Sash and Gable Property

BAYSIDE IS BUZZING! Why are Auctions Working? The recent surge in auction clearance rates has proven one major aspect of the current market: buyer demand. Currently, we are experiencing an oversupply of buyers who are eager to purchase, and an undersupply of homes on the market. Increasing buyer demand creates an opportunity for vendors who are considering putting their property up for auction – the most competitive buyers in the market have to put their best offer forward, and competitive bids can result in an excellent sale under the hammer. Auctions establish a sense of urgency for active buyers in the area; they have limited time to organise and prepare to bid for their potential new home on auction day. Why are Buyers Purchasing Instead of Building? Recently reported by ABC, there is a current shortage of building materials internationally. Although 80% of timber is sourced within Australia, the remaining 20% is sourced globally. With freight restrictions due to COVID-19, this shortage is putting extreme pressure on the building industry to begin construction within the first six months in order to be eligible for the HomeBuilder grant. The current circumstances are deterring buyers from building, and instead purchasing established homes. Buyer Buzz We are currently experiencing an overwhelming amount of both buyer enquiries and open home attendees, most of whom have been searching for the right property for an average of 18 months. First home buyers generally range from $600,000 - $700,000, having saved from living at home or shared accommodation. However, banks are slowing the finance condition down for a lot of buyers due to the lower interest rates. Bayside is Thriving! From 2011 to 2016, the population of Wynnum increased by 5.7%, and Wynnum West, 4.8%. In the recent months, we have noticed a boom and buzz around Wynnum, with new shops coming to the forefront, so we encourage you to go to the Majestic Cinemas on Berrima Street, enjoy a meal and take a walk down Edith Street and see the change! Growing businesses attracting large crowds has a direct impact on the value of your home, and with increasing buyer volume and competition, we have an incredible opportunity to achieve the best sale price for you.