This property at 1350 Wynnum Road, Tingalpa, was being advertised for $700,000 last November. The agent now selling the property is looking for offers over $380,000. That’s a decrease of 45.7%. Woah!!
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Those of you in Brisbane probably know that Wynnum Road is a busy road. It has a lot of traffic, so perhaps it makes sense that this property should be selling so low. But it’s also a very large block (1158 square metres), with the potential to be split into two large blocks. So you’d think someone would snap it up, right? Well, no one has, and it’s still sitting there. Why?
I think people are a little scared to buy right now. They’re watching real estate prices fall, and it scares them:
“What is this strange world we find ourselves in? We’ve always been told property prices would go up, so why is this happening?”
I think it’s just taking us all a little bit of time to get used to the fact that property prices are not guaranteed to keep on climbing. Sometimes they fall, and that’s not so bad for most of us.