A word of caution on the alarmist reporting below; this article is written by a Caboolture based reporter and details a Redcliffe agent’s commentary on the Deception Bay market. Why? Well that’s anyone’s guess. But this is an important disclaimer as we prefer to provide detailed and accurate analysis of the local market to our readers. Needless to say we don’t agree with this story.
Deception Bay house prices fall
25 May 11 @ 09:05am
A GLUT of houses for sale at Deception Bay has brought down prices by up to 20 percent, says one agent.
The suburb had the highest number of properties for sale in the Brisbane region two weeks ago, just ahead of other Moreton Bay region suburbs North Lakes, Morayfield, Kallangur and Burpengary.
RealWay Redcliffe principal Andrew Riebelt said financial factors were behind the rise in listings and the price drop.
Mr Reibelt said many investors had chosen to cash in or lower their debt.
Mr Reibelt also blamed a lack of first home buyers, with their numbers falling from about 50 per cent of buyers to just 10 percent.
The result, he said, was a price drop of 10-20 percent.
Harcourts Ultimate Realty principal Lance Walsh blamed a lack of consumer confidence, the fear of higher interest rates and tighter lending criteria.
Mr Walsh said stock levels were twice what it had been in recent years, with just 10 per cent of the usual volume of buyers.
This, he said, meant it was a good time to buy, with prices down an average of 5percent across the Redcliffe area, and more in some parts.
In 2007 there were hardly any properties under $300,000 listed but now there were 30, he said.