Weekly Real Estate Market Update with Leigh Martinuzzi
Regional Queensland Markets are seeing huge growth over the last 12 months with some areas reporting property price increases of over 40%. According to reports by realestate.com.au, Lake Macdonald has topped the charts recording an impressive increase in the median house price of 43.19% taking the median house price to $830,500.
What is causing this impressible price jump? Most likely it comes down to affordability. As many people make the move to the Sunny State, regional markets offer more bang for your buck than what you can get in the cities and this is causing intense competition, with many local buyers being knocked out of the market. Cashed-up buyers who are now able to work remotely and who are looking for lifestyle change find the perfect solution here on the Sunshine Coast and other regional centres.
Sunshine Beach is a real hotspot with some mammoth sales results being achieved. One property sold for $34M which is now the new Queensland house price record. As residents in NSW and Victoria becoming frustrated with continual lockdowns this will continue to fuel the fire in pushing prices in Queensland up further.
Across the nation, prices have increased an impressive 11.9% in the first 6 months of 2021. Despite the number of new properties being listed, up 26% year on year, availability is still short, down 12.9%, and this simply cannot keep up with demand. It appears that buyer demand is about to spike again and is currently sitting just 8% below its peak level in February when we saw a real jump in local property prices.
With recent COVID outbreaks and further lockdowns, I believe we will see an increased surge in demand on the Sunshine Coast in the coming weeks. Already, locally we’ve seen prices up 30% and above this year and there may still more movement in the market yet. An opportune time for those who been thinking of selling to go to market.