Rental Market Update – October 2017

October saw an increase in the number of properties successfully leased by LJ Hooker Mandurah. In total we leased 37 properties across the month. The market continues to tighten in terms of the number of properties available to rent.

Today 2/11/17, there are only 482 properties available for rent in the 6210 postcode (source realestate.com.au), that is the lowest number of available rental properties over the last two years.

This is significant, as supply begins to tighten we should see prices begin to hold and the number of days that properties remain vacant should begin to drop.

As an investor now is the time to get your property on the market for rent. We still have a strong, healthy database of tenants looking for good quality properties.

If you’ve got a property to lease or are considering buying an investment property and need a professional, honest and knowledgeable team to advise you, and achieve the best results possible, contact me today.

Below you’ll see a full list of properties we leased throughout October with central Mandurah and Halls Head proving as popular as ever. For more information on the Mandurah rental market contact Mark Labrow 0431 025 449 (mlabrow.mandurah@ljhooker.com.au) or Jo Lockwood-Hall 0413 076 165 (jlockwoodhall.mandurah@ljhooker.com.au)

2/78       Gibson St                        Mandurah           $285 p/w
18           Kaalak Lane                    Mandurah           $295 p/w
14/106 Mandurah Tce                    Mandurah           $340 p/w
17/15    The Palladio                      Mandurah           $450 p/w
2             Kingdon St                      Mandurah            $260 p/w
12           Lanyon St                        Mandurah           $320 p/w
55/37    Dolphin Dr                         Mandurah           $400 p/w
16           Elizabeth St                     Mandurah           $200 p/w

9             Sandalwood Pde             Halls Head          $330 p/w
4a           Oversby St                      Halls Head          $350 p/w
38           Paradise Cir                    Halls Head          $325 p/w
3             Oversby St                      Halls Head          $525 p/w
29           Admiralty Cres,               Halls Head          $330 p/w
6a           Bucentaur Place,            Halls Head          $230 p/w

9/11       Leslie St                           Dudley Park        $230 p/w
5             Mast Close                     Dudley Park         $335 p/w
8             Allora Close                    Dudley Park         $290 p/w
15           Sharperton Mndr            Dudley Park         $320 p/w

7a           Roy Rd                           Coodanup            $290 p/w
11           Derek Road                    Coodanup            $200 p/w
17a         Veresdale Rt,                 Coodanup            $210 p/w

2/3         Olinda Ct                         Greenfields         $240 p/w
3             Berkeley Close,              Greenfields        $310 p/w
32           Redcliffe Rd                    Greenfields        $380 p/w

5             Sandals Way,                  Meadow Springs    $310 p/w
17           Camden Way,                 Meadow Springs    $335 p/w
10           Formby Rd,                     Meadow Springs    $300 p/w

38           Sabina Dr                        Madora Bay       $400 p/w
32a         Guillardon Tce                 Madora Bay       $200 p/w

16           Fremont Cl,                     Secret Harbour  $440 p/w
24           Geographe Bay Pass,     Secret Harbour  $310 p/w

21           Loretta Pkwy,                    Lakelands         $340 p/w
3             Lea Wynd,                         Lakelands        $370 p/w

18           Gamboge Ave,                  Karnup             $300 p/w
54           Ronsard Dr,                       San Remo       $380 p/w
97           Queen Pde,                       Wannanup       $400 p/w
28           Boorabbin Dr,                    Baldivis            $275 p/w

Mandurah rental market – September 2017

September was another great month for leasing results here at LJ Hooker Mandurah. We have again seen a high level of activity in the rental market with 30 properties LEASED in September 2017.

One interesting statistic for landlords and investors to note is that there has been a drop in the number of properties available for rent in Mandurah, with the number currently sitting at 499 in Mandurah (dated 11/10/17). 

If we compare this to the number of properties available a month ago, (13/10/17) we see a drop of 40 with the previous total being 539 properties available (source realestate.com.au 11/10/17). 

If you’ve got a property to lease or are exploring your options and need a professional, honest and knowledgeable team to advise you, and achieve the best results possible, contact me today. Mark Labrow 0431 025 449

Below you’ll see a full list of properties we leased throughout September, with central Mandurah and Halls Head proving as popular as ever. 

3/12     Day Road                    Mandurah                  $280 p/w
38/132 Mandurah Terrace      Mandurah                   $220 p/w
3/99     Ormsby Terrace         Mandurah                    $235 p/w
31        Wyeree Road             Mandurah                    $280 p/w
2/18     Cottage Street            Mandurah                    $230 p/w
8/15     Allnutt Street               Mandurah                    $250 p/w
20/45   Sholl Street                 Mandurah                    $215 p/w
4/9       Lanyon Street             Mandurah                    $200 p/w
6          Honeymyrtle Grange  Halls Head                   $350 p/w
16        Seaforth Drive             Halls Head                  $270 p/w
79        Glencoe Parade          Halls Head                  $330 p/w
13        Highview Rise             Halls Head                  $420 p/w
24        Encourage Loop          Dudley Park                $295 p/w
1/29     Boundary Road           Dudley Park                $275 p/w
1a        Brooking Road            Coodanup                   $340 p/w
17b      Veresdale Retreat       Coodanup                   $210 p/w
30        Illyarrie Avenue           Falcon                         $300 p/w
16b      Mathew Street             Falcon                         $400 p/w
11        Elegant Drive              Greenfields                 $265 p/w
6          Wattlebird Way           Greenfields                 $320 p/w
56        Waldron Boulevard     Greenfields                 $310 p/w                       
70        Perseus Street            Silver Sands               $210 p/w
3/14     Beam Road                 Silver Sands               $175 p/w
4          Formby Road              Meadow Springs         $310 p/w
2b        Medford Court             Meadow Springs         $230 p/w
32b      Guillardon Terrace      Madora Bay                $230 p/w
103      Dampier Drive             Golden Bay                 $360 p/w
26        Keystone Loop            Secret Harbour           $300 p/w
3/1       Starling Ramble          South Yunderup          $300 p/w
10        Balicup Parkway         Lakelands                   $340 p/w                         

   

 

Winter Trends – Property Leasing Q2 report.

So, Quarter 2 of 2017 is complete and we’re heading into the depths of Winter. It’s a good time to take stock of the rental market and to examine what the last 3 months has told us about where the market is heading and which suburbs are performing best.

Central Mandurah, with its blend of homes and units, continues to perform well in the rental market. The number of Central Mandurah homes leased in Q2 is slightly less than Q1. 147 homes leased in Q2 compared with 154 in Q1.
The median weekly rental price of a Unit has crept back a little, sitting at $260 per week with Houses just a touch above at $270.

Halls Head, is always popular and is a consistent performer in the rental market. The number of properties leased in Halls Head in Q2 has in fact increased by 15, bucking the trend. In total 118 properties leased in Q2 with the median price per week of a home in Halls Head staying the same as Q1 at $330 p/w. On average 39 properties a month lease in Halls Head.

One thing certainly worth noting in Q2 is the increase in number of homes leased in Dawesville. This suburb has enjoyed an increase of 12 more properties leased in Q2 than Q1.

This means on average 14 properties per month leased in this suburb (a total of 43 in this quarter). The median rental price has also increased in Dawesville from $320 to $330 p/w overall.

Unfortunately, in the Q2 stats Meadow Springs has experienced a bit of a drop off in activity. The number of leased properties in the suburb have dropped by 41% which is the most significant drop for any suburb in Mandurah this quarter. Over the last 3 months only 14 properties per month (on average) leased in Meadow Springs compared with 24 per month in Q1.

LJ Hooker continue to work hard and achieve great results for our landlords. Over the last 12 months in Mandurah we’ve leased more properties than anyone else. Our team performs consistently and we’re proud of our record, the length of service and dedication shown by our Properties Managers.

If you want to speak to a knowledgeable professional that offers great service and results, call Mark on 0431 025 449 or Jo 0413 076 165 today.

Source: Reiwa 2017

Where have all the listings gone?

The number of properties listed for sale has been extremely low over the past two years. This comes despite strong population growth and housing stock increasing by around 350,000 dwellings over the period. A lack of listings has been a major contributor to strong property price growth.

In 2016, the total number of properties listed for sale across the country was 8.9% lower than seen in 2015. This reduced the availability and choice for those looking to purchase a property. As such the number of sales transactions in 2016 was 9.2% lower than in 2015. Low listing volumes at a time when interest rates have driven buyer demand higher has fuelled price growth.

Download our free White paper for more information: http://mandurah.ljhooker.com.au/getmedia/be8cfdd1-de81-42cc-b300-23a3ffb2df97/LJ_Hooker_2017_listings_and_appraisal_survey_white_paper.aspx 

Federal Budget offers market confidence

LJ Hooker Mandurah welcomed this month’s Federal Budget; we feel it offers enticements for everyone in the Mandurah property market; from young tenants and First Home Buyers right through to seniors wanting lower-maintenance living.

Home owners aged 65 and over who have held on to their homes for more than 10 years will be given an incentive to sell. From July 2018, they will be able to pour a non-concessional contribution of up to $300,000 into superannuation from the sale of their home. If a couple, both members will be able to claim the contributions.

A recent LJ Hooker-Seniors Housing Online survey of people aged over 55 found 38.3% of respondents were living in properties with two spare bedrooms. Furthermore, almost one in five (18.6%) had three or more unused bedrooms in their family home.

“This incentive is great news for Mandurah seniors who want to realise capital growth and lessen the impact on their superannuation from selling. This has been a big consideration for seniors in our marketplace and previously dissuaded many from selling. Now they will have a greater level of confidence to sell the family home and move into an apartment or other residence that requires less maintenance. Conveniently for other buyer groups, it will increase supply in the marketplace if older homeowners decide to sell.”

The opportunity for First Home Buyers to place $30,000 in voluntary contributions in superannuation at a lower tax rate for a home deposit was good news as well.

“The scheme could work particularly well in Mandurah, when combined with the incentive for downsizing; more family homes could come to the market, offering first time purchasers greater buying choice.

“The retention of negative gearing is also welcomed. Allowing investors to offset the losses for management and upkeep of their investment properties enables landlords position their properties at a competitive tenancy price point, making renting more sustainable and increasing supply.”

Download our full budget review: LJ_Hooker_Federal_Budget_2017_18_Review

Leasing Update – 1st Quarter 2017

As we head deeper in to Autumn..

Now is a good time to take stock and look at how the rental market has performed in the first quarter of 2017. At LJ Hooker we’re always keeping an close eye on the market and pride ourselves on giving accurate feedback and appraisals to ensure we find the best tenant possible in the shortest amount of time.

Central Mandurah
Central Mandurah, with its blend of homes and units, continues to perform well in the rental market with more than 50 properties a month leasing between Jan-March 2017. The median weekly rental price of a Unit is holding at $270 per week with Houses just a touch above at $275.

Halls Head
Halls Head, in terms of number of properties leased, remains high with 103 properties leased in the first quarter of this year. The median price per week of a home in Halls Head is currently $330. Some of the newer homes in Seascapes perform marginally better but as competition is high in Halls Head, renters do have an abundance of choice.

Top Performing Suburb?
It’s interesting to note that the suburb topping the chart in terms of rental return is Madora Bay. In the 3 months Jan-March 2017 only 15 properties leased in Madora Bay but the median rental price achieved for these homes was $390 which makes Madora Bay the top area for rental return this quarter overall.

A close second seems to be Wannanup, this popular suburb with its canals, man-made beach and abundance of parks achieves a median rental price of $385 per week from 30 properties leased.

Summary
Despite some reports suggesting that things in the world of real estate are tightening up it’s important to remember that there were 253 properties leased on average, each month in the first quarter of 2017.

LJ Hooker continue to work hard and achieve great results for our landlords. Over the last 12 months in Mandurah we’ve leased more properties than anyone else. Our team performs consistently and we’re proud of our record, the length of service and dedication shown by our Properties Managers.

If you want to speak to a knowledgeable professional that offers great service and results, call Mark or Jo today…

Mark Labrow
0431 025 449
mlabrow.mandurah@ljhooker.com.au

 

 

Jo Lockwood-Hall
0413 076 165
jlockwoodhall.mandurah@ljhooker.com.au

 

 

*Source: Reiwa 2017

Rising rental listings signal ongoing softness across Mandurah rental market.

The last article I wrote to you was in June 2015, at the time Mandurah’s vacancy rate was at 3.25% and there were 505 properties available for rent in Mandurah and Surrounding areas. As I write there are currently 864 properties available and the current vacancy rate is 6.4%.

Why has this blown out? It is a combination of several related events that have transpired. All time low interest rates are allowing people to borrow money to purchase their own homes, large releases of house/land packages, a large down turn in the West Australian Mining Boom and a downturn in migration.

It is now more important than ever to TRUST your Property Manager. Our team is geared up now more than ever to be armed with the research and knowledge to get your property leased quicker and keep you own personal vacancy down.

The table below shows that the rise in the number of rental properties in Mandurah in the last 12 months has risen by 31.7%, which gives us a very low ebb in demand and a rise in supply, this combined is putting downward pressure on rental returns.

Table Source : Core Logic

Here are some points and strategies that will help you generate more income by reducing your vacancy rate.

1. Standout Marketing– Investing in professional photographs is a great way to attract attention. With so many options for tenants, they are looking for reasons to exclude your property – Photos with poor lighting, out of focus or incomplete rooms do not scream RENT ME! The photos should be valid for 5 years and at a cost of around $100 (tax claimable), it acts as an insurance policy for faster leasing turnaround.
2. See your property through the eyes of a tenant– This is a multi faceted aspect of leasing that is often overlooked by several owners.  What aspects will draw people in? What will turn people off? Are you competitively priced? Solving this can be as simple as a few minor cosmetic touch ups or a price adjustment.  It is amazing what a fresh coat of neutral paint can do to boost your appeal. Remember: Any money spent on improvements can be claimed as deductions in your next tax return.
3. For Lease Signs– These are useful for 2 main reasons. It increases the level of awareness of your property both from people actively seeking accommodation as well as those who may want to move closer to a friend, family member, work place or school. It also helps people attending viewings find the property.
4. Tax Depreciation Schedule– This is the gift that keeps giving! A professional report that itemizes all the wear and tear on your investment property and its fixtures and fittings. It is not uncommon for owners to receive upwards of $5,000 year on year come tax time. The report will cost around $650 (again tax claimable) and lasts for up to 40 years.

• Appoint a PRO ACTIVE agent – when choosing your agency ensure they have a full time leasing manager who is solely responsible for ensuring they find the right tenants for your property.
• Listen to your Property Managers Advice – Your property manager is working in the rental market day in day out, they will offer the best advice and are highly trained and skilled to ensure that we manage your risk of vacancy to increase your return on investment.

While this might feel all doom and gloom we are still witnessing a high amount of foot traffic on our websites and to our open homes, the key is to get the property positioned right in this highly price sensitive market place and secure great tenants! That is our only goal for you.

We leased 37 properties in March, this is a combination of our landlords listening to our advice and our property management team working extremely hard to get applications.

In the coming week or two one of our Senior Leadership members will give you a call if your property is vacant and we will together come up with a solution.

You can read the full Core Logic report on Rentals Nationally here:
https://www.corelogic.com.au/news/rising-rental-listings-signal-ongoing-softness-across-some-rental-markets

Rebecca Freeman

Transparent Negotiation – What, how, why?

So you’ve started seeing the words “Transparent Negotiation” pop up on real estate listings and you’re wondering what it means. Well, the answer is pretty simple… Transparent Negotiation is a totally transparent way of negotiating real estate transactions, and has been developed by agents to alleviate the frustrations and pitfalls of other selling methods. 

It blends the best characteristics of more conventional sales methods (like Auction and private treaty) into one flexible, fair and totally open method of sale, and creates an environment where agents can be totally transparent with all parties involved.

Sellers… Imagine knowing exactly how many buyers were going to be submitting offers on your property weeks before the set sale date. Or, imagine someone presenting you with an amazing offer prior to your Auction date, and still having the opportunity for all the other interested buyers to openly compete with that offer!

Buyers… Imagine never missing out on a property because you didn’t know how much you needed to pay. Imagine knowing all other buyers’ prices at all times (like an Auction) but without a public bidding process. Instead, you can bid from the comfort and privacy of your own home, and take your time to consider your next price.

Agents… imagine always being able to get your vendor the best price in a short time-frame by being able to include all buyers (e.g. those with finance or other conditions). Imagine an End Date Sale that was open and transparent, where the buyers could continue negotiating until you truly knew you had found the true market value of the home.

It really is a win-win for sellers, buyers, and agents alike – and is why agents across WA (from Broome to Bicton) are starting to adopt this new method of sale.

How does Transparent Negotiation work?

If a property is for sale by Transparent Negotiation, interested buyers are asked to submit their terms and conditions (things like settlement period, finance clauses and deposit amount) for the seller to approve. They’ll also be asked to submit a starting price on a separate form (which becomes like your ‘bidding sheet’ during the Transparent Negotiation). Your starting price does not have to be your best or highest offer (save that for the transparent negotiation). Only approved buyers (buyers who have had their terms and conditions accepted) can participate in the Transparent Negotiation.

The first starting price that the agent receives will become the advertised price for the property. If another buyer submits a higher starting price, that new higher price becomes the advertised price… and so on. This process can continue right up to the advertised date of the Transparent Negotiation.

However, if a starting price is submitted during this period which the seller would be happy to accept, the Transparent Negotiation may commence early (before the advertised date of the Transparent Negotiation) and all approved buyers will still have the chance to participate.

This process not only enables all parties to arrive at a true market value, but it takes the guesswork out of knowing what to pay by knowing what other people are offering to pay.

Another major plus for Transparent Negotiation is that it utilises technologies that we all use on a daily basis. Rather than bidding in public, buyers can submit their new price remotely by scanning, emailing, or sending a photo of their bidding sheet to the agent with each new price increase. This means buyers can bid from anywhere in the world as long as they have internet/mobile phone reception.

During the Transparent Negotiation, the agent informs all buyers of each new price that is received, giving everyone the opportunity to increase their price if they wish to. As the price increases, buyers will stop bidding or can withdraw from the Transparent Negotiation at any time if the price exceeds their budget. The buyer with the highest unchallenged price acceptable to the seller becomes the successful purchaser of the property – and the owner signs off on the bidding sheet to confirm the sale.

Why was Transparent Negotiation created?

Transparent Negotiation is a culmination of the knowledge and experience of some of WA’s top performing real estate agents and auctioneers, and has been designed to take the process of selling real estate into the 21st-century.

It brings together the best aspects of traditional sales methods, and removes the parts that don’t work so well.  By doing things just a little bit differently it puts trust and fairness at the forefront; giving sellers greater control and buyers a greater feeling of fairness.

To find out more about the Transparent Negotiation process and its success, please call us on 9586 5555 or email mandurah@ljh.com.au

Six innovative ways First Home Buyers are getting on the property market.

Rising youth unemployment numbers, the mounting cost of property in Australia and low level of wage growth has fuelled speculation that First Home Buyers are being priced out of the property market, however new research by LJ Hooker shows Generation Y are finding innovative ways to get their foot on the property ladder.

According  to LJ Hooker Mandurah young property hunters in today’s market have changed their buying habits to overcome issues faced in our evolving property markets, adapting the way they buy, use and invest in property to suit the way they want to live or to suit their budget and investment strategy.

“It seems to be the case that while policy makers and industry groups have been consulting on the best approach to help, the younger generation has been working behind the scenes to find innovative new ways of ensuring that they can secure their piece of the Australian dream,” said LJ Hooker Mandurah Principal Mitch Watt.

“There are no doubt challenges faced by first home buyers, however many savvy Gen-Y’ers see investing in property as a long term venture, not just somewhere to live.”

In Fact, the latest consumer research from realestate.com.au shows that 23 per cent of those under 30 searching for property were investors and so will go that extra mile to secure a property.

According to LJ Hooker Research Manager, Mathew Tiller there have been a number of factors that have influenced property hunters under the age of 30 to explore non-traditional ways of buying property, including; affordability, lifestyle choices, location and income and employment.

“The biggest driver changing buying habits of those under 30 has been the rising cost of property. The national average loan size for a first time buyer was $326,000 as of March 2015; a growth of 14 per cent over the past 5 years and 58 per cent since 2005.  Price growth has also dramatically slowed the time it takes to save up for a deposit,” Mr Tiller said.

“Also, rising levels of youth unemployment and low levels of wage growth since 2009 have not matched recent strong property price growth seen in capital cities. This has inhibited even those with secure employment from wanting to purchase their first property due to job security concerns and an inability to save for a deposit as fast as property prices have risen.”

These various economic, social and demographic shifts have resulted in a number of non-traditional buying trends emerging for those under 30. Those trends are:

rentvester®

• The most common new buying habit, first identified in LJ Hooker’s The (new) Australian Dream white paper, is that of the rentvester.® This buyer is currently renting, loves their lifestyle and doesn’t want to relocate from the area where they are presently living. The problem is that they can’t afford to buy in this area. Rather than disrupt their current lifestyle these buyers purchase a property in a more affordable part of the city or country, and rent that property out while they remain as tenants in their current location.

Team up

• Younger buyers have looked to overcome the affordability challenge by splitting and sharing the cost involved in purchasing a property. They have done this by teaming up with a family member, friend or business partner in order to buy a larger property to co-inhabit or as an investment. The major decision here is how to structure the ownership arrangement.

Mr & Mrs fix it

• Young families have looked to get into a larger house in their preferred area by purchasing an older smaller home which usually sits at the bottom of the price scale for the area. Generally, these properties are in need of major renovation; however, they allow buyers to add rooms and levels as their families grow.

Build ‘em up

• Another more affordable way for young families to get into a new house is for young buyers to move out of their local area and into a newly built suburb. This has seen demand for house and land packages in new estates rise considerably over the past few years. For those not willing to compromise on location, purchasing a vacant lot and building from the ground up has also been away to remain within their preferred area.

Buy now pay later: Purchasing off the plan for extended settlement

• Capital city markets have seen strong growth in the number of new developments being approved; this rise has been in line with an increased popularity of apartment living. Purchasing “off the plan” allows a buyer to put down a deposit now and not have to deal with the mortgage repayments until construction is complete. This has been popular with the under 30s as it allows them to keep saving or maintain their lifestyle in the short term until they move into their new property. This has also been popular for the younger generation of investors who want to lock in today’s price and capture the capital growth over the construction period.

Thanks Mum & Dad: Using parents’ equity

• Parents have ridden the property cycle over the past few decades providing many with a hefty equity uplift or outright ownership of their homes. This has in turn allowed them to use their financial position to go guarantor on their children’s mortgage or stump up some cash to help out with the deposit. Recent research by the NAB shows that first home buyers are increasingly turning to their parents for help in order to get into the property market. They found that 6.7 per cent of first home buyers now use the NAB Family Guarantee; up from 4.8 per cent in 2010. While some have called these buyers KIPPERS (Kids In Parents’ Pockets Eroding Retirement Savings) for the majority of first home buyers this is the quickest, most secure and best long-term financial solution to get a foot on the property ladder.

Download our free First Time Buyers White Paper here.

Infrastructure needed more than rate cut.

MORE time is needed to see if historic low interest rates are impacting on property markets outside of Sydney and Melbourne, according to the nation’s leading real estate network LJ Hooker.

LJ Hooker CEO Grant Harrod said the Reserve Bank of Australia’s decision to wait for May’s cut to influence the economy was sensible, despite weak business investment figures. He believes an interest rate cut is now more likely at the end of the year, if needed, to stimulate the economy.

“We haven’t seen any signs but it is too early to call if it’s had any positive effect in cities such as Perth and Canberra – it could take another three to six months,’’ he said.

In Sydney, a lack of listings combined with historic low interest rates are continuing to bring record numbers of people to open inspections and push up property prices.

Mr Harrod believes it has evolved as a unique market and is likely protected from any ‘bubble’ due to a lag in DA approvals to match population growth.

“The biggest issue facing all agents at the moment is the lack of listings and the proliferation of buyers,” he said.

“The total number of properties available for sale across the LJ Hooker network is down by about five percent and the industry has dropped 5.5 percent.”

“It is no longer unusual to see 100 groups inspecting a property over a four week auction marketing campaign, such is the demand.”

While a rate cut is good news for homeowners and investors, he is cautious about property being used to stimulate the economy following the post-mining boom.

“We are at historic record lows and if businesses aren’t out there investing it is not because rates are not low – it is because of confidence, and that comes back to the Government,” Mr Harrod said.

“They need to build infrastructure and policies that will show businesses there will be future economic growth so they will go out and invest.

“Infrastructure is also good for the property market and we are currently seeing this in Sydney with demand for housing along the North West Rail Link.”

Mr Harrod believes the winter market offers a good opportunity for buyers who have been sitting on the fence wanting to sell, but who are too afraid they won’t be able to afford their next property.

“The old adage of ‘don’t buy until you have sold’ – which is how the world used to work – has now changed to ‘don’t sell until you have bought’, and that is affecting the market,’’ Mr Harrod said.

“If anyone wants to sell to maximise the value of their home then they should be talking to their local real estate agent now, because there is a strong chance when we come into spring there will be a lot of competition.’’

LJ Hooker National Research manager Mathew Tiller said the lower interest rates should see improved capital growth in Brisbane and surrounding suburbs, as buyers and investors outpriced in Sydney and Melbourne head north.