Upswing flags more realistic expectations
NEW research from real estate giant CBRE indicates the southeast residential market is edging towards recovery.
The findings suggest buyers have been influenced by drops in interest rates at the end of last year and that many reckon the bottom of the market is well and truly here.
Apparently the Brisbane and Gold Coast markets in particular have seen an upswing in sales below $500,000.
It’s not surprising really, considering the backlog of properties on the market in Brisbane and the number of distressed sales taking place on the Gold Coast.
The fact that sales are getting over the line is an indication that sellers (even if they are receivers) are being realistic with their expectations.
The research also expresses concerns about the prestige market, not just in Brisbane but all capital cities.
It finds there are few deals taking place and, with price levels often showing substantial discounting, sales are drying up.
Predictions are that this side of the market won’t see considerable bounce-back until the global financial markets show some sustained recovery.
Confidence, as is always the case, will be the significant factor in terms of how the market continues to perform this year.