Howard Smith Wharves never fails to console those of us not escaping to the Mediterranean any time soon. Festa Italiana is back for its final round this weekend, bigger, bolder and better than ever! Grab your amici and head to the wharves to indulge in a leisurely afternoon, spritz in hand. If you close your eyes, you might even mistake the hum of the CityCat for the sound of a speed boat coasting along the Riviera.
If its any consolation, our AUD is looking rather sad when exchanged for Euros this year, so by staying in the southern hemisphere this winter, your practically making money. Money which buyers are currently extremely keen to invest into property.
I recently began listening to 101 Essays That Will Change The Way You Think, and you best believe that within the first ten minutes, I was already drawing parallels between the context of this bestseller and the current state of the property market. At what stage this email went from a weekly update to a bookclub, I do not know (though I am very much enjoying these essays while I lap the block with my dog), but hear me out; I think my comparison might resonate with you.
The book’s general theme and the essays within it explore how past experiences, beliefs and expectations influence our current perceptions and future choices. Can you already guess where I’m going with this? I’m not referring to the holiday mode that is immediately activated after a sip of Aperol, but I suppose that is a good example too.
It’s been a long time since the little red dots on Teneriffe’s REA map have been so scarce. Buyers are back with a vengeance and stock levels simply cannot keep up with the demand. The recent interest rate cuts have clearly increased buyer demand and boosted confidence. There’s an unmistakeable expectation that lower rates will drive prices up, bringing forward a lot of people’s buying decisions.
In fact, seconds after I hit send on last week’s email, we sold 79/36 Vernon Terrace prior to auction. This is the second auction campaign within a month that was stopped in its tracks by an enticing offer that suited the seller’s circumstances. For more information about this result on the top floor of the London Woolstore, please reach out at any time.
If you’ve had your eye on Teneriffe for a while, 10/18 Helen Street is an opportunity you cannot miss. With a sprawling balcony to enjoy the balmy Brisbane climate, this sub-penthouse apartment is the perfect inner-city escape.
Just steps from the river, sitting pretty on the border between Teneriffe and Newstead, join us for the open home on Saturday at 11.50am. It’s the perfect excuse to grab a coffee at the countless options nearby before, followed by lunch after the inspection – if you need a recommendation, let me know!
If an apartment that offers the perks of a house, with the lock-up and leave convenience of a unit is what you’re after, you’ll be pleased to hear that a brand new, exceptional opportunity awaits – we’re just about to launch the campaign for 56/110 Macquarie Street.
An exquisite single-level residence in the tightly-held Teneriffe Village Woolstore, it’s hard to capture the sense of space this home exudes online. I suppose you’ll have to join us tonight at 5.15pm, or on Saturday at 10am or 1.15pm to experience it for yourself!
Back to my psychoanalysis of buyer behaviour: There’s less uncertainty in the market now that the federal election has passed and the turbulence in the White House which triggered global economic concerns has faded to the background. Together with the easing of interest rates and further anticipated drops on the horizon, buyers’ cognitive biases are working overtime. Quick disclaimer, I’m not an expert in this field, so if you are, please take my comparisons with a grain of salt and a bit of humour!
Our brains are wired to make decisions on past experiences and information that is readily available, leading us to interpret future events through the lens of the past, potentially leading to inaccurate expectations. If your mind went straight to the mad property shopping sprees of the pandemic, you’re not alone.
While there are certainly similarities between the scenarios, economists predict that it is unlikely we’ll experience an exact repeat of the pandemic boom, but rather a moderate, sustainable upward trajectory. Rates are not expected to hit the same historic low, and the excess capital of lockdown savings has been replaced by the constraints of cost of living.
What does this look like on the ground? The property market is picking up significant momentum as we head into the cooler months. Buyers are well aware that price growth is not dissipating any time soon and are prepared to put forward strong offers to secure properties before someone else beats them to it. If you’re wondering what an enticing offer could look like, the team at Loan Market New Farm have put together this great overview.
If selling has been on your mind, now is a great time to speak to an agent – whether it’s a full campaign or showing select, qualified buyers through your property for a first look, winter 2025 is looking like a great time to achieve strong results.
If you were hoping for more lifestyle recommendations and less behavioural analysis, rest assured, I have not forgotten about you. You’ve got a month of fun dining deals ahead, and you best believe I’ll be getting dragged from one “great deal” to the next. Dine BNE City runs until the end of June and I’m sure I’ll have more to report back on next week!
On that note, I’ll leave you to ponder my thoughts or have a think where you’ll be grabbing dinner and a drink this week.
Talk soon,
Ben
