Friday, December 24, 2010

Ray White Market Update

I received a Ray White CBD Residential Market Update this week. Some extracts:
  • "we also have 37% more properties for sale so buyers have more choice"
  • "The inner city unit market continues to be popular..."
  • "While there is an increase in the number of listings, there is no evidence of an oversupply of units in the marketplace."
  • "Projects that are going ahead are price targeted toward the lower end of the market."
  • "there has been an abundance of rental properties available so far this year in the Inner City causing the vacancy factor to over around 4%" (compared to Sydney and Melbourne at 1.2%)
  • "Another factor is the rapid fall off of overseas students coming to Brisbane to study."
Ray White also reports that 91% of the properties that it auctioned this year sold, with an average of 61 days to sell. This compares with private treaty sales being 50% sold within 80 days. Doesn't sound like auctions are a fast way to sell. And 80 days time on market for private treaty is very bad -- and half of the properties listed for private treaty don't sell!! Not a good market for sellers.

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