New Listings Ready to HIT The Sunshine Coast Market – Leigh Martinuzzi
Weekly Real Estate Market Update with Leigh Martinuzzi
A flood of pre-Christmas listings has seen a very busy property market in the likes of Sydney and Melbourne. With buyers having more choice this has seen ease in the markets in our southern states taking away much of the heat we’ve experienced throughout 2021. This hasn’t been the case for the Sunshine Coast with REA suggesting with had a decline in new listings of -0.1%. Is it our turn next?
All signs are indicating to me that yes, we are about to see a massive amount of new listings on the Sunshine Coast hit the market. Although the Christmas and New Year period is a sleepy time in real estate, and still an ideal time to sell, this festive season I predict we will see an unseasonal spike in sales on the Coast.
As you can see in the chart below, Brisbane and Adelaide’s markets continue to outperform the other capital cities. The reason for this is primarily due to a lack of property supply and a massive amount of buyer demand. New listings in Melbourne are up 35% month-on-month and Sydney has seen a spike of 26.2%. Comparably Brisbane market has increased considerably less by just 7.4%. However, when this changes and sellers rush to the market this will put downward pressure on some of the tight markets we’ve experienced recently on the Coast.
It also appears that regional areas continue to outperform our capital cities. Over the month of November regional areas’ prices grew a further 2.2% up from the previous month of 1.9% which is almost double that experienced by our combined capital cities. Due to an increase in remote work arrangements, many people are migrating us of our cities in favor of regional lifestyles. This is putting pressure on prices and worsening affordability in what used to be more affordable places for people to reside. No longer the case!
In summary, I believe buyers will have some reprieve this Christmas and more properties come up for sale. This doesn’t mean it will become more affordable but rather they will have more choice and slightly more negotiating power. However, there will be still a raft of buyers competing for available properties.
AUCTION RESULTS STATE BY STATE (PRELIMINARY). WEEK ENDING SUN 5th DECEMBER 2021
- Queensland – =81% (175/1709)
- NSW – 86% (872/2011)
- Victoria – 83% (1063/1709)
- ACT – 94% (119/84)
- South Australia – 88% (150/515)
- Tasmania – 100% (1/214)
- Western Australia – 33% (3/821)
- Northern Territory – 100% (2/30)
*(Auctions/Private Sales)
REVIEW OF THE WEEK
Excellent Approachable Salesman.
We found Leigh of excellence, very professional and always ready to help when needed, always greeted us with a great smile and enthusiasm.– Palmwoods Seller
