Spring Activity is Strong
Weekly Real Estate Market Update with Leigh Martinuzzi
The property market is on the move in our southern states. Auction clearance rates were strong with many properties in both Sydney and Melbourne selling under the hammer. Sales by private treaty were also up from last week with a huge number of homeowners making the move to sell. Spring has arrived and the activity is being noticed here on the Sunshine Coast.
Last week we had a successful auction result for our clients at 411 Upper Landershute Road. On the day we attracted 4 registered bidders who battled it out with one making the final bid of $1,336,000 to seal the deal. A 5-star review from our clients (see below) who were over the moon with the result and overall campaign. I know for sure that the new buyers cannot wait to move into their wonderful acreage home.
Many properties sold last week in the local district as property owners choose to take advantage of the spring conditions and strong buyer demand. Another residential property was sold last week for a nail-biting $1,075,000. This was a newly built home with a 4,2,2 configuration on a 650m2 block. Buyers are willing to put their best offer on the table when presentation and elegance trump.
The markets across the nation continue to improve in August with Queensland leading the way. Brisbane reported a further 0.5% gain this week and a 1.3% gain month to date. While I don’t have actual figures on price increases here locally, I expect we’ve seen similar gains or above to what has been reported in Brisbane as regional areas continue to outperform capital cities. We are seeing many interstate buyers showing interest in the properties we are listing however, there are still many local buyers who are ready to purchase as soon as they can find a suitable home. Property shortages are a key concern for many.
Westpac updated its national forecast this week for a 2021 price increase of 22% and now an 8% expected increase in 2022. Affordability is already deteriorating, and property prices are becoming a stretch for many would-be buyers. One would think this would slow sales however, right now it’s doing the reverse. I think it will be several months before we see a noticeable slow-down in the local property market.
We have several exciting new listings this week which are sure to gather some quick results. We also have many buyers who are either cashed-up or pre-approved and ready to purchase. If you’re thinking of selling, looking to buy or both we’d love to help you with the move.
I found leigh very professional, knowledgeable, and friendly. He was perfectly on point with his estimate of the value of our house. On the day of the sale, we received more than what we expected the sale to be. The auction turned out to be amazing. His efforts to get us to what we wanted was more than exceptional. I highly recommend leigh and his crew in the sale of your home. – Palmwoods Seller
Auction Results State by State. Week ending Sun 17th Oct.
- Queensland – =79% (156/1630)
- NSW – 91% (600/1900)
- Victoria – 89% (866/1735)
- ACT – 97% (86/58)
- South Australia – 94% (89/396)
- Tasmania – 100% (1/203)
- Western Australia – 57% (7/714)
- Northern Territory – 100% (2/29)