Properties in Strathpine, Bray Park, Lawnton, Joyner, Petrie, Cashmere & Murrumba Downs are selling well although volumes are down on peak volumes of a few years ago. Buyers are looking for properties in these ‘mortgage belt’ areas typically families or those planning on starting families. Well priced properties are selling relatively quickly mainly because of the smaller volumes of quality homes available and generally it has been a ‘Sellers Market’.
House prices have recovered from falls of 5 – 10% that were experienced 2 – 3 years ago to not only regaining this lost ground but also making up good percentage increases of up to 10 – 12% in our local area (obviously this is a broad brush and prices will vary by location). Unit prices have not been as fortunate as buyer demand has not been as strong, and lots of new developments have added a considerable number of units to the overall supply which has also added to the downward pressure on prices.
Investors were a major presence in our market until mid 2015 but these have greatly reduced in numbers more recently – the only exception appears to be interstate investors particularly from Sydney. First home buyers appear to be re-entering the market and well presented homes under $400,000 are being snapped up.
Whats going to happen in the next 12 months? Its likely that demand will continue at current levels in the ‘safe’ mortgage belt suburbs. There is a great deal of uncertainty about the strength of our economy and it is probable that the more speculative investors will disappear from the market particularly as bank lending rules tighten.