First home buyers’ interest will shift from existing homes to new properties as a result of changes to the First Home Owner grants this week.
Developers will be the short-term winners as a result of the $15,000 First Home Owner Construction Grant introduced on September 11.
However, access to the $7000 First Home Owner grant for pre-existing properties will cease from October 11.
Professionals Everton Park sales agent David Crook said he expected affordable new developments in that price range in outer suburbs such as Ferny Grove and Keperra to see a rise in interest from first home buyers.
But Mr Crook did not expect long-term trends to change.
"If people want to buy an older property, instead of applying for the grant they will just save up more,” he said.
Mr Mullaly said first home owners would now be more inclined to buy new properties.
"I’d expect to see things slow down in the market for pre-existing properties,” he said.
"Developments like Glenfern estate at Ferny Grove will increase in demand, which will have the potential to create more value for the area.”
Eatons Hill developer Nic Lulan, from NJ Properties, said the new grant had helped restore buyer confidence in the market.
He said there had been more interest from first home buyers since the new grant was announced last month.
|“The housing market within Brisbane is considered to be nearing the bottom with no obvious signs of recovery.”|
|Brisbane property market stuck in a downswing as investors seek unit bargains: WBP Property Group
By Larry Schlesinger
Page 1 of 2
There are some signs of a recovery in the Brisbane property market, but it still remains firmly in a downswing , with investors seeking bargains in the unit market as new apartment projects are completed, says WBP Property Group.
WBP places the Brisbane housing and unit market at five o’clock on the property clock.
“The housing market within Brisbane is considered to be nearing the bottom with no obvious signs of recovery,” says WBP.
The valuation and advisory firm says that while recent changes in state government legislation, in particular stamp duty concessions, have improved sales activity and enquiry, Brisbane market conditions will remain as they are until the end of the year.
“Potential buyers and investors are keeping an eye on the effects of the mining boom, which continues to fuel growth, and also public sector job cuts announced by the Newman state government.
WBP says future market factors to watch out for include changes in pricing within the commodities sector and cost cutting within the government.
Looking more closely at the unit market, WBP notes that there are a number of new unit developments in Brisbane that are nearing completion and due to settle.
“Many purchasers who have bought off the plan have seen prices come off from original date of contract. Investors still remain wary as to when the bottom will be and are on the lookout for a bargain buy,” says WBP
“This market trend is due to continue till the end of the year and perhaps into 2013.
“The Queensland government has introduced a $15,000 concession for first-home buyers looking to buy a new property.
“The unit market in the sub $400,000 range still continues to be strong amongst professionals looking for lifestyle, inner-city locations,” it says. End of article.
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Online residential listings rise 1.5% in August to 373,510, led by Melbourne, Sydney and Canberra
By Jonathan Chancellor
Wednesday, 05 September 2012
Vendors appear hopeful of better fortunes this spring selling season with the total number of residential properties listed for sale online rising 1.5% over August to reach 373,510, according to figures from SQM Research.
This contrasts starkly with the same time last year, when listings fell 3.8% from 377,213 in July 2011 to 362,740 in August 2011.
Sydney and Melbourne both recorded “substantial” 5.9% increases in monthly residential properties listed for sale, to reach 31,310 and 51,194 listings respectively.
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SQM Research managing director Louis Christopher described market conditions as a little better than this time last year, "but it doesn’t mean we are going to head into a big property boom”.
"If rates stay on hold, that will be conducive to stimulating the housing market, and we are likely to see continued market recovery, but there are many X-factors at play,” he told news.com.au.
Christopher says rising rents (up 7% annually over the past five years) are good news for investors, but they have been offset by declining house prices.
He expects there will be further seasonal rises in stock levels as the spring selling season enters full swing.
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While residential stock on market in Sydney is just 0.9% higher than a year ago at 31,310, Melbourne has the highest year-on-year increase of all the mainland capital cities, with stock up 14.1% to 51,194 in August.
In August last year there were 44,859 properties listed for sale in Melbourne.
The other notable increase was Canberra, where stock on market increased by 8.8% over the month to 3,758 online listings. This is up 13.6% up on August 2011.
“Canberra’s large monthly increase may well signify a downturn for that market as federal budget spending is cut,” noted SQM research.
Bucking the monthly trend of rising stock levels was Perth, which recorded the largest monthly decline of 1.8% to 18,053. Residential listings were down 10.7% on the same time last year when there 20,207 listings.
Residential stock levels have declined in Perth, Darwin and Brisbane – which all benefit from Australia’s mining boom
Darwin residential listings are down 23.3% over the 12 months to August to 1,282 while Brisbane listings are down 4.7% to 28,666.
“Increasingly the market is segmented. It is becoming difficult to discuss just one national housing market and in my opinion, that will be to base line story for the remainder of 2012,” said Louis Christopher, managing director of SQM Research.
While Hobart stock on market declined by 1.7% over August to 4,388 properties listed for sale, there are 24.1% more properties for sale than a year ago. At this time last year there were 3,536 listed for sale in Hobart.
Have you seen the new video explaining advertising options on realestate.com.au? It could be a great listing tool to use in your presentations?
Also, here is the link to the Selling Guide website specifically set up for our sellers.
Linda & Carlos Debello
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