Chinese New Year swings around in a couple of weeks and this year the animal symbol is the horse and the element is fire, making this the year of the ‘Fire Horse’. When I heard that powerful combination, I jumped online to educate myself on what that means for the year ahead. As you would guess that combo means a year of intense, volatile energy characterised by rapid change and passion.
Other than enjoying the festivities, I haven’t been a follower or subscriber to the Chinese calendar before, but this year’s symbol certainly matches all of my experiences so far this year. Starting with the buzz in the sub $1 million sector. Wow! Since the increase to first home buyer stimulation late last year, raising the threshold in Brisbane to $1 million, I have seen a dramatic increase in energy and pricing from this section of buyers. It was as though the whole sub-$1 million market has lifted 10-20 per cent over the break. We are seeing auctions with over 20 registered bidders.
We are seeing first home buyers prefer auctions over private negotiations simply because they are burnt from blindly putting in offers and finding out that they’ve missed out without a final opportunity. Some not even getting a call back after their offer misses out! In other parts of the market the builders and renovators can look ahead to 2026 with comfort. Their industry has been in disarray over the last few years with unpredictable build costs and labour support is in tight demand. But sale prices are finally up at a level that will release the pressure valve, bringing profit into the market and allowing them to build new homes.
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Last Saturday, as I drove into The Calile Hotel car park on James Street, I could feel the weight of expectation. It was the first major auction of Spring and the result could help set the tone for the season ahead. After a more cautious few weeks, there was a market inside hoping for something … […]