I stood out the front of our monthly auction event at the Calile last Saturday. A couple of hundred people filled the space and there was a hive of activity in the room. When the first home buyer market is running and the unit market is hot, the combination is electric!
Youth brings energy and a room full of young people all eager to buy their piece of Brisbane is such a buzz. In our auction room, these young people are out for the units!
Lot number two on the order of sale was a two bedroom unit in Coorparoo. Over 100 people had attended the property over four weeks and twenty had registered for the auction. The owners themselves were a young couple but when they had purchased the unit, the market was not at this feverish pitch.
The fresh faces of the bidders filling the room, the anticipation of bidding infected the space and this energy is flowing right throughout the market.
The property sold for $800,000 and left 19 bidders with cash burning a hole in their pockets.
This creates a big question for investors who hold units. The market has brought two gifts in recent years. The first is the increase in rent and now the increase in price. The question for investors is, why did you buy the property? Most don’t know the answer beyond ‘to make money’. With a unit market this hot, maybe now is the time.
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