Wavell Heights Real Estate Market Tightens & Leads to Median Price Growth

Wavell Heights median house price
Photo credit: Google Earth

The REIQ recently reported the latest housing market statistics which showed Wavell Heights median house price swelling to $705,000. This marks an increase of 8.5% from the last 12 months and 34.3% over the last 5 years. In the 2nd quarter of 2018, there were 30 homes sold in the suburb.

“2018 has seen a tighter market in property sales. However, the sales figures are only slightly down from last year’s, surprisingly,” said Tony McLoughlin of Ashton Properties.

“There is definitely a need to ensure you have done your research when it comes to selling because if you have and your price wrong, it could sit there for a while. Some agents are tending to buy listings in a slower market and then putting owners through a painful 6 months plus on the market, when the average time on the market is still under the 90 day period for selling.

“Anything with a view, large block or renovator still draw great interest. But as I keep saying, if the price is overcooked, buyers are well armed now with information on the internet and will eliminate inspecting your property purely on price and you may get no one through the open. Everything done correctly, you should be continuing to get at least 5 plus through your opens for the first 6 weeks.

“In a nutshell, I think that there is still very high demand as there is less to choose from which is still creating a supply and demand with buyers and sellers.”

Local Resources

The number of sales in Wavell Heights in 2017 from 1st Jan to 27th Sept was 185. In 2018, the number of sales during the same period is 141, for a difference of 44 total sales.

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“Wavell Heights is still a high demand suburb, with 913 visits per property, compared to the average in South East Queensland of 373 per property,” Mr McLoughlin said.