Brisbane Property is in a Buyers Market Phase where vendors are now starting to accept lower but reasonable offers on property. This is clearly evident in 2 transactions we are processing right now. One is a high value unit in South Brisbane and the other being a property located in an inner city suburb.
The unit has been independently valued at $1.25 million and our offer of $1.06 Million has been accepted and is proceeding through. Our second transaction is for a property located within 7 kilometres of the Brisbane CBD where the asking price was originally based in offer in excess of $750,000. We have placed an offer of $650,000 for this property which is currently under consideration.
The market is what we call a “Buyers Market” which means the buyer is the one with power at this time.
Why this is occurring is the lending restrictions that have been placed upon buyers by the Banks. This will not last much longer as it is now affecting the economy and the desired effect of slo0wing down the Sydney and Melbourne property markets has been achieved.
What will happen next is that the potential investors from the Southern States will turn their attention to the Brisbane Property Market from mid January 2019 onwards which will create local market pressure which will lead to an increase in Brisbane Property prices.
We have another month of quiet market activity and now is the time to buy as many vendors want to have their property sale occur before Christmas to ease their minds and allow them to have a peaceful holiday period.
As a Brisbane Buyers Agent I been modifying the way we make offers on property based upon this mindset of selling before Christmas and it has worked very successfully.
This is one of the best times to secure a property in Brisbane at a very low price.