It’s a question every real estate agent gets each day. But when the owner of the coffee shop next door comes over saying everybody is asking him, is the Redcliffe real estate market going up or down, you know it’s on everyone’s mind!
That’s exactly what happen to me last week. The coffee shop owner suggested they go and talk to the real estate agent next door. However, people said they were afraid if they walked into a real estate agency, they would try and sell them something.
Firstly, never be afraid to walk in and ask the question. I have some clients that do it once or twice a year, and many that we do updated sales appraisals for annually.
Real estate forecasts have been in the news of late, so I understand why people are asking. It made a 60 minutes news article recently. Their article used expressions like “Housing prices to plunge by as much as 40 percent and looming housing market crash“.
Yes, bad news sells, and it even had our new Prime Minister talking about it the next day. The Redcliffe real estate market is not the Sydney real estate market. Nor is it a Melbourne or even a Gold Coast real estate market. Our market has always been much more conservative. We don’t get the swings in property prices that the boom or bust markets have. In my opinion a boom or bust market occurs because you have rampant speculation. Speculators buy and sell in a frenzy in booming markets. This is when you get TV series on home renovation going prime time on television. You have people buying units off the plan and on-selling for a profit before the building is complete. Boom and bust, greed and fear.
Now that I’ve had my rant, its time for the facts. The Redcliffe real estate market typically does 3.5 – 3.7% increase in value each year. The above-mentioned boom and bust markets are double digit spikes in property values. That’s obviously not sustainable.
So, if you are looking for a safe investment in real estate, choose the Redcliffe Peninsula and surrounds. If your looking to double your investment in 1 year, try the boom, bust markets. Or Roulette for a quicker result. It doesn’t matter if the real estate market going up or down. Real estate is a long-term investment. We are not day traders on the stock market.
Fun Fact: I have not researched the exact numbers, but with my years of real estate experience, I have found, although most of us buy real estate thinking we will hold it for the longer term. Typically, investors will turn over their real estate investment in 2-5 years. Owner occupiers will turn over their principle place of residence in about 10 years.
Is the Redcliffe real estate market going up or down? Come in and talk to your trusted real estate professional sometime.