Raine & Horne’s Brisbane offices are feeling the flow-on effect of current market conditions, kicking off the spring season with strong momentum.
Frank Ham, principal of Raine & Horne offices located in Toowong and Kenmore, said a combination of tax cuts, lower interest rates and political stability is seeing an increase in buyer confidence across the city’s property market.
“While consumer spending hasn’t responded to tax and interest rate cuts, property buyers are reacting,” Mr Ham said.
“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.”
Mr Ham noted housing markets in Brisbane’s inner western suburbs are back to moving along nicely following a flat period over the last 18 months.
“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,” Mr Ham said, adding that the property attracted eight bidders and 50 bids at the auction.
Another stellar result, Mr Ham noted, 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,” he explained.
“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.”
Apartments in the west are also gaining speed, according to Mr Ham, who noted that “well-marketed and well-priced apartments are attracting multiple offers, which hasn’t occurred for several years”.
This surge in buyer activity can be demonstrated by the sale of a two-bedroom apartment in a near new apartment complex in Toowong for $419,000. Leading the sale was Raine & Horne Brisbane West’s Megan Zelauhi, and the sale was one which enabled the Toowong business to notch $1 billion worth of sales revenue from 2,300 transactions since the office launched in 2005, according to Mr Ham.
“The vendor is a repeat customer, and this is the second time he’s sold a property with us,” Mr Ham said.
“Around 15 per cent of our annual sales are derived from repeat business, and there are people we have sold properties for three, four 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,” he said.
“Our repeat customers know they can always rely on our consistent performance and service levels.”