Rates pause a re­lief for busy mar­ket

The Courier-Mail - Property - - REALESTATE MARKET WRAP - TEELA JUR­GENSEN

A COL­LEC­TIVE sigh of re­lief was again heard through­out the real es­tate world this week with the Re­serve Bank of Aus­tralia keep­ing the of­fi­cial cash rate on hold at 2.5 per cent.

It’s yet an­other dose of medicine for the Queens­land real es­tate mar­ket and could be the right an­ti­dote for what’s look­ing to be a tough federal budget next week.

An­other im­por­tant de­ci­sion was made by the State Par­lia­ment, when it split the Property Agents and Mo­tor Deal­ers Acts (2000) into sep­a­rate in­dus­try-spe­cific Bills and re­moved a pile of red tape in the process.

The Property Oc­cu­pa­tions Act in­cludes a lot of good things, in­clud­ing dereg­u­lat­ing the max­i­mum com­mis­sions rates and stricter dis­clo­sure of third party ben­e­fits to buy­ers.

It also in­cludes a ban on price guides for prop­er­ties go­ing to auc­tion – an is­sue which has had heated de­bate among agents.

But re­gard­less of whether you think this is a good or bad move, it is some­thing that ven­dors will need to take no­tice of.

A her­itage-listed home at Camp Hill that is over a century old is get­ting plenty of no­tice from buy­ers, with two of­fers al­ready on the ta­ble at the time of writ­ing this col­umn.

Eastholme, at 89 Wat­son St, is a six-bed­room Fed­er­a­tion-style house on 881sq m owned by Greg Vann.

For those who re­mem­ber Penny’s Depart­ment Store in Ade­laide St, Bris­bane, then owner Phillip Richards bought Eastholme in 1953 and con­verted it into two flats for other Penny’s store man­agers vis­ing Bris­bane.

Mar­ket­ing agent Peter Secco from RE/MAX Ex­ec­u­tives said the ma­jor­ity of po­ten­tial buy­ers were from Bris­bane. Ex­pres­sions of in­ter­est close on May 15 and Mr Secco was ex­pect­ing most of the buyer ac­tiv­ity would hap­pen in the last few days of the cam­paign.

Agents are still reporting plenty of mul­ti­ple of­fers and quick sales.

On the Gold Coast, DJ Stringer Property Ser­vices prin­ci­pal David Stringer said the acreage mar­ket was hot in Talle­budgera and Talle­budgera Val­ley.

Re­cent quick sales in­clude the seven-bed­room home at 13 Dud­geon Drive, owned by Rochelle and John Ber­necki, which had 18 fam­i­lies through the first open home and the lo­cal buyer snap­ping it up on the same day for $820,000.

Place Padding­ton’s Andrew Degn sold 44 Runic St, Bar­don prior to auc­tion for a sale price in the mid$800,000 range af­ter more than 200 in­quiries and more than 100 groups in­spected the property.

Mr Degn said a lo­cal buyer won out over two in­ter­state of­fers at 22 Pleas­ant St, Red Hill, two weeks prior to auc­tion with the price be­tween $1.1 mil­lion and $1.2 mil­lion.

Eastholme, at 89 Wat­son St, Camp Hill, is at­tract­ing plenty of in­ter­est; and (be­low) 44 Runic St, Bar­don, which sold prior to auc­tion, is one ex­am­ple of a hot mar­ket.

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