Spring is in the air and the market has moved into full swing along with it. Buyer activity is continuing thanks to the historically low interest rate environment but there is also some tangible uncertainty over future economic conditions which are leading to buyer resistance. Following on from winter there is still a strong buyer demand and good bidding activity at auctions so there are many healthy opportunities out there for vendors currently on the market. The fundamentals for vendors to achieve a good result in the market remains the same but buyers are increasingly repelled by over-inflated price expectations. For vendors to generate the maximum level of buyer interest, formulating a realistic price expectation as soon as possible is non-negotiable.
REIQ Quarterly Market Monitor
The REIQ June Quarter QMM has seen results proving what the experts have been saying in recent months – that sales activity has remained very stable with confidence in the regions’ market. Median sale prices on the Sunshine Coast jumped up 0.2 per cent to $468,001 over this quarter. Over the year to June 2013, the region posted average days on market of 112 for houses and 125 for units, and average vendor discounting of 7.8 and 8.5 per cent respectively. A year later, houses are now selling on average after 91 days and units 107 days. Average vendor discounting has also improved, with discounting six per cent for houses and 6.5 per cent for units, effectively putting nearly $8,500 more in vendors’ pockets for a median priced house. Meanwhile vacancy rates are remaining steady across the Coast at 1.1 per cent with the median rent for a three bedroom home sitting at $400.
Auctions
This coming Monday September 22, agents Tony and Sandra Nash will be taking two of their listings to the auction block. Two Aspley homes situated in the private leafy gardens of “Aspley Manor” will be going under the hammer at 10am. Both 19/20 Brickfield Road and 9/20 Brickfield Road are attractive homes suiting a first home buyer or investor.
Have a great weekend!