As we head towards the end of the year, the Queensland property market is showing no signs of slowing down with the latest CoreLogic index results showing that the Brisbane market is back in positive territory, up 0.5 per cent.
Agents on the ground are seeing a similar trend with many reporting a frenzy of interstate buyer interest resulting in properties selling very quickly and often above reserve.
We spoke to some agents to find how these properties achieved incredible results and their advice for those considering putting their property on the market.
Burleigh Heads property garners international interest
On the Gold Coast, the lifestyle suburb of Burleigh Heads has experienced a dramatic increase of interest from interstate buyers.
According to Mick Brace, Principal of Realty Blue Burleigh, the stalling of buyer activity earlier in the year has turned around with buyers now in full force with demand now outstripping supply.
“We’re seeing buyers that were slowing down and not looking in March/April that are looking now and so we’re seeing a doubling and tripling of buyer enquiries because of that backlog,” he said.
Mr Brace recently sold a five-bedroom architecturally-designed home at 93 Skyline Terrace for $2,250,000, some $50,000 above reserve.
The stylish property garnered both local and international interest.
Recently sold 93 Skyline Terrace is a stylish lifestyle property boasting stunning skyline and ocean views. Source: Realty Blue Burleigh Heads
“We basically were inundated with enquiries.
“There was a mixture of local, interstate and international interest. Buyers from New Zealand, Tasmania, Sydney and Melbourne,” he said.
Despite border closures restricting physical viewings of the property, Mr Brace says that the key factors in the successful sale was to establish trust and good communication with the buyers through utilising technology.
“We basically were inundated with enquiries.”
“We had a lot of run throughs – it wasn’t just one inspection but multiple through different times of the day.
“There was even videoing outside of the house, like driving into town to showcase how long it takes to get there and showing the gradient of the hills coming in and out of the property.
“It was giving the buyer a first-hand feel through the video screen,” he said.
The buyers purchased the property sight unseen from Sydney and plan to move up when borders open.
Mr Brace expects a busy few months ahead as borders reopen and interstate migration resumes.
“My prediction is that the market will be strong through to Christmas and beyond because interstate buyers are not going to be coming in their usual time which would have been in September/October.
“They’re going to come up as soon as borders open so we probably won’t see that slowdown over Christmas like we’re used to,” he said.
For those considering selling, Mr Brace says the most important thing is to talk to an agent in order to get a first-hand snapshot of what is happening in your local area.
“The best time to be selling your house is when not much else is on the market, because the supply is in your favour, and that’s we currently have now.”
“I think the way the market is at the moment, it’s important to talk to an agent and get a first hand understanding of what the market is doing.
“A lot of the information available to sellers on the internet is retrospective so it can actually be two or three months old and may not reflect what is happening in the market right now.
“Properties that were selling six months ago would be selling completely differently now,” he said.
As for when it’s a good time to sell, Mr Brace says it’s all about supply and demand.
“The best time to be selling your house is when not much else is on the market, because the supply is in your favour, and that’s we currently have now,” he said.
Ipswich property market “best I’ve ever seen”
Moving closer to Brisbane and further inland, properties in Ipswich are also receiving a high amount of interstate interest according to real estate agent Jordan Strudwick from NGU Real Estate.
“On the supply and demand side of things, at the moment, the market is super-duper hot.
“We’re getting a lot of buyers from Brisbane, Sydney and Melbourne coming up here,” he said.
Mr Strudwick says that the numbers coming through the agency are astounding.
“The numbers we’re doing at the moment are really unheard of. Last month we sold 54 homes as a business.
“Personally, I sold 14 properties and listed 21 houses, so there’s a lot of properties coming onto the market,” he said.
According to Mr Strudwick, it’s not only listings and sales that are picking up, but the number of buyers attending open homes as well.
“It just keeps getting better and better. I can say this is the best I’ve ever seen the market.”
According to Mr Strudwick, in the Ipswich area, good stock is currently attracting an average of 10-15 buyers inspecting properties during the first weekend on market.
However, with numbers trending up, he’s taken 15-20 groups through multiple open homes, with the highest garnering 25 groups.
Mr Strudwick says that the biggest change he’s seen in the current market is really strong consumer confidence and competition.
So much so that since the start of November, he is nearly selling a house everyday bar Sundays.
“It just keeps getting better and better. I can say this is the best I’ve ever seen the market,” he said.
17 Darlington Court recently sold for $590,000. Source: NGU Real Estate
Mr Strudwick recently sold a 4 bedroom house at 17 Darlington Court in the tightly held area of Flinders View for $590,000.
The owner put the property on the market prior to Covid with another agent but the sale of the property was unsuccessful when the contract fell through.
“I had missed out on the listing because we charge for marketing and have a more expensive commission compared to the agent she chose to go with.
“I took over the property, and sold it the first weekend on the market for $5,000 more than what she originally had listed it for,” he said.
Mr Strudwick says that when choosing an agent, you get what you pay for.
“The cheapest agent isn’t always the cheapest agent. The cheapest agent isn’t the one that’s going to get you the best price for the property,” he said.
Three-bedroom Bald Hills property sells within three days
Further north in Bald Hills, Sales Specialist Jack Harvey from Coronis North says that his market has been flat out since April.
“We’ve sold 42 homes since July and have an average Days On Market of 16 days.
“Average people through the homes would be around 10-12, with multiple offers 90 per cent of the time.
“I’ve been selling real estate for 6 years and I’ve never seen it like this before,” he said.
Mr Harvey says that there are a range of factors that are driving buyers into the market.
“I’ve been selling real estate for 6 years and I’ve never seen it like this before.”
“Stock levels, interest rates, incentives for homeowners are really good.
“I think I saw an interest rate that was 1.98 per cent the other day – which was ridiculous. Money is so cheap, it’s cheaper to buy than rent at the moment.
“We’ve just sold three and listed today. Any stock we’ve got is going pretty quickly,” he said.
Mr Harvey recently sold a three bedroom property at 21 Hearne Street, which sold in three days.
Recently sold property in Bald Hills settled this month for $490,500. Source: Coronis Real Estate
Having sold the property to the owner in 2017 for $409,000, Mr Harvey was looking for offers over $475,000 for the family friendly home.
Once listed, the property sold incredibly quickly and over $20,000 above reserve.
“The property settled this month for $495,500, selling within three days.
“That’s a 20 per cent increase in price in three years,” he said.
Another sold property by Mr Harvey at 85 Brighton Terrace, Brighton was on the market for $999,000 and was sold sight unseen.
“I talked to a buyer on Sunday via FaceTime and pretty much after the inspection they said that they would pay the asking price of $999,000 and bought it,” he said.
The buyers are planning to move up from Melbourne in December.
The post “The Queensland properties defying price expectations” by Emily Ng appeared first on the openagent.com.au Blog
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