Hi all,
I am looking for an IP in the Northern middle ring such as Chermside. I have read several reports of buyers paying list or above prices? Can anyone out there with recent experiance confirm if this is happening?
Thanks
AdrianHi Adrian,
I'm not sure what's happening in Chermside or if this info is relavent, but My wife and I have just come back from Brisbane/Ipswich area where properties under $300k are moving very quickly. We bought two properties (Goodna & Redbank Plains). We were fortunate that we inspected them withing a few hours of them being listed as if you left it more than a day to inspect then they were sold.
This activity is driving rents up and attracting investors and first home buyers into the market according to the real estate agents. I took an eight page listing of properties to check out, .. half that list were under contract by the time we arrived. By the time we arrived home to NSW, 3 days later over 20 more properties on my list appeared on http://www.realestate.com.au as sold or under contract.
As I said, … I'm not sure if this is what is happening around Chermside, but it may be related to the Brisbane area in general.
Martin
Thanks Martin,
Your experiance confirms what I've heard. I have also read that this level of interest is most pronounced at the $300k price point, and things calm down a bit as the price rises. Chermside is a bit more expensive than Ipswich so maybe the buying won't be as frantic. But I guess the days of the buyers market are disappearing.
Cheers
AdrianI can confirm that many appartments in Brisbanes City fringe areas are selling for (or above) asking price. I have seen places under contract, where the open day still gos ahead. I guess this is as back up incase finance falls through.
But, this has been happening for a few months now in certain areas. ie Toowong, St Lucia, Paddington, Taringa.
Come to think of it, Ive seen the same thing with houses for the last few months. Investors are definately back in the market.
Hi All,
I also experienced that around the Narangba/Morayfield area lately where I noted down 10-15 properties to call and found only 5-6 left. It is selling like hot cakes in the area, especially under $300k! It can be frustrating as most of the properties on realestate.com.au are just going through the "Cooling off" period before the "Under Contract" goes up.
One agent told me that there were a lot of investors from the South buying in the area especially from S.A. I guess I am one of them from NSW.
Good luck hunting!
Loveinvesting
I can also confirm the same thing in the Coorparoo, Holland Park, Greenslopes area where I live. Things are moving along nicely, but for how long, who knows?
Wylie
I've been looking on realestate.com.au since January for properies in waterford and Waterford West. I looked again tonight and there's about 1/5 of the amount of properties available. + inflation has dropped for now. Yay… No increase in interest rates for now.
This is very much the case in the Logan area as well. Houses were being sold a few hours after being listed, people were begging real estate agents to put in 2nd and 3rd back up contracts on places!
It is like a feeding frenzy there at the moment. Especially for places under $300,000.
The prices are also moving at lightening speed. I have heard of people having a contract fall through on the sale of their property and then hiking the price by $5-$10,000 WITHIN WEEKS of the original listing!
Yes! My brother and his wife just settled on a house in Mt gravatt East, they had a long settlement – 3 mths – and within that period, the house went up in value by 40K.
cheers, Cresta
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