This isn't the sign of a quiet market
By Justin Eslick
I had an interesting experience in my first week back after the New Year break. On Tuesday afternoon I came across a property. Renovator needing a fair amount of work in quiet street and 7.5km's from the CBD. It was asking $369k+. This sounded cheap. My research showed a couple had sold around this figure nearby, but each were smaller and on smaller land. Further research suggested the true value to be about $400-410k with the finished renovated property being about $500k. This is what I do as a buyer's agent. I hunt down the bargains that are being marketed too cheaply and I go in quick to buy for my clients. Except things didn't go quite as I thought in this instance.
I got a hold of the agent on Wednesday morning and booked in to inspect at 4pm that afternoon. That's a pretty quick turnaround... inspecting within 24 hrs of the listing hitting the net. Only one problem, it seems the New Year started with a bang! I was one of about 30 groups through (keep in mind 4pm is still within business hours for a lot of people). Most were young people, a few were obvious tradies and a couple were investor types.
I heard later that the property sold that night. Nine offers were presented, the winning bid being somewhere over $400k (remember it was listed for $369k+).
I was shocked. It is meant to be a quiet market. Nothing quiet about that! And thanks to the large turn out the property also sold for at or above market value. A good result for the agent. He was a little surprised too.
In the lead up to Christmas I got a feeling things were on the improve. It is early days, but it may well be that the Brisbane market is on it's way back up!