Tuesday, November 4, 2014

Valuer's view of Brisbane property

"Firstly, interstate migration is a long way off its heady peaks in 2003. It’s flat performance isn’t a total deal breaker for our state’s rising market, but certainly if these numbers were to pick up, you’d think good things are set to follow.

Recent sales evidence would indicate there has been a levelling of prices and values over the past quarter. There’s a little more urgency amongst buyers, which has led to growth in the 12 months to June 2014. Values are up around 10% for near-city detached housing, and entry level housing within 5 kilometres of the CBD remains a market that is outperforming other sectors.

We do seem to be entering a phase of upgrading – although this is taking form in increased sale numbers, and consequently values, for vacant land and renovating existing dwellings, not to mention the downsizers (but not downgraders) into the prestige unit market. The stagnation in the market during the 2010 to mid-2013 stalled the upgrader market – due mainly to them being unable to offload their existing residence before shooting for something a bit better.

Like the stone that drops in the pond, the ripple affect is real for Brisbane’s property market. Starting with inner/near city detached housing and extending from there, how far the wave travels is dependent upon the strength of the boom.

The only standout in the supply and demand equation remains the unit market. With a significant increase in supply on the way, coupled with low interstate migration along with existing tenants taking the opportunity to buy or enter the market, we believe this sector has potential for a rising vacancy rate in the short term."

Source:  HTW November 2014 Month in Review

1 comment:

Peter C said...

I'm an owner and resident of Admiralty Towers II. It is a great building to live in. We have an active committee which is in my view the best in the precinct. Our body corporate fees are far below those of other comparable buildings in the area as shown below:
2014 Annual levy for 3 Bedroom unit after discount:
Admiralty Towers 11 $6,200
Admiralty Towers 1 $13,200
Admiralty Quays $10,302
River Place $10,180
Stradbroke Towers $9,300
Moreton Towers $7,690
Macleay Towers $15,900