This 4 bedroom, 2 bathroom home in the Brisbane suburb of Bracken Ridge, is selling for $525,000 after initial price offers of over $530,000 on 25 October 2019. It last sold for $172,000 on 10 February 2005.
Sitting on a 453 sqm block, the home is low maintenance and in a great location close to schools, Queensland TAFE, parks and reserves and bus stops. A range of local shopping facilities is also nearby.
Built in 2005, the total floor space is 177 sqm and features a king-sized master bedroom with WIR, air-conditioning and ensuite; 3 additional bedrooms with ceiling fans and built in wardrobes; spacious kitchen with stainless steel appliances; open plan living and dining area; an undercover outdoor entertaining area; fully fenced large backyard with low maintenance gardens and double remote lock-up garage.
The home would suit first home buyers, families or investors. Currently, asking prices for houses in postcode 4017 has seen increases of 10.0% over 3 years; 6.9% increase over 12 months and a minor increase of 0.3% over the last month. In contrast, unit prices in the area had declined 1.6% over the month. House prices currently range from an entry level of approximately $450,000 to high end of $600,000 in the area.
Asking rents increased 2.2% over the last month for houses, after an 5.7% increase over 12 months. With a low vacancy rate of 1.0% this could be good news for investors who could earn gross rental yields of 4.1% for houses.
Whilst the uncertainty of the coronavirus has shaken the share market, the impact on the property market has been minor. Property values tend to be less volatile than share markets.
Louis Christopher, SQM Research CEO said, “The most likely scenario would be short-term weakness in the market until the number of virus cases began to peak and eventually subside. Then it’s off to the races.”
"Even with the recent RBA cash rate drop to an unprecedented 0.25%, history shows interest rates can push up prices but the effect of this latest stimulus would only be felt once there was more certainty about the COVID-19 pandemic.”
Keep monitoring this market’s growth with SQM Research’s free property data. Also consider the SQM Property Explorer product for more in-depth data and property price estimator.
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