A Brisbane real estate agency says they are witnessing an influx of demand to buy property, as renters flock to buy in the low rate market.
North South Real Estate’s joint director and principal Jasmina Petrovic says there is more competition when it comes to purchasing a home in the Brisbane market than ever before – which will only ramp up with the Reserve Bank’s decision to keep the cash rate on hold at 2%.
“This is especially true for the rental market, with many of our agents consistently being contacted by long term renters who are keen to enter the property market,” she said.
“With today's announcement that interest rates will remain on hold until November, agents can expect to see an increase in the number of groups through open homes this coming weekend.
“We have consistently seen increases in open home attendances following interest rates over the past six months and if rates continue to remain on hold then we envisage this trend will continue strongly.”
According to the latest home value index released by CoreLogic RP Data, house prices in Brisbane increased by 1.6% over the three months to September and 4.9% over the year to September. The median price for a detached house is now $511,000 and $375,000 for a unit.