Real estate in the Brisbane and greater areas is hot property thanks to historic pandemic interstate migration since early 2020. Buying or selling a house in Queensland has seen an unprecedented demand for Conveyancing in the Australian state.
The new online auction market in Queensland
The Queensland real estate market is adapting to the recent coronavirus measures with new digital auction platforms.
With auctions and house inspections currently banned in Australia the real estate market has had to adapt to the strict COVID-19 measures by relying on new virtual auction apps and websites such as Gavl.
Whilst some Buyers have been deterred by the uncertainty of the times or are choosing instead to buy and sell property via private sales, there has been a growing number of potential Buyers in Brisbane switching to the new model of livestreamed auctions.
If you’ve signed a new contract to purchase property in Queensland or are considering buying or selling contact Horrocks Solicitors for trusted conveyancing advice in Brisbane.
Phone 07 3013 2300 or via our contact form.
House and Land Private Sales - What do you need to know?
Buying and selling a house or land through a private sale can be risky and it’s important to ensure that you conduct appropriate market research within the local area to compare the purchase price in addition to contacting a conveyancing solicitor to review your contract terms before you sign.
Digital Auctions - How do they work?
New digital platforms and smartphone technology have enabled auctions to be livestreamed via the internet whereby potential Buyers make their bids in real time in a virtual auction room without the need to be physically present.
The signing of the REIQ contract can be executed digitally using DocuSign and is facilitated by the company.
Buying property during the Coronavirus Pandemic
If you’re considering buying or selling at this time in Queensland we recommend that you read our Important Conveyancing Update for the COVID-19 Special Conditions that should be added to your REIQ contract.
Special Conditions Update
“Buyers need to be proactive, ready to move quickly and, as always, prepared financially. Job security, the ability to afford loan repayments, and pre-approval from a lender are crucial in the current economic climate. “
Source: Domain.com.au
PROPERTY MARKET FORECAST 2020
PROPERTY MARKET FORECAST 2020
With the new year underway prospective home buyers and sellers have turned their attention to the Brisbane property markets for the potential of an upturn in house prices throughout 2020.
Despite Brisbane property values declining by -0.6 per cent (the detached housing sector) in June 2019 there is hope yet that a boom will return with analysts predicting a strong comeback for Brisbane over the next 3 years. The end of December finished with a 0.7 per cent change in home values resulting in an overall annual value increase of 0.3 per cent in Brisbane City for 2019.
(Source: realestate.com)
PROPERTY MARKET INFLUENCES
According to market analysts there are a few influences that will affect the housing market in 2020:
an interest rate cut by April from the Reserve Bank
relaxed credit restrictions allowing banks to offer more property purchasers access to a mortgage
the new ‘Comprehensive Credit Reporting’ system
the ‘First Home Loan Deposit Scheme’ implemented since January 1, 2020.
FIRST HOME LOAN DEPOSIT SCHEME
The new scheme will mean eligible first home buyers only need a 5% deposit saved to be able to borrow up to 95% of the purchase price of the property without needing to pay Lender’s Mortgage Insurance (LMI).
Eligibility criteria
Those applying for the loans will need to meet eligibility criteria.
Applicants must:
Earn under $125,000 a year for singles and $200,000 for couples
Intend to live in the home (investment properties aren't supported)
Not have owned or had a share in property previously.
BRISBANE HOUSE PRICES
Managing Director of SQM Research Louis Christopher has predicted the following property price forecasts for 2020 and specifically with ‘record low interest rates and cheap credit an increase in Brisbane home prices by up to 7%’
Source: www.abc.net.au/news/2019-11-14/property-prices-in-2020-sqm-forecasts/11703668
Queensland in comparison to NSW and VIC is often held back by the economy and jobs growth but it has the advantage of relative affordability and higher vacancy rates. With the arrival of further rate cuts and eased lending conditions Brisbane is primed to see price growth for the first half of 2020.
Source: www.realestate.com.au/news/boom-time-forecast-for-brisbanes-housing-market-in-2020/
If you’re in the market for selling or buying property contact our dedicated team at Horrocks Solicitors to receive a competitive fixed quote today for conveyancing services from Queensland’s best.