The Sunshine State real estate market has weakened overall, but at a more moderate pace than in Sydney and Melbourne
Brisbane seemed on the road to a strong recovery some time ago. however, values have recently decreased.
In the three-month period ending May 2019, the value of dwellings decreased 1.4%, according to CoreLogic's property value index. Negative results have been observed in the expensive and affordable neighborhoods of the market. Compared to the previous year, properties are much harder to sell, although the fall of Brisbane is not as noticeable as that of its more well-known peers.
"Although stocks have declined over the past year in Brisbane and Queensland, there is a much more moderate decline than in Sydney and Melbourne. Says Cameron Kusher, CoreLogic analyst.
"Despite this, the market has risen sharply these days, pointing out that the terms of sale have become much more difficult, even if the values have only fallen slightly."
In April 2018, the sale of houses took on average only 34 days; Twelve months later, these properties spent an average of 60 days on the market. The story is similar for the regional market, even for artists like the Gold Coast.
"After the Games, we see a slowdown in price growth. Registrations are growing and delays are increasing as sellers are waiting for better offers, "says Antonia Mercorella, managing director of the Queensland Real Estate Institute.
The Gold Coast is clinging to positivity during the March 2019 quarter, but barely, with a growth rate of only 0.8%. Nevertheless, some suburbs still have what it takes to attract buyers.
"The suburbs like Auchenflower, Northgate, Gordon Park, Hamilton and Clayfield all generated double-digit growth for homeowners. These are areas that are in demand and offer the right house at the right price for many buyers, "says Mercorella.
"And all these suburbs are not prime suburbs. In fact, there are large affordable suburbs that are growing exceptionally, proving that as long as you do your homework, you can achieve strong growth at any price. "
Overall, Mercorella believes that regional Queensland is still in a good position.
This market is growing strongly and demand is constant. Areas such as North Lakes and Caboolture are experiencing strong population growth and providing buyers with value, affordability and amenities. "
SUBURB OF WATCH
HOLLYWELL: Prices Collapse in the Northern Gold Coast
Hollywell, a coastal suburb located in the north of the Gold Coast, reported positive growth in May 2014-2016, but home and unit values fell sharply from year to year May 2019.
House prices fell 10.5% to $ 713,629, while unit values fell to $ 687,075 after a 13.2% decline. Rental rates also decreased 6.6% and 8.4% to $ 598 and $ 600 per week respectively.
Hollywell's parks are a wonderful place for picnics and outdoor recreation. The nearby Paradise Point suburb offers facilities such as sports facilities, a monthly arts and crafts market and a shopping center.
Location: Residents have access to various amenities in the nearby town of Paradise Point
Affordability: Hollywell real estate market slipping, buyers can negotiate large discounts
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