Continued low days on market and a higher number of listings than pre-COVID are indicative of a property market holding firm, according to the latest quarterly data analysed by the Real Estate Institute of Queensland.
With double-digit annual median sale growth during the September quarter in most regions across Queensland, REIQ chief Antonia Mercorella says there are plenty of reasons to remain confident in the strength and resilience of property in the state.
“The average number of days on market in Queensland is now sitting at 19 days, compared to 51 days pre-COVID,” Ms Mercorella says.
“It’s somewhat of a relief that the frenzied buying behaviours and bullish offers spurred on by COVID-19 are behind us, but there’s still strong buyer demand and competition for scarce stock that’s driving sales across the line.”
Property sales across the Moreton Bay Region are generally reflecting state trends, according to local real estate agents.
The REIQ figures show the median number of days on market for property across Moreton Bay was 14 in the September quarter, compared with 17 at the same time in 2021, while listings remained relatively stable with 10,529 compared with 10,199 in the same period of 2021.
Median house prices in the region rose by 27.27 percent compared with the year before, although there was a slight dip of 3.45 percent to $700,000 compared with the previous quarter.
The REIQ figures don’t include auctions or listings where an asking price is not specified.
Quality stock in demand
Ray White Aspley Group CEO Robert Green says 2023 got off to a flying start, with three consecutive weeks of record-breaking open home inspections.
“We’re talking nearly 2500 people through our open homes in the first three weeks of the year, which is far greater than the past two years,” Robert says.
“We have more buyers going through open homes that we did in the boom.”
Robert says the record numbers have included a surge in interest from Melbourne and Canberra – including buyers flying in specifically to view properties - with a particular interest in the Redcliffe peninsula.
“They just want that simple life and as much as we’re seeing interest rates rising, it’s still more affordable than in the boom.”
He says interest from locals is still strong, with both first-home owners and investors keen to buy.
“A lot of people had money in equity to now be able to invest in properties,” Robert says.
David Deane Real Estate Strathpine licensee and sales manager Mark Rumsey says his turnover is sitting between seven and 14 days from listing to selling.
“Prices have softened with some stock, but quality stock is still achieving very close to what it was when it was peaking,” Mark says.
“There’s a good mix of local investors and southern investors, but a lot of it is buyers who are local and have been forced out to the middle ring of Brisbane because of interest rates.
“Six to 12 months ago was a very different time to buy, whereas now you have to be ready to buy and make a decision.
“We’re very optimistic about 2023 – we think it’s going to be a good year.”
Affordability a drawcard
Richardson and Wrench Caboolture principal and licensee Scott Lachmund says sales bounced back after the Christmas period, with buyers back in force to take advantage of improved stock.
“People are getting on with business and there’s a real mix of first-time buyers and people downsizing.
“We’ve also had inquiries from NSW and Melbourne, which is promising.”
Scott says buyers are drawn to Caboolture and surrounds because of the area’s affordability compared with other suburbs.
“We have started the year positively – we’re still very affordable, where some suburbs are feeling the pinch in Brisbane.
“Sandstone Point is a popular little pocket, with houses between $650,000 and $700,000 – it’s popular with people from intestate and Aspley and Kedron looking to move closer to the beach without being on Bribie Island.
Polished properties a plus
Image Property Redcliffe sales agent Andrew Reibelt says sellers are coming to terms with having to meet the market to get results, and buyers are inclined to pay more for a property that doesn’t need renovating.
“Properties that need a little bit of love are having less uptake than what I saw 10 years ago,” he says.
“The polished version seems to be a little bit more attractive than the rough diamond.
“Buyers are not sure about building because of the number of builders who have been in trouble and the cost of materials.”
Andrew says demand for rental properties on the Peninsula remains high.
“The rental market is still exceptionally horrendous, which is something that as a community we should not be proud of.
“Right now there is a huge over-abundance of people looking for property and limited supply.”
Strong open-homes in Samford
Ray White Samford selling principal Brett Crompton says the number of day on market for properties in Samford and surrounds has risen, but local agents are still seeing strong interest, mainly from Brisbane-based buyers.
“The average length is now about 45-60 days, whereas in the middle of last year it was within a week,” Brett says.
“We’re seeing strong open homes and multiple offers with one inspection, rather than coming back two or three times to look – it’s possibly the fear of missing out.
“There are a lot of buyers who might not have been ready to buy late last year but are in tune with what’s happening and they’re wanting to jump in now.”
Brett predicts more properties will come onto the market, giving buyers more to choose from and says rentals around Samford are highly sought-after with many people wanting to get a taste for the lifestyle before committing to buying.
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