BY GAIL GOBEY, PRINCIPAL AT SASH & GABLE PROPERTY, WYNNUM
Having been a local agent in the area for over 10 years, and Wynnum’s number one agent for three consecutive years, I have experienced various market fluctuations, but 2021’s track record for our Bayside is a first.
We are all about statistics. What economists, media, and our experts share on the news impacts the decisions we make. When I get called in to appraise a home for sale or valuation, my top priority is to provide accurate and valuable information, resulting in the best possible outcome for my clients. Coming out of winter into spring, I have experienced short days on market, and in most cases up to $250,000 above price expectation, and climbing. This current market offers a great advantage for our vendors to achieve an outstanding result. However, I am always being asked: How long will this continue?
Contrary to stats over the past few years, the Queensland marketplace is proving to have a more sustainable growth yield over that period than either NSW or VIC. It’s very important to understand how and why we are seeing these results. The influx of new residents moving from interstate to our beautiful Bayside, combined with the competitive first home buyers trying to get into the market, is resulting in price growth.
The past 12 months have seen an 18.5% rise in Brisbane/Bayside areas with low-interest rates (CBA predicts interest rates to hike in late 2022). We have not seen growth of this magnitude in this area since 1989, realising a massive 30% rise. The only real difference is that back in ’89, interest rates were extremely high, at a national average of 17%. Market experts have reported an expectation that, across the next year, Brisbane house prices will rise by another 15%. An outlook over the next 10 years, median house prices across the greater Brisbane region are expected to reach over $1million, with the expectation of the 2032 Olympics creating a boom for our local suburbs.
Not sure who to call when you are considering selling one of your most treasured possessions? I started selling real estate in Wynnum once we settled here in 2010 and through maintaining focus on the Wynnum/Manly/Bayside areas, I soon gained the reputation for selling the home like it’s my own. What is the winning combination? Trust, strategy, and great negotiation skills…
Source: ratemyagent.com.au, realestate.com.au, theurbandeveloper.com, reiq.com, abc.net.au