Rates pause a relief for busy market
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.