The latest quarterly data for Queensland property prices (September-December 2020) has confirmed what buyers and sellers already know — prices are rising across Queensland.
In fact, figures released by the Real Estate Institute of Queensland (REIQ) via its latest issue of the Queensland Market Monitor show prices increased by an impressive 6.1% over the quarter across almost every region of Queensland in the final three months of 2020.
REIQ CEO Antonia Mercorella said as a result of the COVID-19 pandemic, they’ve seen Queensland’s property market perform in ways that go against every economic prediction made over the last 12 months.
“In fact, Queensland property has remained extremely stable, recording a steady rate of growth that’s really strengthen its market appeal,” she said.
“Between record-low interest rates, low stock availability for sale, improvements in consumer sentiment and Queensland’s unbeatable lifestyle, it’s no surprise we’ve also seen broader increases in values month on month in 2021.”
In the report Bundaberg’s real estate market has been described as a buyer’s bonanza.
With stock levels remaining tight, the inevitable rise in property values, particularly for detached housing has most definitely arrived.
The reopening of borders and rollout of the vaccine have yet to take full effect on the market, but positivity has returned and it’s fuelling growth.
REIQ Bundaberg Zone Chair, Le-Anne Allan said local agents were being run off their feet, with demand from a variety of buyers.
“Out of town buyers – whether they’re in Brisbane, Sunshine Coast, Gold Coast or the southern states – are coming; some southern-state purchasers were even buying sight unseen only a couple of months ago,” she said.
“It’s also good to see young buyers are now getting into property.
“I’ve heard of stories where rentals are so tight here that there can be 20 or 30 prospective tenants at an open home for a rental.
“So, when they miss out, what they are doing; they’re buying properties instead.”
In terms of the economy, locals are looking forward to tourists coming back to the region. Local operators are gearing up via a number of projects, including Lady Musgrave HQ which is set to change guest experiences on the Southern Great Barrier Reef with an underwater observatory and accommodation.
In addition, the opening of a new RV park at Burnett Heads will help bring the nomadic set to Bundaberg.
Locals say many tourists come to the area and then, once the natural joys of the region are discovered, settle in and become residents.
It’s yet another source of purchasers for local property.
“While Brisbane continues to strengthen, it’s equally pleasing to see Queensland’s regional markets outperforming our capital city with wide spread property demand and price increases recorded across most areas,” continues Ms. Mercorella.
Further analysis of the data also shows the fast-tracked regional property rush currently sweeping across Queensland is evident.
For example, the figures reveal that out of 56 regional Local Government Areas (LGAs), 52 show positive annual growth, representing 93% of the State’s regional market.
These locations are benefiting from the exodus to more affordable lifestyles, with 2020’s top-performers including Cloncurry (36.2%), Murweih (30.4%) and Isaac (25.0%).
“With positive economic results ushering in a New Year, Queensland is shaping up to be a strong bet for investors, with properties from the Gold Coast to the Sunshine Coast selling fast and on a solid foundation for capital growth in 2021,” says Ms. Mercorella.
“When you consider Queensland’s unique attributes and market characteristics combined with historically-low interest rates, surging consumer confidence, and billions of dollars in infrastructure investment, and the scene is set for some of the strongest property growth we’ve seen in a very long time.”