There are some signs of a recovery in the Brisbane property market, but it still remains firmly in a downswing , with investors seeking bargains in the unit market as new apartment projects are completed, says WBP Property Group.
WBP places the Brisbane housing and unit market at five o’clock on the property clock.
- At 12 o’clock the market is at its peak (demand exceeds supply)
- At 3 o’clock the downswing has set in (an evenly supplied market)
- By 6 o’clock it has bottomed out (an oversupplied market).
- At 9 o’clock the market is rebounding (supply tightening)
“The housing market within Brisbane is considered to be nearing the bottom with no obvious signs of recovery,” says WBP.
The valuation and advisory firm says that while recent changes in state government legislation, in particular stamp duty concessions, have improved sales activity and enquiry, Brisbane market conditions will remain as they are until the end of the year.
“Potential buyers and investors are keeping an eye on the effects of the mining boom, which continues to fuel growth, and also public sector job cuts announced by the Newman state government.