It’s a buyer’s market in these suburbs, with asking prices down 20 per cent — but get in quick!

first_imgMore from newsParks and wildlife the new lust-haves post coronavirus17 hours agoNoosa’s best beachfront penthouse is about to hit the market17 hours agoGavin Fredric and Nadine McGarry at the home they are selling in Fairfield. Image: AAP/John Gass.Outside of Brisbane, the mining town of Clermont has seen the second largest increase in listings in the country over the past year, with a whopping 80 per cent jump in the number of homes for sale.Other Queensland mining towns such as Hughenden and Cloncurry have also seen huge increases in home listings in the past 12 months.Mr Kusher said that suggested owners may be more willing to sell as conditions level out or more distressed assets are hitting the market. “We have also seen a slight uptick in sales in the past 18 to 24 months, so it’s a probably a case of people bringing their properties on to the market now because there’s a bit more confidence,” he said. “Conditions to sell are still not great, but they’re better than they’ve been in some time.”Mr Kusher said rental yields were still reasonably high in regional mining towns too, which could be attractive to investors.SUBURBS WITH THE BIGGEST RISE IN HOMES LISTED FOR SALE Suburb Number of listings 12 mth change Median house price1. Fairfield 108 44% $714,000 2. Dutton Park 58 31.8% $848,500 3. Coopers Plains 148 28.7% $571,2504. Corinda 162 28.6% $785,000 5. Macgregor 112 25.8% $730,0006. Logan Reserve 141 24.8% $410,0007. Banyo 183 22.8% $535,0008. Albion 139 21.9% $758,0009. Mansfield 168 21.7% $677,50010. Woolloongabba 207 21.2% $842,000(Source: CoreLogic)SUBURBS WHERE ASKING PRICES FOR HOUSES HAVE DROPPED THE MOST Suburb Price June 2017 Price June 2018 12 mth change 1. Tangalooma $615,730 $522,600 -15%2. Chandler $1.305m $1.12m -14%3. Karawatha $515,869 $445,543 -13%4. Archerfield $621,746 $541,400 -12%5. St Lucia $1.248m $1.104m -11%6. Dayboro $733,992 $656,468 -10%7. Hendra $1.034m $930,123 -10%8. Wamuran $740,077 $674,280 -9%9. South Brisbane $911,038 $840,960 -7%10. Yeronga $813,738 $751,600 -7% (Source: SQM Research)SUBURBS WHERE ASKING PRICES FOR UNITS HAVE DROPPED THE MOST Suburb Price June 2017 Price June 2018 12 mth change 1. Virginia $386,462 $314,000 -19%2. Keperra $421,923 $346,520 -18%3. Sumner $429,077 $358,800 -16%4. Marsden $362,115 $303,520 -16%5. Lawnton $282,288 $237,320 -16%6. Narangba $417,481 $352,520 -16%7. Petrie $352,615 $300,920 -15%8. Hemmant $262,885 $224,400 -15%9. Underwood $412,308 $361,640 -12%10. North Lakes $386,500 $342,400 -11%(Source: SQM Research. SQM Research conducts on-going monitoring of a number of real estate listings websites. In providing the information, SQM Research, have received the information passed on from third parties. SQM do not accept any liability (direct or indirect) for any injury, loss, claim, damage or any incidental or consequential damages, including but not limited to lost profits or savings, arising out of or in any way connected with the use of any information, or any error, omission or defect in the information contained.) SQM Research managing director Louis Christopher.But that’s unlikely to last for long.“I do think those areas closer to the city are going to see more demand in coming months, quarters and years,” Mr Kusher said.On Your Side Investments founder Mike Harvey agrees.“We are already seeing a greater influx of people selling off in Melbourne and Sydney and taking the extra equity and buying in Brisbane for half the price and enjoying a better lifestyle,” Mr Harvey said.In its latest report, industry forecaster BIS Oxford Economics predicts Brisbane will experience the highest house price growth of all capital cities over the next three years — jumping 13 per cent, or $70,000, to a median of $620,000. Inside the house at 19 Mearns St, Fairfield, which is for sale.The neighbouring suburb of Dutton Park saw a 31.8 per cent rise in listings in the past 12 months, followed by Coopers Plains and Corinda.CoreLogic senior research analyst Cameron Kusher said stock levels were beginning to tighten in Brisbane and buyers may have a limited opportunity to capitalise on the rise in properties for sale in these suburbs. THE MASTER SUITE BIGGER THAN YOUR HOME “We are seeing pretty strong interstate migration into Queensland now … and it does seem like most of that migration is coming into the southeast corner,” Mr Kusher said.“Given that, for someone looking to sell, you could be finding there could be a bit more demand for those properties over the coming months and years.” This house at 19 Mearns St, Fairfield, is on the market. Fairfield has seen the biggest rise in home listings in Brisbane in the past year. CoreLogic senior research analyst Cameron Kusher.Mr Kusher said he was not surprised that most of the suburbs with the biggest increases in listings were in inner Brisbane because they had generally experienced greater capital growth.“Maybe people are trying to use the equity in their home to upgrade, and also, there’s a bit more demand around so they’re probably trying to capitalise on that,” he said.“It’s early days, but we are starting to see this demand — particularly migration coming from NSW.” BIG PROPERTY CHANGES STARTING JULY 1 Asking prices for homes in Brisbane have remained almost unchanged over the past year, with the average asking price for a house rising just 0.8 per cent in June and only 2 per cent over the past year, while unit asking prices have remained flat.Some suburbs have seen significant drops in asking prices in the past 12 months though, with prices for units in Virginia and Keperra falling 19 and 18 per cent respectively, while asking prices for houses in Chandler, 14km southwest of the CBD, are down 14 per cent. SQM Research managing director Louis Christopher said Brisbane was a mixed market, providing an opportunity for buyers to find value in suburbs where asking prices had fallen and stock had risen. “For buyers who have a long term view, it’s actually a pretty safe time to buy,” Mr Christopher said. BRISBANE TO LEAD HOUSING GROWTH center_img Brisbane property is attracting interest from interstate buyers. Picture: Supplied.Unlike other capitals, the Queensland capital still represents excellent value for buyers, which has sparked a surge in demand from interstate.The latest figures from SQM Research reveal the number of properties for sale in Brisbane over the past year rose only 5.8 per cent, but there are some suburbs where stock on market has climbed much higher in the past 12 months — giving home hunters more buying power. TOP TIPS FOR THE GARDEN THIS WINTER Most of the suburbs with the biggest rise in listings over the past year are in Brisbane’s inner city region, according to research by CoreLogic.Fairfield, just 4km from Brisbane’s CBD, has experienced the greatest jump in the number of homes for sale over the past year, with a huge 44 per cent rise. Gavin Fredric and Nadine McGarry are selling their investment property in Fairfield.. Image: AAP/John Gass.HOME hunters have a window of opportunity to nab a bargain in some of Brisbane’s best suburbs before an influx of interstate migrants swallow up stock and push prices up, experts say.New figures reveal the number of properties listed for sale in some parts of the city have climbed by more than 40 per cent in the past year — putting pressure on sellers to set more realistic price expectations. GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HERE Vendors in some parts of the city have dropped their asking prices for units by five to 15 per cent and 10 to 20 per cent for houses in the past 12 months, according to SQM Research.But experts have warned prices may not fall for long, with some analysts predicting double digit house price growth for Brisbane over the next three years. Expected total house price growth from 2018 to 2021 (%). Source: BIS Oxford Economics. But Mr Christopher is more cautious. “T here’s still a lot of stock on the market in Brisbane,” he said. “We’re not forecasting a boom in Brisbane.”Gavin Fredric and Nadine McGarry are selling their investment property in Fairfield.The couple bought it five years ago for their children and friends to live in while they were attending university.“We looked in St Lucia at the time and for the same price of a really good property in Fairfield, you’d get something really badly maintained in St Lucia,” Mr Fredric said.The five-bedroom, two-bathroom house with a pool at 19 Mearns Street has been returning $830 a week as student accommodation, but could also serve as a family home.It’s within walking distance to the train station, a shopping centre and the Princess AlexandraHospital.The property is listed with Nathalie Martinsson of Ray White Annerley.last_img

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