What happened during 2019?
In our latest market wrap, we look into what happened in the real estate market in 2019 for both sales and rentals and provide some thoughts on what we’re expecting to see in 2020. Focusing in on Chelmer through to Oxley, the Centenary Suburbs and Indooroopilly west to Bellbowrie, including Kenmore and Chapel Hill. We look at some proposed reform from the Queensland Government and share some exciting news that we’ve got coming up. If this sounds interesting to you, grab a piece of Christmas cake and enjoy reading on.
The year that was...
The stats are in and this Christmas, once again, you can feel confident your family home is worth more than what it was last Christmas with Brisbane dubbed the nation’s “quiet achiever”. Brisbane house prices have grown almost 30 per cent in the past five years, largely thanks to steady, sustainable growth, which has made us one of the most stable capital city markets in 2019.
2019 started with some challenges as the property market felt stagnated however, that quickly trued around in the second half after the Federal Election. Buyers were nervous about proposed changes by the opposition so when The Government was re-elected, Buyers were relieved and reacted positively. Other factors included record low interest rates and a loosening of monetary policy, making it easier for Buyers to borrow once again. News out of Sydney and Melbourne during the last quarter of 2019 saw the fastest quarterly gain in the last 3 years. This adds further upward pressure on Brisbane house prices because with the two major cities sky-rocketing, interstate migration continues to pick up and buyers will seek more affordable options up here.
It’s fair to say 2019 has been a great year for all of us here at Place Graceville. Our clients rated our overall performance 5 stars within Chelmer, Graceville, Corinda, Indooroopilly and Chapel Hill, putting us in first place amongst all our competing agencies in these suburbs according to RateMyAgent. Our sales success has been one of our strongest on record with over 90% of the homes we’ve listed, we’ve sold and our Auction success is currently holding strong at just over 80% sold either prior to auction day, under the hammer or within two weeks after.
Excitement for the year to come...
Looking to the year ahead, we’re excited for 2020. Starting on 1st January, the Federal Governments first home loan deposit scheme will be introduced, bringing an additional 10,000 new buyers into the market. Although we don’t expect this to mean immediate change for us locally, we do expect to feel the knock on effect as sellers upgrade.Further to that, the media have shifted into spreading positive news as some outlets are talking 20% growth in the Brisbane market by 2022.
As we move into 2020, property owners that are considering selling get an amazing opportunity that largely goes unnoticed. Both realestate.com.au and domain.com.au report January as one of the busiest months of the year for traffic on their respective sites. With a consistent waive of job transfers, interstate migration, families moving to get closer to their preferred school, January is a great time to sell.
The problem being that a lot of agents and sellers wait till February where less buyers are looking and there’s more competition. The Place Graceville team understands this trend and while other agencies will be on holiday, we will be proactive right from the 4th January. Giving our clients the opportunity to showcase their home during this very busy period. So if you’re considering selling, give us a call on 3379 4311 to speak to your favourite Place agent and we will help you get the jump on the market as we catch this first wave of buyers.
Exciting news from the office!
On a personal note, we’ve got some really exciting news to share. In 2020, we get to welcome two new faces to our dynamic team. The experienced duo of Scott Smolders & Maddison Hayward, who have sold over 250 properties are joining our team and bring with them a wealth of experience, exceptional work ethic and a dedication towards customer service.
What's happening in the rental space?
On the rental front, 2019 was a very stable year. Rental prices largely held their ground and in some locations we saw rents increase. We expect modest increases to continue in the year ahead.
Looking forward to 2020, some change may be on the horizon. The Queensland Government proposing rental reforms. Some of the proposals have us concerned, specifically the abolishment of a landlord’s right not renew a lease at the end of its agreed term and the introduction of the tenants right to make modifications to the home without the owners approval.
Best wishes from the team at Place Graceville
One of our core values here at Place is Community; and in 2019 our team strove to give even more. We were proud to offer our support with a number of local school fetes, supporting local fundraisers, being major sponsors and participants of the CTK fun run or even our current Christmas Appeal on behalf of the Smith Family - our philosophy here at Place is, we want to give back to the community and residents because they give us so much.
From the entire Place Graceville time, we wish you all the best this festive season, we hope you have a wonderful and safe time, spent with friends and family. Together, let’s make 2020 the best year yet!