I cycle around what is commonly called the River Loop in Brisbane, it basically hugs the river from the city and through various suburbs. For me, door to door, it’s about a 60km ride.
On Sunday I did the loop and in a moment of reflection, I appreciated what our city has become; World Class. What got me thinking was when I was riding through Kurilpa, near Southbank and West End, it reminded me of Melbourne and walking along the Yarra River, but this was Brisbane and it’s on our door step.
It’s not hard and locals can be easily forgiven for not appreciating what we have, which sometimes plays into property and what our perceptions are. Often an interstate buyer will pay a price or buy a property that locals may pass on, only to look back in a few years and say, “I should have bought that”. Whereas the interstate buyer is looking at it from their perspective and experience from where they live or have come from – “this property in Sydney would be worth much more” – sound familiar?
Brisbane is experiencing what most are calling, a Golden Era of real estate and I couldn’t agree more. Brisbane is on a course of tremendous growth, not only in real estate, but population, infrastructure and culture – in fact, it’s happening right now.
This Golden Era will not be void of some bumps along the way, we obviously cannot continue or sustain the growth we have enjoyed over the past several years, in fact it has slowed, but is still in positive territory, with the latest figures reporting 2.7% growth in the previous quarter.
On the flip side, we have definitely seen a topping out of rents, the phenomenal growth over the past several years has reached the tipping point and in fact Corelogic reported Brisbane had -0.7% rental price growth in the previous quarter. I sense there will be some flatlining for a period of time.
On September 30, the new legislation came into effect for all new leases, I will not go through the new amendments, but it is prudent to remind you that the changes may not please everyone under certain circumstances, however for now we need to work within them of course and manage it as best as we can.
The critical elements that do rate a mention are the changes to bond limits; equal to 4 week’s rent, no matter the weekly amount, so no more pet bonds etc. Break lease fees are now regulated and on a sliding scale based on the the time that has expired during a fixed term lease, the bug whammy is if at least 75% of the lease has been served, the total amount we can charge a tenant is 1 week’s rent.
Some exciting news, over the past couple of weeks we have been migrating to a new CRM system. Nurture Cloud is a platform that Ray White has invested millions of dollars in and continues to do so. The AI capabilities are off the charts and the benefits are a game changer. We can’t wait to fully immerse ourselves and provide further support for our clients.
This last quarter will be busy, it is typically our biggest one and gauging what is coming up, this year will be no different. You are probably feeling the same way as we do, where did the year go, if we blink long enough it will be Christmas. We will be going hard until Christmas and then relax with family and friends, as I hope you will too.
Until next week, stay safe and be kind.
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Waking up in spring, busting to buy a property by Christmas, is like waking up on Christmas morning excited to open a present. You’re pumped, your expectations are high and you can’t wait to see what you’re going to get. That excitement then transfers to what’s ‘under the tree’? For … Read more