“Property “bloodbath” in 2018” was a big headline earlier this month, one which likely put a chill down the spine of many unit investment holders in Brisbane and across Southeast Queensland. Anna Porter, principal of Suburbanite, warned investors that units in Brisbane are “incredibly oversupplied and there will be a bloodbath in the unit market over the next couple of years” and that “Lending will tighten, values will retract and rent will be hard to maintain.”
With the average price of the 300 units sold in Brisbane in the September quarter of 2017 dropping by over $80,000 and another 7,100 units expected to reach settlement by the end of the year, fears of a poorly performing unit investment market don’t seem at all unjustified. But it really isn’t all doom and gloom in Brisbane, as established local developers are achieving great results and renovated properties are in still high demand right across Brisbane.
What’s more, property markets across parts of Brisbane, including Cleveland and Raby Bay, aren’t seeing a slowdown in buyer interest at all and continue to show strong growth into 2018. The team at First National Cleveland put eight homes under contract over the Australia Day long weekend — that’s nearly $5 million of property put under contract in three days — and numbers were high across all open homes.
Unit investing may not be advisable at present due to the oversupply of units in Brisbane and parts of Southeast Queensland, including the Logan and Ipswich areas, but consistent growth for Brisbane house prices is solidly predicted for the year ahead. If you’re thinking of selling or buying in 2018, act now to seize the moment — Ryan McCann and the team at First National Cleveland look forward to leveraging our insider knowledge to help you get a great price for your property or source a quality home in one of Brisbane’s best-performing property markets.