales in Brisbane happening during the season.
We are noticing more and more property’s are going to auction in Brisbane, so thought it was time to put together our comprehensive guide on 11 Rules for Buying at Auction, and answer the age old question: Should I use the building & pest report supplied by the real estate agent?
- Always be Questioning
- Follow your Auction Buying checklist
- Have your finance sorted
- Understand the auction mindset
- Know the property’s value
- Don’t tell the agent much
- Have your support team ready
- Know your competition
- Take it slow when bidding
- Keep your price to yourself
- Be prepared to walk away
Making an $850,000 profit in 9 months
With all the doom and gloom articles in the media, I thought I had to include this quick story. One Brisbane man has made over $850,000 profit for a home he bought just 9 months ago – and best of all, he didn’t do anything to it!
According to RP Data, 6 Sentinel Court, Raby Bay was bought for $2.70M in January and has just settled this month for $3.55M – An $850k profit!
It just goes to show, there are opportunities everywhere you just need to be on the look out for them!
A place for your next date night!
Saturday is my regular date night, so this week we checked out Doo-Bop Jazz Bar in Brisbane’s CBD…. And wow. You need to go.
Walking into the bar you feel like you are being transported back into a speakeasy in the early 1900s – it is the perfect venue, great atmosphere and has live music!
They do a 2 course dinner and live music for around $65, check out details on their website. If you need to plan an upcoming date night, Doo Bop is the place! I know I’ll be going back soon.
If you’re thinking about buying, book in an Information Session with one of our Mortgage Brokers.