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Low interest rates, limited property stock and rising market confidence have sent Brisbane’s property market into hyperdrive as real estate agents celebrate one of their busiest Januarys in a decade.
Reports of skyrocketing sales, packed open homes and landmark auctions have further cemented the city’s remarkable property turnaround as thousands of local and interstate buyers continue to emerge from the woodwork.
On the weekend, hundreds of house hunters hit the open home circuit while the auction of a modest Graceville Queenslander drew a crowd of more than 100.
Place Newmarket’s Matthew Jabs said more than 160 buyers had flocked to five of his open homes alone over the weekend in what he described as an incredible turnout and a sign of the sheer strength of Brisbane’s 2020 market.
“This has definitely been my busiest January in a decade,” he said.
“We’ve had about 11 sales this year … and considering February and March are two of the biggest months of the year, it should only get busier.”
Selling agent Brad Robson, of Place Graceville, said the “fixer-upper” at 33 Rakeevan Road ended up selling for a whopping $931,000 under the hammer in what he described as his most exciting sale of the year.
“We had 18 registered bidders with a local couple who lives in Sherwood [claiming the winning bid]. They know the area and just love it.”
Despite the popular location, Mr Robson said it was a great price for a home that was ultimately just a basic 1920s Queenslander in need of a renovation.
“I think we’re in a market that’s dry on stock and there’s very little available – that’s really what’s driving the current push,” he said.
“We’ve seen a return to stability after such a long period of instability … we feel like we’re heading in the right direction now.”
Mr Robson said last year the agency’s average days on market was close to 40 with between 15 and 20 buyers registering interest for each property.
He said that figure was now down to 30 days on market with an average of 35 buyers clocking interest for each home.
“Buyers are willing to pay what is fair and reasonable and maybe a little more, but they are just struggling to find the properties,” he said.
Ray White Paddington agent Judi O’Dea started her new year with a house sale just north of $3 million and said she’d been working up to seven days a week just to keep up with demand.
While she was unable to disclose the details of the multimillion-dollar sale, Ms O’Dea said young professional home hunters were leading the buying charge, with downsizers close behind.
“They [first-home buyers] are confident interest prices won’t rise and they are just so aspirational … they hit about 30 and want to buy their first home … and they’ve got money,” Ms O’Dea said.
“Southern [interstate] buyers are strong too – particularly because the Sydney market is on again. This means we are getting Sydney buyers back up here.”
Despite her record-breaking January sales, Ms O’Dea warned that the looming state election later this year could affect the upward swing, with external problems such as the Coronavirus bound to impact on the market.SOURCE : https://www.domain.com.au/news/brisbanes-property-market-bounces-back-in-busiest-january-in-a-decade-925400/