The Courier Mail property section lists 3 property sales over $500k in our neck of the woods: one each in Corinda, Indooroopilly and Taringa. There were no sales in excess of $1m. This sales rate remains consistent with the last few weeks.
The number of properties for sale in this area has increased to 606 according to realestate.com.au from 598 the previous week. This leaves supply at 202 weeks (essentially 4yrs worth).
Today's AFR has an article on page 4 highlighting the bleak state of the property market in South East Queensland and highlights (at last) how damaging the First Homebuyer's Grant has been -- another taxpayer funded flop doled out by the geniuses who govern us. There are apparently 2,572 homes for sale across Caboolture and vendors are being forced to slash prices to undercut the next guy in order to move their properties. All these outer suburbs that sprung up in the boom through home and land package sales are, quite frankly, toast. You have to feel for the people that got puffed into the purchases by a meddlesome government and a truck-load of misinformation (or, lies, if you prefer) from the housing industry and other quarters: you name it -- massive population growth, house prices doubling every 7 years .... blah blah and more blah.
My best mate, Michael Matusik, begins his column in today's CM with: "I've said it before ... 2011 is shaping up as a hard year for residential real estate". This is a something of a volte face given the upbeat tone of his articles in the past few weeks and appears to be a Matusik 'hedge'. Even Peter May and Brad Robson of Brisbane Realty saw fit to quote one of Mr Matusik's more recent, upbeat comments in their weekly Market Update and suggest he is pretty much always right. Shameless stuff by the Burbs' most infamous duo - but hardly unexpected...
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