Queensland Property Prices
While property prices have held up well, the most profound effect of -19 has had on our market has been a stall in trading. In the first quarter of 2022, Queenslanders sold 11,002 homes and 4,760 units. Moving on to the second quarter and those numbers dropped to 8,525 and 2,759 respectively. This represents a decrease of 22.5% in home sales and 42.0% in unit sales . But while owners have backed off in their reluctance to sell, potential buyers are out in force trying to find a new home.
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| Buyer interest increases in Queensland |
It's not just about more active buyers versus sellers. Compared to the same period last year, realestate.com.au recorded 39 per cent more buyers looking for property in Queensland than the same period last year. Rental searches are also up 22% year-on-year, in line with the tight vacancy rates we've seen across Queensland.
Why did Queenslanders decide it was time to buy?
While sellers' reluctance may be explained by the pandemic and people's apprehension to give up their safe space without (not to mention not wanting strangers trotting into their homes), understanding the huge increase in buyer activity requires more speculation. "Interest rates are at an all time low, people can't spend as freely as they could have done in the past, and then there's also government stimulus," he said. said Cameron Kusher, executive director of economic research at REA Group. “It's a combination of all those factors. »
As for the increase in rental searches, Kusher thinks uncertainty among investors is leading to increased scrutiny of what is available and for how much. With the moratorium ending, it also makes sense that many tenants are planning their next move, in addition to those who have to downsize due to job loss. "There are a lot of good reasons to watch the market right now," Kusher said.
How will this affect real estate prices?
Perhaps the problem with the market is that despite all these good reasons to buy, there isn't much incentive to sell. Market uncertainty and the increased importance of secure shelters have led to a drop in listings and sales. “The biggest challenge for a seller right now is finding something else to buy,” Kusher explained. “We know most sellers have to buy when they sell, and there's not a lot of stock in the market right now, so it's probably apprehension. »
Still, widespread buyer interest is generally a boon to the real estate market, and Kusher predicts positivity. “I think the market is generally going to be stronger than most people expect, and I expect to see some price growth in the near future,” he said. With the Mason plan coming to an end and international borders still expected to be closed or heavily restricted, Kusher believes, the new housing sector could struggle in 2022. “But I would expect the federal government to look after of that,” he adds.
When comparing the interest of shoppers in Queensland with that of other states, it becomes clear how vital the health response was to consumer confidence. Western Australia had one of the strictest border protection policies – second only to Tasmania. There, the annual increase in buyer searches was 45%. Meanwhile, in Victoria, where more than 20,000 cases have been recorded, buyer activity is up just 9% from a year earlier.
"The fact that Queensland have handled the game pretty well has definitely helped things here," Kusher said. “And don't underestimate the impact of JobKeeper and JobSeeker either; they helped us avoid higher unemployment, which probably means that confidence in the housing market hasn't fallen by the magnitude we might have expected.
With Queensland's economy poised and ready to make a determined comeback, growing buyer interest could potentially lead the state's property market towards a significant recovery.
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