Tuesday, June 7, 2011
Discounting is rife
"Discounting was rife across the state, many vendors being forced to accept offers far lower than they would have last year, Mr Christopher said."Put simply, house prices are falling. The figures can't be disputed by real estate optimists any longer," he said."Buyers are now well aware of this and are, as they should be, taking full advantage of the situation by offering well below the asking price of a property."Vendors are always the last to know and it seems that many have not caught on yet. They are still personally affronted at the offers being made to them but the reality is, if they don't take today's offers, they risk getting even lower ones in a few months' time."Mr Christopher said the magnitude of the decline differed in each region of Queensland: some areas were suffering a marginal decline, others an acute drop. He listed the Gold and Sunshine Coasts as the worst hit in the state. Property prices in both regions were predicted to drop by almost 25 per cent by the end of the year."Source: Fairfax's Domain
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The Gold and Sunshine Coast have seen declines of up to 45% since the GFC and probably 10% over the past 12 months. I cannot see much more of a drop now.
The fringe suburbs of Brisbane with poor public transport are likely to be hit the hardest now. Maybe that is too rational. It is good to see rental prices are not going backwards. For those who look for rental returns over capital growth, this may be a good time to buy.
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