Brisbane’s property market is responding to a combination of tax cuts, lower interest rates, and political stability, according to one of the city’s best-performed agents, Frank Ham, Principal of Raine & Horne offices located in Toowong and Kenmore.
“While consumer spending hasn’t responded to tax and interest rate cuts, property buyers are reacting,” said Mr Ham.
“Since the election and the two interest rate cuts in winter, groups at open for inspections at properties in Brisbane’s inner western suburbs have doubled.”
Housing markets in Brisbane’s inner western suburbs are now moving along nicely after a flat period over the last 18 months, according to Mr Ham.
“We have recorded a couple of robust results including the recent auction of a three-bedroom house at 34 Munro Street, Auchenflower that sold $110,000 above the reserve,” he said. The quintessential Queenslander attracted eight bidders and 50 bids at the auction.
Another stellar result was the $950,000 sale of a stylish well-maintained family home at 256A Chapel Hill Road, Chapel Hill that attracted 50 groups to the first open home. “These are numbers we haven’t seen in the last five years in Chapel Hill.
“With a shortage of properties for sale, these results point to buoyant spring and summer markets, especially with the weather and buyer demand warming up.”
Apartment markets in the western corridor are also enjoying a rebound, according to Mr Ham. “Well-marketed and well-priced apartments are attracting multiple offers, which hasn’t occurred for several years.
“The combination of political stability, tax, and interest rates cuts has enabled the apartment market to reach the bottom of the cycle. Now apartments priced from $300,000 -$600,000 in Toowong, St Lucia, Auchenflower, Indooroopilly and Taringa are attracting more buyer interest.”
This surge in buyer activity is illustrated by the sale of a 2-bedroom apartment in a near new apartment complex at 1003/6 Land Street, Toowong for $419,000. The sale by Raine & Horne Brisbane West’s Megan Zelauhi enabled the Toowong business to notch $1 billion worth of sales revenue from 2,300 transactions since the office launched in 2005.
“The vendor is a repeat customer, and this is the second time he’s sold a property with us,” said Mr Ham.
“Around 15% of our annual sales are derived from repeat business, and there are people we have sold properties for 3-4 times.”
Mr Ham attributes his office’s long-term success and repeat business to hard work and consistency of service.
“We pride ourselves on working hard for our vendors, and our sales numbers and levels of repeat business reflect this. Our repeat customers know they can always rely on our consistent performance and service levels.”
The vendor of 1003/6 Land Street, Toowong Amin Sadati agreed the service provided by Ms Zelauhi and Raine & Horne Brisbane West was of the highest quality. He said, “Megan has helped us with two successful sale projects in the past three years. She has always been there to provide us with positive and constructive feedback on any questions we have had with regards to our sale strategies.
“Her innovative ideas have always helped us achieve our goals and get the best outcome. Her professionalism and attention to detail are remarkable. Her leadership skills, communication style, and how she dealt with challenging situations made the process so easy and smooth for us.”
Mr Sadati continues, “My family and I feel Megan is now a part of our family, and we even call each other now and then to make sure we are all doing fine. We definitely recommend Megan to anyone who is looking for an honest and trustworthy agent to help them with selling or buying their properties.”
If you’re considering selling or buying a property in Brisbane’s western corridor, contact Raine & Horne Brisbane West on 07 3871 1811.