Qld real estate: Spring hot spots for buyers and sellers revealed

Source: The Courier Mail.

Queensland is set for its strongest selling season in years. Here are the best suburbs for buyers and sellers to cash in this Spring.

Interstate lockdowns, the lowest listings on record and increasing buyer demand have created perfect conditions for sellers in the sunshine state.

But there will also be more choice for homehunters who know where to look this spring.

“In Queensland, it’s going to be a strong spring,” REA Group director of economic research Cameron Kusher said. “It’s already been stronger than usual throughout autumn and well into winter, just because there are so many buyers out there and we’re not in lockdown.

“There’s still a lot of demand out there, both locally, but also interstate as extended lockdowns in Sydney and Melbourne will drive more people to want to look to buy properties in Queensland.”

Love It Or List It Australia host Andrew Winter said it was a “great time” for southeast Queensland sellers to cash in — as long as it suited their personal circumstances.

“Southeast Queensland is getting a great big kick at the moment that you could argue is long overdue,” Mr Winter said.

“For 10 to 12 years you could buy a lovely, inner-city home in Brisbane for $800,000 to $1 million and it hadn’t changed. A bit down, a bit up, but no real change.

“Now, suddenly, it’s $1.4 million or $1.5 million, but if you look at it across a 15 year span, it’s about time it did.”

New research from Realestate.com.au reveals buyers should look to the suburbs of Ripley in Ipswich, Logan Reserve and Park Ridge in Logan and Caboolture and Narangba in Brisbane’s north, with the number of homes for sale the highest in these areas.

On the Gold Coast, Pimpama and Coomera are also good spots for househunters with more than 1000 listings each.

“These are all areas where a lot of new housing is going in, so it’s probably a combination of stock that was developer stock and hasn’t sold yet in that area and the fact a lot of people who buy into these new housing areas tend to upgrade shortly thereafter, so there are shorter hold periods,” Mr Kusher said.

Simply Gold Coast Property Advisors buyer’s agent Tony Coughran said he had seen a sharp increase in the number of interstate buyer inquiries since the lockdowns were announced last month, which was a good sign for spring.

“Our inquiry level tripled overnight and hasn’t stopped since New South Wales went into lockdown,” Mr Coughran said.

“Queensland has been relatively unaffected by Covid-19 and has been fortunate to have had limited lockdowns which has appealed to southern buyers.”

New listings fell 6.6 per cent in Brisbane and half a per cent in regional Queensland in July, according to the latest data from Realestate.com.au.

The total number of homes on the market in Brisbane is down nearly 22 per cent compared to this time last year, and nearly 27 per cent lower in the regions.

But Mr Kusher said new listings rose 12 per cent in Brisbane last September, so there was potential for an even bigger rise this September.

“I get the sense August may be quieter, but we will see that ramp up in new listings fairly early in September just because there will be this urgency I think from agents to bring stock to the market because there is this real dearth of stock and a high number of buyers,” he said.

Ray White figures for the June quarter reveal almost 5000 more properties hit the market across the state during the three month period.

In regional Queensland, Bundaberg saw the biggest increase in listings in the three months to June 30, with 85 more properties hitting the market compared to the same time last year.

Listings are also up in Gladstone and Kingaroy.

It’s not such good news for buyers looking on the Sunshine Coast, where the Ray White data shows the number of properties for sale in Maroochydore, Peregian Springs and Alexandra Headland tanked in the June quarter, while listings also fell in the more affordable suburbs of Palmview and Baringa.

Ray White’s chief economist Nerida Conisbee said the 8.3 per cent increase in median house prices in Bundaberg was likely encouraging more sellers to enter the market, while on the Sunshine Coast some sellers may be fearing they won’t be able to buy in the same market.

https://www.couriermail.com.au/property/qld-real-estate-spring-hot-spots-for-buyers-and-sellers-revealed/news-story/b1266c6bbee35ec6f1530a5774513eaa