“How’s the market?”
This the one question that is asked by everyone we deal with – whether they are buyers,sellers, developers, valuers, solicitors, lenders or accountants.
How’s the market?
Assuming they are referring to management rights values and sales, I can safely say,today it’s great.
To be honest, the market has been great for a few years now, and there are generally more buyers than stock at present.
This isn’t so great great for buyers, but wonderful if you’re a developer or management rights owner wanting to sell.
The development market is slowing down with less cranes visible on the skyline.
This means fewer“off the plan” opportunities for buyers, creating a more competitive market. That’s good for developers wanting to sell anew management rights.
For existing management rights owners, fewer off the plan businesses means more buyers looking for existing businesses. So prices are strong and values are holding up nicely.
Development continues of course, with still 8,000 or so apartments currently under construction in the greater Brisbane area. But new development starts have slowed down as unit sales have tightened,due to lending changes initiated by the major banks. The majority of current developments underway have already sold their management rights.
The wheel continues to turn, however.
People who have bought off the plan will sell their existing business as settlement of the new one gets closer.
Some developers who are confident of their location and product will still build new projects.
The Gold Coast is now seeing a surge in development applications and building starts also.
New listings are coming in every week and not all will be put up on the website before they are sold. The best approach is to register what you’re looking for with our agents and be first to look at the new listings.