Bribane Property Investors Can only See Opportunity, As Sellers Panic, From media Hype, as per example tonight on 60 Minutes.
Brisbane houses selling quicker, RP Data analysis say May 10, 2008 12:00am ________________________________________________________________
BUYERS are taking advantage of a rush of new property listings, with houses selling an average 20 days sooner than they were last year.
An RP Data analysis of the Brisbane property market has revealed the average house in Brisbane is currently selling within 28 days of it being listed, compared with an average waiting period of 48 days at the same time last year.
Property listings are also continuing to grow, with the number of Brisbane houses on offer jumping from 6981 in April 2007 to 10,124 this April.
Research analyst Cameron Kusher said despite recent property reports indicating a local "buyers' market" the statistics showed sellers were more likely to achieve a sales price closer to their asking price than they were last year.
Mr Kusher's research found that in April 2007 the average house was discounted by 5.4 per cent, while vendors of houses currently listed are budging an average of 4.9 per cent.
Mr Kusher said the drop in vendor discounting could come from sellers "setting their prices at more realistic levels than the same time the previous year, likely to be because of significantly increased competition".
However not all suburbs are experiencing the quick-sale phenomenon.
Windsor, on the city's fringe, has the capital's longest sale time, with properties taking an average 106 days to move.
Professionals Everton Park agent David Hackett said many vendors had been shocked by the longer waiting time this year, following frequent quick sales in 2007.
"I think this is just typical of the market in general at the moment – I think we're back to a more normal market.
"We're still getting a lot of traffic through open houses and a lot of inquiries and the market certainly isn't moving backwards in terms of growth. Things are still selling but they are staying a little bit longer on the market."
Liz Fell from RE/MAX Home Centre said a higher number of listings in Windsor had also brought more buyers into the area.
"There wasn't much on the market (last year) and they had to buy quickly but now buyers have got more choice," Ms Fell said.
"I've seen this scenario a number of times throughout the years, and it doesn't affect prices. Prices will remain steady but won't go down."
