October 2020 Market Update

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October 2020 Market Update

This month coming to your from “The Peninsula” in Springfield Lake with our October 2020 Market Update . We are seeing very low stock on the rental market with just three property’s for rent in this premium suburb with an average rent of $500 per week. There are only 9 properties on the market for sale , with 8 out of the 9 properties in the $600-800,000 range . But what we did find is a brand new build available for sale fixed price $430,000 with a rent return of $440 per week. We can see prices are increasing and can see this area is a premium suburb with low supply. The school catchment in this particular location is highly sought after being Springfield Lake Primary and Springfield Central State High. Orion Central is just 5 minutes away as is the Balistic Brewery, University and Mater Hospital. In our office we have still low days on market to find a tenant at 14 with the the industry average being 42 days. Our enquiries are high but softening since last month, in saying that there are 80 applications for just 3 properties . This month we have seen the settlement of 3 properties , and another 3 under offer , 1 of those didn’t even make it to market where we were able to match a buyer to a house without advertising . Positive news the last three weeks we have seen a number of investors returning to the market and CoreLogic announced predictions of between 10-25% growth for some areas across south east Queensland .