Moreton Bay’s booming real estate market is showing no signs of slowing down, with agents expecting to see more competition from interstate and international buyers when the borders reopen.
They say property prices will continue to soar over the coming year, with demand outweighing supply.
LJ Hooker Real Estate Albany Creek principal Jason Chandler tips Moreton Bay’s median house price to rise by thousands of dollars throughout the coming months.
“I predict there going to be a 10 per cent rise in house prices over the coming year because we are already seeing an influx of buyers from the local area, as well as buyers from the southern states and from overseas,” he says.
“People are wanting to take advantage of the historically low interest rates which makes it more affordable to buy than rent.
“I am seeing upwards of 50 people at open homes and multiple offers on newly listed prices, with some homes receiving around 20 offers after their first viewing.
“The properties then have the sold signs going up about a week later.
“I have never seen anything like this in my 25 year’s experience in the industry.”
According to data released by the Real Estate Institute of Queensland (REIQ), Moreton Bay’s sales activity has strengthened, with a 5.9 per cent rise in the last quarter and a 39 per cent rise in the year.
Median house prices for the region are also up 6.9 per cent and 10.3 per cent over the quarter and year respectively, while the median days on market is down to 17 days.
David Deane Real Estate Strathpine sales director Mark Rumsey says the market is attracting a variety of buyers who are keen to “cash in their chips”.
“We are getting a real cross section of buyers, including first home buyers, locals who are being forced out of Brisbane’s inner-city suburbs, buyers from large cities like Sydney and Melbourne, as well as investors who all want to get in on the action and take advantage of Moreton Bay’s housing affordability,” he says.
“Borders opening mean more buyers, and we are only going to see more pressure and conditions made even tougher because stock levels are historically low for what we currently need.
“This boom has been long overdue for Brisbane, making it a very unique time for Queensland.”