Well haven’t we seen some changes to the political scene? It will be interesting to see if there are any benefits to the real estate industry. One positive outcome to date is the state government’s reinstatement of the discretionary stamp duty rates for owner occupiers from the 1st July 2012.
This may encourage some buyers to delay their purchasing decision until after this date.
The market remains patchy and volatile. The impact has been the most severe at the budget end of the market with sales being made at 2008 prices in many instances. The middle and higher end of the market seem to have been impacted to a lesser extent. This may have something to do with the balance between supply and demand being on a more even keel.
What is unequivocal is that the volume of sales being made in the suburb has contracted significantly over the last 2 years. When this trend is likely to reverse is a difficult question. My own view is that we would need to see an increase in investor sales to provide the impetus for change. This may take some time as many existing investors are looking to exit the market when prices allow them to do so
The market remains a buyer’s market, a situation that could be with us for a bit longer.
Until next time…..
“The team at Ray White Deception Bay has been the best I’ve dealt with in over 15 years as a property investor/landlord. They have been managing my property for about 4 months (since purchase) and I must say their service is the benchmark I now expect from others. When they … Read more
Will the market keep improving? A very good question and one that will have different points of view depending on the commentator. We have certainly seen a marked increase in the volume of sales and an increase in the prices being achieved. This as previously reported has been off the … Read more