Saturday, August 27, 2011

Brisbane property market "reasonably depressed"

"RP Data research director Tim Lawless does not expect a big pick-up in the number of properties being offered for sale. His figures show there are about 30,100 properties for sale across greater Brisbane - about 26 per cent more than at the same time last year.

Throughout the state there are about 88,900 homes being advertised for sale, about 31 per cent higher than at the same time last year.

"The Brisbane market is still reasonably depressed, so I would be surprised if the spring selling season sees a dramatic influx of homes added to the market," he said.

"It is not a great time to be selling a property.

"Transaction volumes are about a third lower than what they have averaged over the past five years, houses are taking a longer than normal time to sell (about two months on average) and vendors are having to offer larger than normal discounts from their asking prices in order to make a sale (about 8.1 per cent) in June."

Mr Lawless said there might be a modest boost in listing volumes in spring. "And we are probably also going to see a revamp of marketing activity for those homes that have been available for sale over an extended period."

Source: Courier Mail

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