Residential property analyst and commentator, Michael Matusik, in one of his recent “missive” asserts that the Brisbane residential property market has turned. In making this claim he lists 10 milestones or measures to support the claim:
- Offers are made before a property goes “public”
- Multiple offers are made – by different buyers – on the same property after listing
- Properties start to sell above listed or reserve price
- New properties start to sell above their resale value
- Tightening vacancy rate & rising rents
- The amount of established stock on the market falls
- New housing supply falls below its long-term underlying demand
- Job growth starts to accelerate
- Sales volumes start to increase
- The time resales remain on the market fall
Matusik claims that Brisbane currently has nine out of the ten and the signs for an upturn are definitely there.
We hope he is right and that the Gold Coast is also on the way.