Wow, OMG, Gosh, Gee whiz.........
All great words to describe the last 4 months of 2021 and one that has really blown everyone away. It's like a light switch was flicked on at the start of Jan 2021 and has not stopped / nor slowed.
We've seen a lot of active buyers in the market during the first quarter, proper
ties are selling in the first week, low interest rates sitting around 1.79% (best I've seen) combined with low levels of new stock hitting the market is really helping to push up prices. The rental market is also competitive with rental prices and demand being the best in a long long time. Our interview earlier in the year with 9 News highlights this (see above).
Rental market update:
The first few months of 2021 saw the rental market absolutely explode. Our normal 15 minute open times were being pushed out to 45 minutes per inspection due to the large volumes of people inspecting properties. We had dozens of applications coming in per property with tenants offering more rent and paying in advance to secure rentals over others. One particular property we had 44 groups through the doors. Jump forward to May 2021 and things have started to slow down. A shortage of properties, the recent Easter holidays and two long weekends has contributed to the downturn. We expect it to pick up again late June to early July. The team also rented a large home on the Brisbane Corso for $2000 per week in April, great to see the higher end homes still in demand.
Sales market update: Much like the rentals, the sales side has also seen significant growth and the best it's ever been. Properties are selling for well over the expected price with the increased competition, low interest rates and a shortage of properties on the market. Since January 2021 our office has sold 12 properties and on track to beat our 2019 record of 20 sales for the year.
Some recent sales: (click on the photos below to see the property description)
29 Erncroft Place, Rocklea (sold for $437,000)
1/15 Wilton Tce, Yeronga (sold for $305,000)
411/48 O'keefe St, Woolloongabba (sold for $475,000)
10 Little Jane St, West End (sold for $1,150,000)
What's coming to the market in the coming months:
We have some new properties coming to the market in June/July, keep an eye on our social pages for updates/sneak peaks. For further information please email firstname.lastname@example.org
We are presently hiring for a new Property Manager to help with the expanding Property Management side and Rachael Savage will be going on maternity leave in June. We've also welcomed back Rohit Koshe as our leasing consultant, Rohit was with the office when we first opened but left to fulfil his studies.
Until next time, stay safe and be sure to follow us on social media - links noted below.