Last week, I was having coffee with a colleague when she asked me if I had any buyers for a one-bedroom unit on the city fringe.
I looked at her in disbelief. I questioned her, “Surely, you have a list of people who would like to sell their apartments around the city!”
My reason for questioning her was that over the last 10 years, if a person turned up at your open house, you assumed they were lost or looking for a rental!
It had been pretty sparse.
We currently have an exceedingly high amount of people looking to purchase apartments in and around the inner city. This is caused by a combination of factors.
It’s from increasing rents turning tenants into first homebuyers, as well as first homebuyers in general.
We have interstate and international students back in the market and their families are looking to invest in Brisbane.
Couple that with the comparatively low price of our apartments when compared to other states, and we have a hot unit market. Furthermore, the government has just released another 35,000 places in their first home guarantee scheme, which gives buyers free mortgage insurance, low rates and allows them to buy with only a 5 per cent deposit.
History has told us that first homebuyers love government support. When you look at the drivers of the apartment market, it’s all about supply versus demand.
It’s safe to assume that when they start to build new ones, that will help ease the pressure in this market, so while it’s hot now, could be the time to consider selling.
- – Haesley Cush is an award-winning auctioneer who has called more than 10,000 auctions. He owns Ray White New Farm, East Brisbane, Spring Hill, Bulimba, East Brisbane, Toowong, Clayfield and Living Here Cush Partners