Pre-election uncertainty is likely behind a reduction in the number of homes for sale in Brisbane’s west right now, creating a unique opportunity for astute sellers to capitalise on an under-serviced market. While demand is stronger than ever, an unseasonal shortage of stock is pushing up prices, Kenmore being a classic example. In the first three months of this year, 71 homes sold in the suburb; in the second quarter 57 homes sold; and currently there are only 46 homes available to buy. The median house price for the suburb has gone up 14.03% to $451,000 in just six months. Everything that is listed is selling but there are not enough homes to satisfy demand. This is in spite of robust confidence in the local property market and an influx of people moving into the area – indeed we’ve had almost 2000 new enquiries about local property since January. So one has to assume that the election and its related issues are weighing on people’s minds. I find this a curious reaction because economically things stand to change very little with a change in government, at least in the short term. The most significant policy changes stand to affect first-home owners, who account for a very small portion of our local market. By sitting on their hands, would-be sellers (especially those looking to downsize) are bypassing the opportunity for very satisfying price results – the inevitable product of low supply and high demand. That said, housing affordability remains the hot topic for both political parties leading in to the election. The ancient Chinese curse holds true: we live in interesting times. Until next week … Gerard Baden-Clay, Principal Century 21 Westside www.expertrealestate.blogspot.com
About the author ...
About The Real Estate Expert
- Gerard Baden-Clay BBus, AFAIM, LREA
- Gerard Baden-Clay operates at the forefront of long-overdue change in the business of real estate. Embracing superior standards of training and recruitment, he is driving a growing team of local experts motivated by the goal of “win-win” results for buyers and sellers. Gerard's personal philosophies of ethical excellence and team loyalty, derived from his lineage as the great-grandson of international Scouts founder Baden Powell, have found their perfect landing spot in the field of real estate. Gerard’s commitment to the local community is genuine and entrenched. In addition to his own family – wife Allison and three young daughters – much of the extended Baden-Clay family also lives within the 4069 postcode. Gerard is a keen supporter of the local Scouts and Guides chapter, contributes to the provision of a chaplaincy service at Kenmore State High School and for the third year has been reinstated as President of the Kenmore Chamber of Commerce, an organisation to which he devotes considerable time and resources in boosting membership and service levels.
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