St Lucia Apartment Report Q2 2010

St Lucia Apartments Market Report Elliott Dean

Circa 1965 Photo taken outside Forgan Smith building at the University of Queensland St Lucia.

Q2 2010

FAST FIGURES RECENT SALES ELLIOTT’S CORNER

Photograph: Fryer Library, University of Queensland Library, University of Queensland Photograph Collection, UQFL466, AC_P_120

Hello and Welcome!

Your quarterly St Lucia Apartments update with:

Elliott Dean

St Lucia Growth Trends

St Lucia Growth Trends > www.pdslive.com.au

All data sourced from Property Data Solutions 2010

Fast Figures – Apartments and Townhouses How many apartments have been sold in St Lucia so far this year?

36

How many apartments are for sale in St Lucia today?

51

What is the highest apartment sales price in St Lucia over the last quarter?

$1,030,000

What is the lowest apartment sales price in St Lucia over the last quarter?

$370,000

What is the median apartment sales price in St Lucia over the last quarter?

$495,000

What is the street(s) with the most sales in the past three months?

Sandford Street (2)

20 Most recent Apartment sales in St Lucia Street

Sale Date

Summary

74 Dengate Lane

17/06/2010

1 1 1

$439,000

53 Sandford Street

15/06/2010

2 1 1

$499,000

121 Sir Fred Schonell Drive

10/06/2010

2 2 1

$442,000

82 Sandford Street

04/06/2010

3 2 2

$1,030,000

76 Durham Street

28/05/2010

2 2 1

$495,000

164 Macquarie Street

04/05/2010

2 2 2

$750,000

82 Sandford Street

01/05/2010

2 2 2

$612,500

30 Depper Street

29/04/2010

3 2 2

$630,000

1 Austral Street

27/04/2010

3 2 3

$850,000

61 Douglas Street

19/04/2010

2 2 1

$586,000

182 Carmody Road

14/04/2010

2

2 1

$440,000

82 Depper Street

07/04/2010

2 1 1

$370,000

44 Bishop Street

29/03/2010

3 3 3

$672,500

9 Durham Street

11/03/2010

2 2 1

$380,000

164 Macquarie Street

09/03/2010

2 2 2

$677,000

72 Armadale Street

08/03/2010

3 2 2

$700,000

52 Sisley Street

01/03/2010

3 1 1

$493,000

28 Dengate Lane

24/02/2010

3 2 2

$516,000

All data sourced from Property Data Solutions, realestate.com.au Department of Natural Resources, RE/MAX Property Centre (RPC).

N.B There can be a lag time of three months or more as Department of Natural Resources reports sales.

Sale Price

Elliott’s Corner Hot Question: When is the best time of year to move?

This is likely the question I get asked most frequently by St Lucia apartment owners (and its a good one). Often it is coupled with – ”Wouldn’t I be better off selling at beginning of semester when more people are looking?

In my opinion, there is no peak ‘season’ to sell in St Lucia. Each year is different. If you look at the graph on the right of apartment sales numbers over the last 36 months you will note that the peak months in each year were different in each of the years.

Some believe that Spring is the ideal time with flowers blooming, birds chirping etc, however, whilst we often see more stock on the market at that time it is rarely matched by a corresponding increase in sales numbers. www.pdslive.com.au

And the University end semester theory? Again, I can understand the thinking but the numbers do not bear it out as a reliable trend. In truth, the majority of parents who buy to accommodate their children at UQ are buying months (if not years) in advance. They are not being rushed in to a decision over a weekend or two just before the start of the academic year. Many buy well in advance as a solid investment knowing it could well turn out that their children could take up residence if and when they get to UQ. The reality is that the marketplace is influenced much more by things like ‘confidence’ than by which ‘month’ it is. I am of the view that the media plays a huge role and all the actual sensationalist ‘talk’ in the media of interest rates, oversupply/undersupply, world economy, GFC etc etc is far more unsettling than the actual issues themselves.

So when is the best time to sell a St Lucia property? I believe if you can afford to retain quality St Lucia property in your portfolio then that is the very best option. Keep it there.

However, for those who do need to sell to capitalise on other opportunities any time is a good time if you select a good agent with proven strategies and processes to deliver you a superb result. Far too many sellers do not grasp that their choice of agent will have a significant impact on the price they achieve (until it’s too late!)

Best Regards, Next Report October 2010

Elliott