Brisbane’s central and outer-city rings have come up strong in the recent real estate boom with the rate of house change being recorded at 50% faster than a year ago. In the Brisbane area alone, real estate agents have reported that some properties are changing hands within a few days - sometimes within a few hours.
Luke Humphrys, Head of Belle Property Manly, recently sold a house in Capalaba in only four days commenting; “Since the last lockdown, 90% of our properties have been sold in the first open house and many have not even entered the market.”
He explained that a mixture of locals and investors have shown an increased interest in properties east of Brisbane valued at less than $1m whereas locals and interstate buyers have shown interest in properties valued at more than $1m.
Dean Pieroz of Ray White Alexandra Hills said that a property on Mayfair Street recently attracted 45 groups of prospective buyers during its first open house and signed 15 contracts. “In Alexandra Hills alone, there are hundreds of buyers who want to buy now, and many of them have been trying to buy for six months. Everything is going too fast,” he said.
At a regional level, the eastern part of Brisbane is the best performing area within Queensland with the average number of days remaining on the market for houses falling by 38%. Elsewhere, the total listing time for homes in the Sunshine Coast, Darling Downs-Maranoa, Brisbane North and Logan-Beaudesert areas fell by more than 30%.
Of the 10 Queensland suburbs with the largest decline in time to market, four are located on the Sunshine Coast, four are located on the Gold Coast, and two are in Kingaroy and Dalby. Time to market in these suburbs has reduced by at least 40%
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Header image by Brisbane Local Marketing on Unsplash.
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