Entering the new decade, we are very positive about the Brisbane property market. We are expecting the first half, particularly the first quarter of the year to be the stand out, with price rises expected to peter out by mid year.
The first 3 months of 2020 will be underpinned by the Federal Gov’s First Home Loan Deposit Scheme, which aims to support lower & middle income earners entering the property market. The scheme is open to up to 10,000 first home owners and is available on new or existing property. Considering approx 8,000 properties are sold to first owners each month, we expect the scheme to dry up by March 2020.
As detailed in an article from Domain (See Link), Qld is growing from interstate migration and remains affordable, the biggest thing that holds Qld back is jobs growth, which lacks in comparison to southern neighbours. External factors like the health of the broader economy and international trade concerns, may impact buyer confidence mid year.
Even though the First Home Loan Deposit Scheme is capped in Qld to properties under $475,000, we expect the increased demand in the market to underpin strong sales growth through the wider market, through to mid 2020
Recent Sales 4101 Update:
15 Mitchell Street, West End – 3Bed 2Bath 2Car – $1,325,000
20809/15 Beesley Street, West End – 3Bed 2Bath 2Car – $890,000
28 Ganges Street (6 Jumna Street), West End – 3Bed 3Bath 1Car – $1,350,000
57/28 Ferry Road, West End – 3Bed 2Bath 2Car – $985,000
9/376 Montague Road, West End – 3Bed 2Bath 1Car – $710,000
20 Little Jane Street, West End – 3Bed 1Bath 2Car – $1,220,000
209/8 Donkin Street, West End – 1Bed 1Bath 1Car – $340,000
417/16 Beesley Street, West End – 2Bed 2Bath 1Car – $535,000
30709/40 Duncan Street, West End – 2Bed 2Bath 1Car – $460,000
40903/50 Duncan Street, West End – 2Bed 2Bath 1Car – $580,000
Speak to Ray White West End about how we can assist you in 2020. Call Luke O’Kelly 0408 330 161 or email: luke.okelly@raywhite.com
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