QLD Property Shortage as Buyer Demand Strengthens
Weekly Market Update with Leigh Martinuzzi
Southern sellers rush to the market to try and get in before any market slowdown kicks in. An increased number of new listings hit the market, up 22.5%, and in NSW sales were up 35%. Interstate buyers continue to push prices up in Queensland that saw house price gains of 2.5% in October and a 0.5% gain in the first week of November. While new listing activity intensifies down south, supply in Queensland is struggling to keep up with increasing demand.
In the advent of intense new listing activity in NSW and Victoria, neighbouring states have seen less intense listing activity and higher buyer demand as people continue to migrate to regional areas. Adelaide and Queensland are being appreciated as lifestyle destinations and for their more affordable housing market. However, with the increasing demand, the median house prices on the Sunshine Coast have been forecast to overtake Brisbane by 2024. Of course, affordability constraints will continue to limit the number of buyers able to purchase property locally.
NSW and Victoria property prices slowed to 1% in the month of October as more new listings give buyers more choice and create more competition among sellers. This has been noticed with declining auction clearance rates last week. However, keeping in mind that a 1% growth rate is still above the decade average growth rate of 0.4%. Experts seem to agree this will continue to slow as we head into 2022 which is why many homeowners are choosing to sell now while market conditions are still favourable.
Local buyers and renters are being pushed further out as prices continue to climb. However, not all sales are from interstate buyers. In fact, the last three sales we’ve had were from locals, two who lived on the Sunshine Coast and another couple from the Gold Coast. We have active buyers each day contacting us to find something suitable. In their words, “everything seems to be sold before we get a chance to see it and there is nothing else available.”
We have buyers in all categories who are ready to make strong offers. Many are even happy to make cash offers to make sure their offer is the best on the table. Buyers looking in the Woombye, Palmwoods, and surrounding areas for residential homes with budgets up to $900,000 and some beyond. We also, have many buyers in the $1M to $1.5M range looking for small acreage lifestyle properties and some with budgets of $2M plus looking for that executive home and/or horse property. I am almost certain that’d we’d be able to very quickly find a buyer for any home in our local area. If you’re thinking about making a move and want to get in before Xmas, please get in touch.
Auction Results State by State. Week ending Sun 7th of Nov.
- Queensland – =89% (160/1603)
- NSW – 90% (747/1761)
- Victoria – 83% (775/1277)
- ACT – 97% (92/64)
- South Australia – 93% (114/385)
- Tasmania – 100 (2/195)
- Western Australia – 80% (5/699)
- Northern Territory – 100 (1/28)
Review of the Week
Awesome agent – full transparency
“Wonderful agent to work with negotiated the best dollars at the time. Easy to work with, no facade, absolute straight shooter. Negotiations were enjoyable, kept us up to date throughout the entire process. Would highly recommend him.” Seller