InDOOROOPILLY MARKET REPORT ALEX JORDAN | FY 14/15
A word from Alex Jordan
What a difference a year makes. At this time last year, our market was experiencing lower buyer confidence – a contrast to this financial year where our team led a strong local recovery. We have seen prices strengthen while supply has contracted, resulting in a distinct seller’s market. Despite recent price increases, Brisbane’s inner western suburbs still offer value buying with great lifestyle options suitable for a wide range of demographics. We are seeing increased demand from interstate buyers, particularly Sydney investors who have benefited from the growth in their market and built considerable equity. The Indooroopilly market is largely driven by families looking to buy property close to reputable schools. We are fortunate to have Brisbane’s best schools such as Ironside State School, Indooroopilly State School and the renowned St Peter’s Lutheran college all located within close proximity. There is a reason why I chose to specialise in selling properties in Indooroopilly – because I believe in it whole heartedly and cannot think of a better suburb to raise a family. The short term outlook for growth remains positive and we expect to see higher prices in the months ahead.
D 07 3088 1538 M 0410 424 749 E alexjordan@mcgrath.com.au
Top 20 Sales in Indooroopilly 2014/2015 No.
Address
Bed
Bath
Car
Sold Date
Land Size
Sale Price
1
41 Glencairn Avenue
5
3
2
25 Aug 14
918sqm
$3,050,000
2
66 Lambert Road
10
7
6
19 Dec 14
1,601sqm
$2,700,000
3
19 Neulans Road
4
2
1
02 Feb 15
2,023sqm
$2,459,000
4
20 Gilgandra Street
5
4
4
20 Dec 14
1,560sqm
$1,800,000
5
26 Blackstone Street
6
3
3
27 Mar 15
1,439sqm
$1,800,000
6
30 Gladstone Street
5
3
3
29 Nov 14
810sqm
$1,750,000
7
62 York Street
-
-
-
20 Jan 15
810sqm
$1,700,000
8
93 Harts Road
4
4
2
21 Apr 15
488sqm
$1,700,000
9
7 Jilba Street
5
4
2
23 Aug 14
1,993sqm
$1,680,000
10 48 Ivy Street
5
3
4
06 May 15
1,654sqm
$1,672,500
11 5 St Andrews Place
4
4
2
24 Sep 14
1,009sqm
$1,600,000
12 83 Lambert Road
4
2
2
28 Sep 14
759sqm
$1,495,000
13 46 Volga Crescent
5
3
2
02 Sep 14
1,009sqm
$1,437,750
14 27 Gordon Terrace
5
5
5
16 Aug 14
625sqm
$1,430,000
15 29 Castile Street
3
3
2
10 Nov 14
711sqm
$1,400,000
16 10 Marston Avenue
4
2
2
04 July 14
845sqm
$1,370,000
17 40 Gilgandra Street
4
2
-
04 Jul 14
754sqm
$1,365,000
18 42 Neulans Road
4
2
2
26 Aug 14
645sqm
$1,350,000
19 2 Bougainvillea Avenue
4
2
2
05 May 15
994sqm
$1,350,000
20 8 Charlane Avenue
4
2
2
10 Aug 14
706sqm
$1,295,000
This information in this report is being provided by CoreLogic RP Data and MARS (McGrath’s CRM System), its accuracy cannot be guaranteed. Parties should rely on their own enquires and McGrath will not be liable for error or admissions herein.
"I have been a commercial/property lawyer for just over 25 years. I have practiced in four jurisdictions. In my time I have dealt with hundreds of real estate agents. Alex Jordan is the best I have come across – by a country mile. He is the consummate professional, honest, pro-active, and can be totally relied on to act in your best interests. Alex not only helped us sell our house in record time, but was invaluable in helping us purchase two other properties. I will not use another agent again." John Palermo - 330 Indooroopilly Road, Indooroopilly
Indooroopilly Summary FY14/15 Houses Number sold
Median
Highest
Lowest
166
$794,000
$3,050,000
$402,000
Number sold
Median
Highest
Lowest
136
$461,000
$1,015,000
$218,500
Apartments
Indooroopilly House and Unit Sales Summary Houses 2011/2012
2012/2013
2013/2014
2014/2015
$700,000
$690,000
$700,000
$794,000
$2,400,000
$4,500,000
$3,400,000
$3,050,000
Number Sold
104
119
164
166
Volume Sold
$86,925,937
$110,138,680
$157,430,188
$177,312,832
2011/2012
2012/2013
2013/2014
2014/2015
Median Price
$477,045
$425,500
$475,000
$461,000
Top Sale
$755,000
$759,000
$875,000
$1,015,000
Number Sold
100
102
153
136
Volume Sold
$84,172,389
$71,009,950
$79,694,185
$65,898,804
Median Price Top Sale
Apartments
18 days My average days to sell a home. The industry average is 54 days in Indooroopilly.
$3.05M 7th highest sale in Indooroopilly History.
Indooroopilly House & Apartment Trends (Volume) Year
House
Apartments
2014/2015
166
131
2013/2014
164
153
2012/2013
119
102
2011/2012
104
100
2010/2011
76
100
2009/2010
107
109
2008/2009
87
136
2007/2008
98
135
2006/2007
117
132
2005/2006
74
102
2004/2005
84
95
200
Houses Apartments
150
100
50
0 04/05
05/06
06/07
07/08
08/09
09/10
10/11
11/12
12/13
13/14
14/15
"Thank you for your professional approach resulting in the successful sale of my waterfront property at Indooroopilly. I was most impressed with your integrity, skills, attention to detail and determination resulting in the excellent result. I look forward to a continuing business relationship with you and McGrath. I have no hesitation to recommend you to any of my friends wishing to sell a prestige property." Nicholas S Girdis CBE - 41 Glencairn Avenue, Indooroopilly
"We can't thank you enough for the way you handled the sale of our house. To sell in less than a week and for a premium price was beyond our expectations and our dreams. At all times you were solicitous, concerned for our well being and empathetic. We were amazed by your knowledge and instincts. You made us feel we were your only clients that week, yet you sold four other houses at the same time! You advised us regularly of progress on the sale and we were blown away by your nerves of steel, and by the way you were so intent and concentrated on securing the best possible result for us. Everything you advised turned out to be right. You know the market extremely well, and thoroughly understand all elements of your profession. On a personal level, we have so appreciated your reassurances, advice on presentation of the house, kindness, honesty and integrity, and your enthusiasm." Ann and Richard Merson - 1 Wynyard Street, Indooroopilly
The relationship between interest rates and property prices Historically interest rates and property prices trend in unison and there is a distinct correlation between them. What is interesting about today’s market is that whilst interest rates are trending lower, property prices have been trending higher. The below chart shows the relationship between Brisbane property prices and the RBA cash rate, year on year from March. $600,000 8%
Brisbane property prices RBA cash rate
$525,000 7%
$450,000 6%
$375,000 5%
$300,000 4%
$225,000 3%
$150,000 2%
$75,000 1%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
The relationship between wages and property prices There has been a historic trend that suggests 3.5 times annual income equals average property price, this has been the mean ratio throughout the world for many centuries. As markets fluctuate, this ratio will move higher and lower however history shows that it will come back to this mean again at some point. The chart below shows the ratio of average income to average property price for Australia from 1971-2014. 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 0
1
2
3
4
5
6
7
8
"I selected Alex after having spoken to three other agents who are active in the Indooroopilly area. Before engaging him I asked a series of questions, from the state of the market to how we should approach the sale. In all of the areas he had a ready and positive comment. Though it wasnยนt until we started on the sale that I realized what such a consummate professional he is. Some twenty years ago I was State Managing Director of one of the biggest real estate groups in Australia, I had about 150 franchisees that I oversaw and during that time I saw some of the best in the business. I can honestly say no one was better than Alex." Ron Bland - 2 Nindethana Street, Indooroopilly