Wait No More: Sell NOW Before House Prices Crash
House prices in Brisbane and other cities are starting to fall while rental yields are becoming unsustainably low at the same time.
As revealed in the latest Domain Group State of the Market Report, median house prices across the five LGAs, which include Brisbane, Ipswich, Redland, Moreton Bay and Logan have fallen by 0.2 per cent. Furthermore, Brisbane LGA house prices have fallen by 1.5 per cent over the September quarter to a median of $650,000 last year, whereas unit prices have dropped by 3.5 per cent to $376,685.
What’s more is that property prices are down not only in some cities but across most of the country, including Sydney, by 0.5 percent. IN SHORT, the five-year property boom is over or will soon come to an end.
While Brisbane’s median house price was still up by 1.7 percent in the past year, results showed that the local property market didn’t rise as expected but has remained a flat one until the end of 2017.
Experts say that Brisbane house prices are “on hold”-- and until there’s improvements in wages and consumer confidence, Brisbane will likely stay in a holding pattern of MINIMAL growth.
Fairly enough, this is already something to be glad about, and investors, home buyers and sellers are doing nothing to make the most out of the great opportunities in the real estate market.
“There’s no urgency in the market,” says Kerrianne Meulman, managing director of Urban Economics.
“People in Brisbane don’t have that pressure to buy because things aren’t accelerating. We’ve still got low interest rates and those underlying stories – like non-existent real wages growth and modest growth in unemployment – mean we’re watching this space rather than rushing out buying houses.”
Instead of just watching and waiting for the property market to rise, people in Brisbane should have the urgency to buy or sell their property NOW while there’s still potential.
“While the figures are down, it doesn’t necessarily mean everyone’s house in Brisbane has declined by this much, just that the median value has,” Mr Pressley says.
“Going forward, Brisbane has rock solid fundamentals. We’ve had a difficult five years economically. We’ve weathered that storm and our property prices have held up well, unlike Perth and Darwin, and what we can look forward to is the resources sector showing some green shoots.”
Because despite all these hopes and positive expectations, it is not wrong to assume the housing crash is still a huge possibility that should worry us all this 2018. One smart move is to go out and grab the opportunity to sell your property before house prices totally crash. Don’t just sit around and wait to see how things pan out. This may seem safe and easy, but remember, this might be your last chance!
We want you you to experience the Reval Beyond Compare™ difference. As an incentive we will be waiving the sales commission for the first person to List and Sell with Reval.
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