Real Estate

Christmas rush set to spur November to remember

Written by The ReReport
As seen in the Source link, written by couriermail.com.au on 2019-11-05 03:21:49

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Matthew and Melissa Hopper have sold their Hendra home and are moving just down the road with their three children Henry (6), Hannah(4) and Hugh (2), Hendra Monday 21th October 2019 Picture AAPimage/David Clark

A surge in homebuyers coming to town is set to spur a November to remember, experts believe, as the rush to be in a new home by Christmas begins in earnest.

With just seven weeks left until the Christmas holidays, and money now the cheapest it has ever been to borrow, realtors and buyers’ agents were bracing for the traditional rise in competition to be supercharged.

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According to the Real Estate Buyers Agents Association, a lift in buyer interest was occurring at a time when the volume of properties for sale was shrinking.

REBAA president Cate Bakos warned buyers needed at least a four-week buffer period for paperwork and administration post-sale, but to be safe that should be stretched to six weeks – effectively making November make-or-break month for some house hunters.

“For several reasons,” Ms Bakos said, “buyers tend to come out in Spring because they know the listing numbers are optimised (and footy is over and done with).”

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Home buyers tend to come out in Spring according to REBAA.

“Buyers love the idea of Christmas in their new house and those who are looking now to buy may also be keen to have children start at their new school in late January.”

She said 30 days was a minimum settlement she’d consider for a client “and we’re now running at 45 days as a maximum to be sure that we’re in time for lawyer office shut down”.

Ms Bakos said while buyer numbers were lower than the same time last year, “we certainly have more volume than recent months”

“Agent schedules are busy, auction Saturdays are quite full and it certainly feels busy.”

She advised any buyer heading to auctions to be prepared for it to be competitive “with a suitable stretch budget”.

CoreLogic market commentator Kevin Brogan said the latest six month trend in housing turnover was showing increased activity though it was yet to test the 10-year average.

This as the latest CoreLogic Home Value Index, released Friday, found Brisbane was still showing good value for buyers despite dwelling values rising 0.8 per cent in October.

CoreLogic research director Tim Lawless said October was a month of recovering real estate values, with the five city aggregate index up 1.4 per cent.

“The improved housing market conditions are becoming more geographically diverse; although Sydney and Melbourne continue to lead the growth trend, based on the month to date reading, we are also expecting to report a subtle rise in dwelling values across Brisbane and Adelaide.”

Matthew and Melissa Hopper have just gone into contract on a large home in Hendra that they bought eight years ago for $770,000 – and then renovated into a million-dollar-plus proposition.

“Being next to Ascot which is a premier suburb, it was only a matter of time. We’ve had so much development here because of the racing precinct, the new Racecourse Village, nice facilities and it’s near Hamilton and Portside.”

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Matthew and Melissa Hopper have sold their Hendra home and moved just down the road with their three children Henry (6), Hannah (4) and Hugh (2). Picture AAPimage/David Clark

They count themselves lucky that they were able to get into the market early.

“We held two properties here for the last 12 months which is why we’ve decided to sell one. Our house was already raised when we purchased but we’ve done a complete renovation of inside and external. We converted a working stable into a four car garage and pool house.

“Hendra is so well known for having horses in suburbs so it’s unique. Our other one is in Raceview Ave and we’re hoping to produce a similar style of house on that.”

Place Ascot real estate agent Patrick McKinnon said buyer demand in premier suburbs such as Hendra was “on fire”.

“It’s amazing to see. We have sold some of the best top sales over the last three months here. We sold 6 General St, Hendra for $2m on 405sq m (block), an awesome price and we’ve done it again and again.”

“All the horses obviously have moved out of the backyards into stables in Ascot racing precinct and that’s had an impact on people investing in really good homes here.

The market’s really moving, we have some amazing homes. It’s actually developers, a lot of developer stock, and so much coming to market. It’s so exciting to see people are investing in really high end builds and quality finishes.”

“Land in Hendra is just going up through the roof. It’s one of the quickest markets we’ve seen, it’s going off.”

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