Toowong, Taringa, Indooroopilly & St Lucia are seeing a renewed vigour from buyers in 2019
The end of 2018 proved to be a busy time of year for our inner-western suburbs. We experienced above average activity leading into the holiday period and we’ve certainly seen a renewed vigour from buyers in 2019.
Heading into the New Year, buyer activity has been encouraging after seeing 31 buyers come through our open homes over the past weekend. It has also been reassuring to see a number of healthy offers come through which have been within the ballpark of owners’ expectations.
Houses
Demand for houses is mainly being driven by home owners for our inner-western suburbs. Investors have made a marginal return to the market, but we are finding their interest is at the lower end of the property’s price guide.
Sold | 92 Haig Road, Auchenflower $1,280,000
Certainly, buyers have expressed concern that they feel the market is dropping, in reality it’s the Sydney and Melbourne markets experiencing a much needed correction, which yet again has been inflated by the media. Brisbane has still recorded a steady 0.2% growth over the past 12 months.
Apartments
Meanwhile in the apartment sector, a number of buyers are making purchase decisions based on body corporate levies. If they believe them to be above average or high, then some will dismiss the property, others will expect to pay less.
That aside, apartments which offer that something special appear to be Teflon coated and are achieving great results. A panoramic vista, spacious layout or generous entertaining areas are all attributes buyers are valuing when shopping for apartments, in today’s market.
Sold | 70 Marshall Lane, Kenmore $610,000
Also notable, is that sellers are aware of the media hype and are approaching us to comment on how the market is fairing locally, particularly in Toowong. Our advice to them depends on the property which they are looking to sell and the potential buyer demand in the current market.
Overall, properties offering something a little more special which is not often available in others, and have a flexible or practical floor plan are still fairing well. It is these properties where there is still quite a lot of competition, ultimately being reflected in the sale price.
On average, it is currently taking properties in Brisbane 64 days to sell. Proudly, at Byrony O’Neill Estate Agents our average days on market are just 13.
We feel that taking the extra care and time to help our owners present their properties at their best, delivers the best results possible in the shortest amount of time. Additionally, our pro-active approach to the marketing of our properties through social media and our extensive buyer database, helps our clients realise their property dreams.
What’s my property worth?
Are you interested to find out the value of your home in the current market? Contact us today for a complementary property appraisal.
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The information compiled in this article has been sourced from CoreLogic Hedonic Home Value Index, December 2018 Results; CoreLogic Property Market Indicator Summary.