{"id":3905,"date":"2015-04-01T01:00:47","date_gmt":"2015-03-31T14:00:47","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=3905"},"modified":"2015-04-01T01:00:47","modified_gmt":"2015-03-31T14:00:47","slug":"queensland-property-market-update-march-2015","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/queensland-property-market-update-march-2015\/","title":{"rendered":"Queensland Property Market Update – March 2015"},"content":{"rendered":"

 
\nIn today\u2019s show, together with Shannon Davis<\/strong> from Metropole Property, we look at the property market in Queensland. We talk about Brisbane, Sunshine Coast and Gold Coast.
\n <\/p>\n

Transcript:<\/h4>\n

Kevin<\/b>:\u00a0 In this break in the show, we\u2019re going to look at a couple of the really big markets around Australia \u2013 \u201cthey\u201d being New South Wales and Queensland. In a moment, I\u2019ll be talking to George Raptis, who will look at the New South Wales market, more specifically, Sydney.
\nMost people seem to be talking about Sydney when we talk about the health of the market. But another equally as important market is Queensland, and so far we\u2019ve looked at WA and South Australia. We\u2019ve also looked at Victoria and Tasmania.
\nJoining me now to have a look at the Sunshine State, none other than Shannon Davis from Metropole Properties in that state. Shannon, thanks for your time.
\nShannon<\/b>:\u00a0 G\u2019day, Kevin.
\nKevin<\/b>:\u00a0 What is the news from the Sunshine State? How is the market looking?
\nShannon<\/b>:\u00a0 It\u2019s been a very busy start to the year. I think mostly there\u2019s lots of out-of-area interest, but I think upgraders are really driving the market. I think there\u2019s been a lot of people taking advantage of low interest rates and wanting to make that upgrade to maybe a bigger home or something more special that they\u2019re after.
\nThey\u2019ve been quite active, and we\u2019ve unfortunately been up against owner-occupiers who are just wanting to pay whatever it takes to get the property, so it\u2019s been hard work for buyer\u2019s agents at this stage.
\nKevin<\/b>:\u00a0 Upgraders: are these people in the local market or are these people coming from other parts of Australia?
\nShannon<\/b>:\u00a0 There has been local interest, but also buyer\u2019s agents and out-of-area investors have been very prevalent. They\u2019ve been looking at properties that we\u2019re interested in. A lot of people flying in sort of thing and making offers and with a relatively short due diligence. It\u2019s just showing you the sign of where the market is in its cycle.
\nKevin<\/b>:\u00a0 It\u2019s a pretty hot market. Are you getting a lot of competitive offers?
\nShannon<\/b>:\u00a0 Yes, definitely. It\u2019s something that we\u2019ve been up against. As agents you can see\u2026 We had recently 45 people on a deceased estate property that we were after on the first open. From there, there were subsequently 10 offers. That\u2019s a sign of what type of market we\u2019re in. It\u2019s definitely a seller\u2019s market.
\nKevin<\/b>:\u00a0 It\u2019s very important, then, to keep your head firmly on your shoulders and make sure you don\u2019t get carried away. I guess in this kind of climate you could pay too much?
\nShannon<\/b>:\u00a0 Yes, definitely. I think we generalize too much. \u201cThe market is hot, everything is hot.\u201d In Queensland and Brisbane specifically, there are some pockets where there\u2019s an oversupply of apartments at the moment, quite high vacancy rates, and you don\u2019t want to be buying into those areas.
\nIt might look like it\u2019s an area on the move because there are lots of cranes and lots of building activity, but what that can mean is supply is increasing at a rate that demand can\u2019t keep up with, and you might be buying an inferior investment grade property.
\nKevin<\/b>:\u00a0 On that point, what are some of those areas that you should watch out for?
\nShannon<\/b>:\u00a0 I think the postcode of 4007 at the moment has some oversupply issues in the Hamilton region.
\nKevin<\/b>:\u00a0 Hamilton. We\u2019re talking about that Prestige area, are we?
\nShannon<\/b>:\u00a0 That\u2019s right. There are lots of apartments there, and that\u2019s got a quite high vacancy rate. There are also lots of apartments being built in around that Bowen Hills and Newstead apartment. Hub suburbs like Mount Gravatt and Chermside, again, have big supply issues at the moment. I think all those areas will be good in the medium and long term, but in the short term, you\u2019ll probably expect some soft rents and soft capital gains.
\nKevin<\/b>:\u00a0 We spoke to Michael Yardney earlier on the show. One of the things he said was to make sure that you\u2019re not buying off the plan. Would you share that view?
\nShannon<\/b>:\u00a0 Definitely. People are attracted to a small deposit now and being completed later, but like buying a brand new car, there\u2019s a big premium paid and often a lot of middlemen commission to project marketers, which if anyone has a change of circumstance, they have to sell quite quickly, can set a really bad precedent for the building. It\u2019s not the best form of investing.
\nKevin<\/b>:\u00a0 If I came to you with $500,000, the question we\u2019re asking everyone today in the show, where would you suggest I buy and what should I be looking at? Is it a house, a unit?
\nShannon<\/b>:\u00a0 With $500,000 I would probably go for a townhouse in around that 6 to 8K ring. You get three bedrooms, two bathrooms, and one car park configuration, but I think it\u2019s a good option for upsizes from apartments, downsizes from houses. I\u2019d look for low-maintenance style living, a good courtyard, and ease of transport and employment hubs, as well. Look for the CBD, airport, hospitals, universities. All those are good for employment hubs and make sure that your property is always in demand.
\nKevin<\/b>:\u00a0 Okay. Ruling out some of those ones you mentioned earlier, some of those areas where there are a lot of cranes right now. Certainly they come within that 6 kilometer radius, but just be careful of those and particularly the new ones?
\nShannon<\/b>:\u00a0 Yes, definitely. I think sometimes people can be sold on \u201cthis is a really fast-growing area,\u201d and that is good for developers and builders and construction workers, but not necessarily good for the end investor. It\u2019s sometimes easy to be caught up in that hype.
\nKevin<\/b>:\u00a0 It is indeed. Shannon Davis from Metropole Properties in Brisbane taking a look there at the Queensland market. Just before I leave you, about 30 seconds if you could, Sunshine Coast and Gold Coast, what are you hearing about those two markets?
\nShannon<\/b>:\u00a0 They\u2019re holiday destinations, and they will do better in a rising market as will most areas in Australia, but because of the level of discretionary property up there \u2013 meaning not a necessity, it\u2019s a holiday home \u2013 they can be quite elastic. They do well in good areas, and I expect them to do well now, but in a financial contraction or correction, you can see those areas more exposed.
\nKevin<\/b>:\u00a0 So go to those areas if you\u2019re specifically looking for a holiday home?
\nShannon<\/b>:\u00a0 Yes, or lifestyle reasons or something like that, but if it\u2019s for investment, a lot better investments than holiday homes or apartments.
\nKevin<\/b>:\u00a0 You would be looking more at the Brisbane market?
\nShannon<\/b>:\u00a0 Yes. Somewhere where people don\u2019t have to drive more than half an hour for work. That\u2019s a good rule of thumb that you\u2019ll have lots of tenants moving into your property.
\nKevin<\/b>:\u00a0 Always good talking to you. Shannon Davis from Metropole Properties. Thanks for your time, mate.
\nShannon<\/b>:\u00a0 Thanks.<\/p>\n","protected":false},"excerpt":{"rendered":"

  In today\u2019s show, together with Shannon Davis from Metropole Property, we look at the property market in Queensland. 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