Property Investment Consultants Grow Consulting Group say the current market is "the perfect environment" in which to invest.
“Lack of recent buyer interest across Brisbane translates to a reduction in upward pressure on prices, due to decreased demand,” said Ayda Shabanzadeh, managing director of Grow Consulting Group.
“With more listings on the market due to an absence of buyers and the recent bank reforms freeing up movement between financial institutions, we expect to see a surge of new interest from those who have been hesitant in entering the market during the course of this year,” Shabanzadeh said.
Recent research from the Real Estate Institute of Queensland indicates that a buyers market is being created due to hesitant buyers and an inundation of listings, giving buyers the upper hand.
“Housing prices are so much more affordable in a buyers’ market, and the national median dwelling price in the three months to August was an affordable $410,000,” Shabanzadeh said.
According to Ms Shabanzadeh, local investors looking to build their portfolio in a downward property market were better advised to seek opportunities in Brisbane rather than overseas in the US.
“Whilst the United States property market is a tempting option, due to a large proportion of foreclosures resulting in greater affordability, a favourable exchange rate, and higher yielding property returns, I would not suggest local buyers invest in the US market,” she said.
“Firstly the US economy is currently very volatile, and this won’t bode well overall for the property market. I envision that capital growth will be limited in the US over the short to medium term, with no guarantees.”