The RBA has again announced that interest rates will remain at 2.5%, the lowest levels in 60 years. We are continuing to see the positive effect this is having on the market with plenty of buyers at every open home, and well priced homes selling with days, if not hours of hitting the market. I’m not sure about how other buyers are finding it, but our building division certainly has had their work cut out for them making offers the second properties appear for sale online. Of the last 4 properties offers have been made on, all have been under multiple offer situation within a day of being on the market!
So what does this mean for sellers? Go to market with a realistic price and expect to sell quickly. We have noticed some agents going to market with a very low ‘offer over’ figure pushing the sales contracts into more of a ‘silent auction’ which appears to be working to some extent (though I believe running with a realistic price upfront will still result in a higher sale price). However going to market with a price too high will result in sitting it out for the right buyer, or rethinking your price.
If you are looking at selling, the median house price in Brisbane according to RP Data has fallen slightly but these are general overall figures. The sub $600k – $1m price bracket in our opinion has had moderate gains but the largest gains are to be had in the sub $600k bracket, which are selling like hot cakes! Even the banks cant keep up with the increase in applications at the moment.
For more information please contact dV Property Group on 1300 661 071. We are happy to discuss option for your property or provide an appraisal report.