Starting about 2016, "buy a house in Brisbane!" Quietly become the consensus of Australian property investors.
As the tide began, the quiet Brisbane became much more noisy.
With CBD in Brisbane as the center, the number of apartments in Brisbane is on a fast-growing trend.
For a while, Brisbane real estate investment boom, almost overtook Melbourne, become another hot investment field in Australia`s real estate market.
But the housing market in Brisbane fell apart in July 2017, when Australia`s big banks began to impose full restrictions on overseas lending.
A two-bedroom apartment with city views in one of Brisbane`s hottest districts is now 50, 000 yuan cheaper than it was when it was bought two years ago, according to Domian.
The apartment in Paddington, which was renovated and sold for four hundred and forty thousand yuan, is just one of hundreds of apartments that have fallen in price. The upsurge in apartment construction created an oversupply and saw no sign of an end.
It`s not just small apartments that are affected. A three-bedroom apartment in South Brisbane now costs seven hundred and ninety nine thousand, the same price it sold 10 years ago as a new apartment.
Toowong, a seller of a three-bedroom luxury apartment, said it could have cost as much as nine hundred and fifty thousand if it had been sold two years ago, but its value is now down by about one hundred thousand as the market weakens.
There are also lots of investment apartments in the Central District, such as Lutwyche,Mount Gravatt,Albion or Kelvin Grove..
The price of the Urban Village apartment in the Kelvin Grove district was four hundred and fifty thousand two years ago, and now it is three hundred and ninety eight thousand nine hundred and ninety nine.
Agents in these areas will accept all offers, and even the buyer will seriously consider the low price.
Apartment prices fell 4.5% a yea
Prices in Brisbane are at a four-year low, falling 2.2 percent to 385955 yuan in the fourth quarter of last year, according to the Domain`s latest report on the Price of individual homes and apartments.
Nikolay Powell (Nicola Powell), a data scientist at Domain, said prices were down 4.5 percent from last year.
"the new apartments in Brisbane are surging and still outpacing demand," Powell said. "while this will continue to affect apartment prices, a slowdown in population growth and the pace of development and completion of new projects may help balance the market together."
The owner accepts the low price offered by the buye
Nicole Divane (Nicole Devine), Space Property`s agent, had to tell her clients the bad news: Paddington, the owner of Vision Apartments of the city.
"the seller must be honest with himself and accept feedback," she said. "they still have the chance to get the right price, but they also have to be realistic and listen to the market."
Matthew Gross (Matthew Gross), director of National Property Research Company, said buyers had their own abacus in this oversupplied market, and they were "cheeky" at low prices.
"I think buyers have always been cheeky, but now they are cheeky," he said.
"they offered a price between 5 and 10 percent lower than the asking price, especially in the current housing market, and there was a deal."
"there is no doubt that there is a buyer`s market now, but not all owners have to sell their homes."
Decline in rental income-fewer foreign investors
Real estate economist Peter Watkins (Peter Wargent) said there were many examples of rent declines, especially in downtown areas.
There are also many risks in the new apartment or apartment market.
"Bank lending to developers for new projects has been significantly tightened," Mr. Watkins said. "with the exception of New Zealanders, we can hardly see banks lending to foreign buyers now."
For many investors, the down payment ratio for home purchases in the center of the city is also higher, at about 20 to 30 percent, he said.
He said pressure from the Australian prudential Regulatory Authority was also hampering investors, who are now restricting the issuance of interest-only loans.
In addition, Werkin said the Kunzhou goverment`s new property tax on foreign investors has had a significant impact on the market.
"this sends a strong unwelcome message, so I think the Brisbane apartment market will remain stable this year," he said.
