Queensland Prices up 3.3% 2022
Weekly Real Estate Market Update with Leigh Martinuzzi MPG
Spurred by growing job opportunities and off the back of the COVID pandemic migration to Queensland remains strong and is continuing to put upward pressure on property prices. And for the next decade, as Queensland lifestyle projects and of course, the Olympic games stimulate the job market, we would expect property prices to remain stable for some time to come. However, it is unlikely that they will continue to grow at the rapid pace we’ve seen over the last 12 months. And, a likely interest rate rise may change things entirely with the big banks now predicting a potential 14% market crash, which I for one can’t see happening.
For the first 6 weeks of 2022, Brisbane prices have seen a further gain in dwelling prices by 3.3%. It seems there is no sign of slowing just yet. And while the other capital cities have seen a slowing rate of growth last weeks market activity seemed to crank up another gear. Auction results are remaining relatively strong and prices have nudged up a bit more. Maybe the message from the RBA last week stating it was too early to increase interest rates made people relax a little. Although it is strongly suggested that there will be a rate rise later this year.
Locally we’ve seen several properties come to the market, and although this is great news for buyers it seems prices are still climbing here and the time it is taking to sell a home is still fairly short. Buyer enquires on properties we’ve just listed have jumped with as many as 60 enquires having been received in just a few days on the market. From what I can tell this trend is fairly consistent across the board. Realestate.com.au has highlighted buyer searches for Queensland property is up and the median time on the market is down 2%.
I expect to see a number of new listings hitting the market in the coming weeks and a good amount of buyer enquiry to be sufficient to keep up with supply. Although it may not be as HOT as the start of 2021 usually at this time of year many people decide to make the move. We might see more come to the market to take advantage of consistently strong prices. One thing to note is those well-presented properties that display beautifully attract the best prices and sell in the quickest time. With one possible exception, homes priced in the $500,000 to $700,000 range have buyer demand that is unrivalled and continue to move very quickly as the supply of these “affordable” homes are less and less common here on the Sunshine Coast.
AUCTION RESULTS STATE BY STATE (PRELIMINARY). WEEK ENDING 13TH OF FEBRUARY
- Queensland – 84% (138/1331)
- NSW – 91% (593/1625)
- Victoria – 80% (734/1335)
- ACT – 93% (74/70)
- South Australia – 87% (83/381)
- Tasmania – NA (0/180)
- Western Australia – 67% (3/673)
- Northern Territory – 100% (2/31)
*(Auctions/Private Sales)
Review of the Week
Very pleased & satisfied with Leigh
I’m very pleased & satisfied with Leigh’s handling of the sale of my lands. He kept me informed all the way, & answered all my questions however simple they may be. He was very informative & I feel at ease with his knowledge & input for getting my land ready for sale & completion of the sale. He made a stressful time for me, easier to manage. I recommend him for his frankness & reliability. – Eudlo Seller
