Could this be an opportune time to sell?
Buyer confidence is reigniting the Brisbane property market and Toowong real estate. With few homes available for sale, could now be an opportune time to sell?
Brisbane’s inner-western suburbs, particularly Toowong real estate, were largely insulated from the housing market decline. Property values softened slightly, but this was more a reaction to everyone choosing to “wait and see”, whilst navigating the election and tightened lending, rather than any long-term falls in property value.
Western Suburbs Record Growth
According to Tim Lawless of CoreLogic, “Brisbane posted their second consecutive month of subtle gains” noting that “overall dwelling values tracked 0.2% higher for both July and August.”
By comparison in our western suburbs, Toowong real estate has recorded 1.19% MOM growth and Indooroopilly real estate 4.74% MOM growth. Taringa real estate remained flat but recorded 2.85% growth for the previous month. St Lucia real estate was the only suburb to record a minor decrease of 0.05% MOM.
Over the past two months there has been a noticeable increase in activity throughout Brisbane’s inner-west, which local homeowners are starting to recognise. We’re seeing healthy numbers through open homes, including the apartment and townhouse sector. Properties are also recording low days on market, which demonstrates that confidence and stability have both returned.
Limited Homes Available For Sale
Despite these positive signs, the number of houses in Toowong real estate coming on the market for sale remains 32% lower than recent years. Sellers are reconsidering their property plans, but they’re taking a little longer to jump back into the market, than the buyers. This means there are very few homes currently available for sale, but an eager number of buyers wanting to secure their home before Christmas.
According to Realestate.com.au, there are only 4 houses in Toowong between $600,000 and $900,000 currently for sale. Another 6 in that range are already under contract. In the next bracket of $1M-$1.5M there are 8 properties for sale in Toowong with 3 under contract.
Toowong Most In Demand Suburb
Realestate.com.au also revealed that Toowong real estate is currently the #1 most in demand in Brisbane. Which means there are more buyers searching for property in Toowong than any other suburb. Coupled with a shortage of homes coming on the market for sale, it has created increased demand for the area.
With buyer activity ramping up, market sentiment is taking a positive shift and the traditionally busy Spring selling season is upon us. This could present an opportune time to sell. If you would like to discuss your options and figure out the best plan for your family, please contact us today. We would be happy to help you.