The latest RP Data Property Market Indicator Summary was released today, providing statistics about the current market in Brisbane and rest of Australia.
For further information click link below:
Principals commentary on the latest statistics:
1. Stock is tightening up (ie, no of new listings on the market) 15% less than the previous year. Could be sellers waiting for election or job security is low?
2. Number of Mortgages written have dropped by 20% over the last 3 years.
3. Vendor discounting is about 10% in Brisbane (ie. list to sell) which is quite high. Buyers are very price sensitive and will only purchase if list price is close to market value.
4. Auction clearance rates at 40% for Brisbane which is quite healthy shows that we have a lot of buyers competing for the depleted stock.
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Fixer-uppers are homes that require renovations or repairs. The extent of necessary work varies by property, but it can generally be expected that a fixer-upper will need at the very least some cosmetic work. In more serious cases, structural repairs may be necessary. Why do people buy fixer-uppers? The lower … Read more