Weekly Real Estate Market Update with Leigh Martinuzzi
The Brisbane property market is now leading the way with property price increases across Australia. In October, Australia’s housing prices rise a further 1.5% with Brisbane recording a 2.54% gain. Regional areas continued to outperform inner-city markets and Perth had its first negative month (-0.11%) since June 2020. The Sunshine Coast continues to remain one of Australia’s best performing real estate markets and the immediate outlook, there are no signs of slowing.
With the increase of new properties being listed for sale, the total listing count is now up a pleasing 6.8% since the low in mid-September. However, while this is good news for buyers, in some parts of the country, it is not that unusual for this time of the year. Typically, new listings slow in August and September before they peak in the spring selling months of October and November. And although there has been an increase of 47% or 47,000 additional properties hitting the market most of these are predominately in either Sydney, Melbourne, or regional Victoria. We are still experiencing a shortage of homes available for the strong buyer demand which will of course hold prices strong or even see them rise further.
One report I read this week highlighted that the Sunshine Coast property market is positioned to grow a further 13% in 2022 compared to the average forecast for Brisbane which is 8%. This year so far Brisbane has reported a 22.3% price gain compared to the Sunshine Coast of just above 25%. Although, some areas on the Sunshine Coast, like Minyama, have reported gains of up to 47%. As property affordability reduces the number of first home buyers and many others from being able to purchase, we may see a steadying pace of growth. I predict this will be a delayed process here, as NSW and Victoria will need to slow first to help reduce the heat currently being created by our southern buyers.
Locally, we’ve seen some strong results with many properties that have been listed for sale going under offer within a couple of weeks. While the average time on the market is reported around 30 days, from what I am experiencing, there are not too many properties that remain on the market longer than two weeks. Recently we sold 6 Tia Close in just two days while 51 Cheviot Road in Palmwoods was under offer in a week. With several offers having been received on 68 Taintons Road in Woombye we are happy to report it is now also under offer in just under two weeks.
We’ve got another couple of properties coming to the market in the next week which I am sure will be well received. However, we have many more buyers searching for a home. Many are cash buyers looking for slightly larger houses or plots of land and equally, we have those looking for residential homes in the local area to accommodate their families. As I speak with those thinking of selling, understanding they are likely to get a good price for their home, the problem remains, finding something to move to. One thing we do well is work with both sellers and buyers and find them a solution.
Auction Results State by State. Week ending Sun 31st Oct.
- Queensland – =84% (163/1595)
- NSW – 91% (676/1963)
- Victoria – 89% (1054/1551)
- ACT – 97% (92/57)
- South Australia – 95% (143/441)
- Tasmania – 100 (1/208)
- Western Australia – 100% (1/735)
- Northern Territory – NA (1/29)
Review of the Week
“We were very happy with Leigh as our selling agent. Down to earth, easy to communicate with, and doesn’t drive a Beemer or Merc with personalised plates. The sale of our property was not run of the mill as we were not listed on the open market. Leigh was able to negotiate the sale price to our asking price which was on point to his estimated value. We had excellent communication during and after the sale, all our calls were returned when Leigh was available. Kez, Leigh’s associate, was also very helpful and a pleasure to deal with.” Seller
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