Nerida Conisbee - Why The Younger Generation Must Buy Now

This week I was fortunate to enjoy dinner with our Ray White Chief Economist Nerida Conisbee. We both reflected on how fortunate we were to be mothers and the importance of both encouraging as well as showing our children how to commit to buying property sooner rather than later.

This is a message re-iterated publicly by Ms Conisbee this week, urging young women in particular to take responsibility for their own financial future from a young age. Ms Conisbee recalled how it was especially important for young people to shrug off the "imposter syndrome" describing it as a waste of energy and replacing this with belief that they had the capability to succeed financially. She said starting the homeownership journey is a major advantage while buyers are in their 20's with many years of earning potential ahead of them, making home investment a low risk and high return strategy.??

She recalled how when she graduated in the 90's from university in Victoria, unemployment was at a massive 24% and interest rates were around 17-18%. While it would have been easy for her to be overwhelmed and put off buying a house, she made a conscious decision to invest her salary and save for a home deposit as it was a high priority goal to become a homeowner sooner rather than later, ignoring the noise surrounding the economy at the time.??

Looking back at the 90's, she illustrated the power of compounding interest and property growth, suggesting a $400,000 property purchased in the 90's was now worth potentially 10 times its original value.?

She emphasised that home ownership brought a lifelong?sense of security, not just financial.?Unpacking the cycles of life, she said there were many people now in their 50's who had continued to put off jumping into the property market, attempting to "pick the bottom".

In the meantime, the market had kept moving forward to the point where they were now priced out of the market completely and had to rely on renting. This not only provided uncertainty with leases continually ending but also the rising cost of renting and the money going towards something that provided no return.??

In contrast, those in their 50's who had bought in their 20's were now in a solid financial position, where they could potentially downsize and be either completely debt free, or have a substantial chunk of cash left over from their sale to enjoy a little more freedom with their money.??

She urged young people to have a goal and a plan to get into the property market as soon as possible.?

Commenting on interest rate fluctuations, Ms Conisbee also suggested that there had been little evidence of the housing market slowing because of Australia's massive population growth of 300,000 people per annum. There was a squeeze on keeping up with the demand for housing because of high building costs, which had seen building approvals falling and fewer homes being completed.?

The shortage of properties on the market was also reflected in Ray White data, showing that across the nation, new listings are down 13% compared with the same time last year.?

She says the next few months will be an interesting market to watch and suggested to buyers to keep moving forward with confidence as current indicators show the market as stable.?“Prices are starting to rise and listings remain low, meaning less competition for sellers, so it’s the perfect storm in property,” Ms?Conisbee?said.

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The Week's Top 10 Sales

Another incredible week for the Brisbane prestige market with an off market sale in Clayfield taking this week's top spot, selling for over $5,000,000! Take a look at the full list below:

1. 69 Christian St, Clayfield $5,830,000

2. 16 Gibbon St, New Farm $confidential

3. 29 Grassdale Rd, Belmont $confidential

4. 23 Hillside Ct, Hamilton $3,390,100

5. 79 Arrol St, Camp Hill $3,200,000

6. 2/119 Buckingham St, Ashgrove $3,010,000

7. 2/68 Crescent Rd, Hamilton $2,600,000

8. 71 Donaldson St, Corinda $2,415,000

9. 23 Huet St, Wavell Heights $2,300,000

10. 26 Chapel St, Lutwyche $2,150,000

?*Top?10?Results are based on publicly available data, auction results, and data provided by agents. Data is deemed reliable at the time of publication but Christine Rudolph and Ray White New Farm neither?warrants?its accuracy or accepts any liability in relation to its use.

Property of the Week

This week we launched?5 & 6/15 Julius Street, New Farm?to the market.?Available for the first time publicly, this cherished entire floor apartment has its own private lift access and spans 310sqm.

Tightly held, New Farm's landmark, iconic Art Deco "Evelyn Court" encompasses the charm of Hollywood's golden age.

Enjoying a dress circle position amid some of Brisbane's most coveted homes, this elite block of only 6 apartments are highly sought and rarely offered to the market.

5 & 6/15 Julius Street, New Farm?is offered for sale via best offers, closing Thursday 6th April at 12:00pm. Please contact me to arrange your private inspection.?

Warm regards,

Christine