It’s exciting times in the New Farm real estate market – the hottest I have seen it in many years. Properties are selling within days of listing and our auctions have been huge, with many properties reaching $100,000 over the reserve price and have had a record number of registered bidders.
The first round of figures from RP Data for January 2014 revealed price growth in every capital city – the first time that’s happened in four years. This continued in February (with the exception of Darwin), showing strong positive signs for a continuing nationwide recovery.
We’re also seeing record levels of new borrowing across the country, with latest figures showing a 27% jump in February compared to 2013. Rock bottom interest rates continue to have a strong effect, with no signs the RBA is intending to increase them any time soon.
Brisbane is an exciting market right now. The city is experienced phenomenal growth with overall values (houses and apartments) up. Prices in the Brisbane market are moving in the right direction (up 3% YOY) and the signs for growth are there – increasing investment and first home buyer activity, more people turning up at open inspections and greater enquiry from developers looking to capitalise on the imminent upswing.
Vendor confidence has definitely increased in Brisbane, with a 25% increase in Ray White New Farms listings compared to 2013. Average days on sale have also decreased by over 10 days from the same time period last year. More sellers are also choosing the auction method to leverage the strong competition among buyers right now.
On behalf of the RWNF team we would like to wish you a happy and safe Easter.
and the entire RWNF Team