The property market in Brisbane’s northern suburbs has recovered and it’s definitely a seller’s market.
Remarkably the average time for a property to be listed is currently only 8 days whereas two years ago it was 90 days (as stated on Channel 7 News - March 5, 2014). With roughly between 15 and 90 people attending each open house, the competition to get a valuable and worthwhile home before the prices re-adjust to the market is tough.
The Channel 7 News story stated that the boom suburbs are Chermside, Aspley, Zillmere, Nundah, Clayfield, Alderley, and the Redcliffe Peninsula.
Many real estate agents are also saying there is an influx of southern buyers which is pushing the Brisbane property revival. With the increased prices in Sydney and Melbourne, property investors are turning to Brisbane for a good return on their investment.
ABIS reminds property buyers that even though properties are moving quickly and you don’t want to miss out on a ‘good buy’, it’s important to have a thorough building inspection done before your contract becomes unconditional. We recommend that when writing up your contract you always include a clause ‘subject to a building and pest inspection’ and allow 7 to 14 days for this to occur. You should read the report in depth and then be sure negotiate on any issues that are found as result of that building inspection.