Australia’s property market is a hot topic of conversation, with twists and turns that can rival even the most complex dance routine. One individual who has a unique perspective on this market is Rachael Gunn, affectionately known as Raygun. With her insights, she sheds light on the insanity that is the Aussie property market.
The property market in Australia is not a one-size-fits-all situation. Different areas are experiencing varying levels of activity. For example, cities like Brisbane and Perth are currently thriving, while others like Melbourne are more subdued. This disparity can be attributed to several factors, including interest rates, construction costs, and immigration trends.
In Brisbane, the property market is in full swing. Last year, a real estate group in Brisbane sold 237 properties in the second quarter. Surprisingly, this year they also sold 237 properties during the same period. However, the number of potential buyers attending open homes tells a different story. Last year, they met 5047 buyers, while this year they met 8348 – an increase of 3301 buyers in just three months.
The surge in buyer demand in Brisbane can be attributed to a combination of factors. Strong interstate migration, international interest, and a wave of first-time homebuyers are all contributing to the market’s growth. However, despite the high demand, construction costs are hindering builders and developers from fully capitalizing on the market’s momentum. Many are finding it challenging to afford new projects and turn a profit.
The recent decision by the Reserve Bank of Australia to pause interest rates has added another layer of complexity to the property market. This move will impact the delicate balance between supply and demand, influencing the ongoing battle between buyers and sellers. Both parties stand to benefit from this decision, as it could potentially tip the scales in their favor.
In conclusion, the Australian property market is a dynamic and ever-changing landscape. With Raygun’s insights and expertise, we gain a deeper understanding of the market’s intricacies. As the CEO and co-partner of the Ray White Collective, Haesley Cush navigates this complex market with finesse, ensuring that both buyers and sellers have a fair chance in this competitive environment.
