Tom Lyne's Market Update

Initially we were expecting a rate cut by Christmas, then the big four banks backed a move by February, and now the market isn’t factoring in a rate cut until June. The next American president doesn’t take office for another couple of months but already Aussies are feeling the impact of Donald Trump moving into the White House.

Locally, within our prestige market, attendance at open homes has stabilised as we approach the end of 2024, yet we continue to record strong sales across the market. While open home numbers have levelled off in recent weeks, the quality of attendees remains high. Many are looking to purchase either before Christmas or early in the new year, while others are researching agents and the market for a potential move in 2025, or exploring renovation ideas. Our auction success rate remains strong, hovering around 70-75%m which is significantly better than our competitors in Brisbane, indicating the market conditions are still positive.?

Ray White chief economist Nerida Conisbee says analysis of buyers at almost 10,000 Ray White auctions continues to show Queensland's property market remains the strongest in Australia for both investors and people buying from other states. While Melbourne is rising in popularity with interstate buyers, it is still being eclipsed by interest in south-east Queensland. In regards to Ray White auction results in Brisbane alone, investors make up 27.3 per cent of buyers, higher than last year's 24.7 per cent.

We’re expecting to see a fair few of them at this weekend’s Ray White Collective Prestige Auction, held at The Calile Hotel on Saturday from 9am. We have three properties going under the hammer as part of an exclusive auction order, including a whole-floor riverfront residence at 1/93 Moray St, New Farm, a picturesque family manor at 257 Chatsworth Rd, Coorparoo, and an architect-transformed inner-city home at 19 Belmont Crescent, Paddington.?

We are also accepting final best offers this week on an established private tennis court estate, surrounded by green space in the hugely desirable St Peters Lutheran College precinct at 59 Gilgandra St, Indooroopilly. The deadline for offers is today at 12pm.

And a reminder for next week, that on Friday, December 6 we are closing best offers at 12pm for a superior top-floor art deco apartment at 3/25 Abbott St, New Farm and New Farm’s best-kept secret at 35 Fuljames Lane.?

As always, we are readily available to help you with your property needs so please don’t hesitate to make contact if you have any questions or would simply like to chat.?

TL