14 Jun 2018

Bargain buys in Brisbane as property market slows

When it comes to the world of real estate, what goes up can easily come down.

9NEWS has uncovered a "stocktake sale" of sorts happening right now in Brisbane property, especially in suburbs only minutes away from the CBD.

Too many apartments are up for grabs, and there's not enough buyers - meaning pockets once deemed too pricey are now becoming more affordable.

"Prices haven't been so cheap since the GFC (global financial crisis)," director of Universal Buyers Agents Darren Piper said.

"There's a mix of new and existing stock and it's power to the buyer."

Data from the Real Estate Institute shows Brisbane's overall unit market fell by four percent in the last quarter.

But looking closer, certain suburbs have plunged even more.

Milton's median apartment price dropped 25 percent in the last 12 months. Apartments there are now $137,000 cheaper, sitting around the $412,000 mark.

Newmarket has also seen a near 18 percent dip in prices taking $90,000 off the median, now $410,000.

Toowong saw a 9.6 percent drop, Woolloongabba eight percent, Teneriffe too around a six percent fall.

Peter Brewer from the Real Estate Institute Queensland said it's not surprising,

"No doubt there's been a lot of development in the South East corner of Queensland putting pressure on some stock."

But Mr Piper said it's unheard of for a capital city.

"You can get an apartment within two (kilometres) of the city in Fortitude Valley area for as little as $220,000 - entry level buying you won't get that anywhere else."

Experts say because there is too much stock out there buyers are in the driver's seat, giving them more negotiating power.

But don't leave it too long to jump on the ladder, with a southern migration set to continue, prices could go back up by the end of the year.

"Whilst people say there's lots of stock there our interstate migration is still growing, Queensland is still a place where people want to live," Mr Brewer said.

 

SOURCE ; https://www.9news.com.au/national/2018/05/26/18/09/bargain-buys-brisbane-property

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