This week’s tip is for those looking to get into the property market and a little bit confused about the current data property reports.
I was just listening to the radio today and the latest data from CoreLogic mentioned that the Gold Coast, Brisbane region up until July had slowed down by 1.3%.
You could interpret that information in several ways. So, what does that actually mean for property prices? And should we be buying now or holding off?
What does this property market data mean?
You have got to be very specific about that data when you interpret it and understand how it affects the property market. So, when you talk about property prices dropping by 1.3%, what is actually included in that 1.3%?
You need to consider what types of houses are included in this figure. For example, a high-end property that was recently sold could drop significantly, and that could really affect the medium price of properties in the area.
Units might be going stronger or might be dropping further compared to the traditional house.
Knowing this type of information will help guide you when deciding what type of property is the best for your situation.
In South East Queensland there is currently an undersupply of properties. Currently, our stock levels are 30% down on the last five-year average.
So that means there are not enough properties for sale, so there are still more buyers out there. That means, the demand is going to continue, which will keep property prices fairly stabilized.
Now is actually a pretty good time to purchase. There’s a lot of uncertainty and confusion in the market which means there are less buyers.
I bought my last property in November last year on the Gold Coast and it was just a frenzy. People were paying a hundred thousand more than the average price.
I communicate with real estate agents regularly and their feedback is currently there is a bit more time. We can negotiate a bit more with the sellers, so it’s actually a great time to get into the market, while there is a bit of a lull, there are fewer buyers around and less competition.
If you would like to discuss what the right type of property is for you in this current market, please book a time in my calendar by clicking here.
Regards,
Geoff Tomkins
Buyer Advocate
PH: 0404 852 781
