SIGNS POINT TO SOUTH-EAST QUEENSLAND PROPERTY GROWTH
Written on the 21 September 2015
A BOOM in buyer interest and housing supply indicates a spring awakening for the property market in south-east Queensland, according to Raine & Horne.
Raine & Horne Queensland general manager Steve Worrad (pictured) says the real estate group expects property listings to gain momentum this season.
"Although auction clearance rates were slightly down in the second weekend of September due to marginally lower stock levels, we are achieving strong results for those vendors who have realistic price expectations," Worrad says.
"The number of groups attending auctions was significantly better than our expectations, while there were more registered bidders and sale prices consistently exceeded the reserve.
"On the supply side, we've seen our appraisal numbers pick up by about 24 per cent over the past month from mid-August to mid-September, compared to the July to August period."
Worrad says there is strong demand for apartments in high-rise blocks and units in smaller boutique buildings in Brisbane, with sales and appraisal numbers also up in northern suburbs such as Burpengary, Morayfield, Beerwah and Woodford.
While the northern end of the Gold Coast around Coomera has exhibited growth this month, with buyers flocking to properties priced between $460,000 and $530,000.
Raine & Horne Burpengary Narangba and Raine & Horne Morayfield Caboolture principal Gina Wells says increased investor activity has pushed up sales by 50 per cent compared to the same period last year.
"Investors from the southern states, who've been priced out of the Sydney and Melbourne markets, are leading the charge for real estate in our region," Wells says.
"As a consequence, days-on-market in our region can be less than week, with some properties selling literally before they hit the internet."
Strong sales activity is also pushing up prices by as much as 15 per cent in Burpengary and Narangba, with entry-level houses selling for $320,000 compared to $280,000 six months ago.
Signs are positive in Toowoomba as well, with more owner-occupiers entering the market along with investors.