Australia North Queensland's property market booming as interstate buyers take advantage of lower prices

05:02  16 october  2021
05:02  16 october  2021 Source:   msn.com

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House prices in Queensland are continuing their upward march, growing by an average of 0.6 per cent in Brisbane in November, taking annual growth to 3.2 per cent. Key points: Queensland is the number one destination for interstate migration, according to REIQ. Demand for luxury beachfront property on the Gold Coast is "That was the fastest growth rate across any of the regional markets around the country and it really demonstrates the trend we're seeing towards housing demands really rising, particularly in those markets adjacent to Brisbane on the back of relatively low supply levels," he said.

Queensland ' s border is once again shut but the Gold Coast property market continues to surge, driven in large part by interstate buyers unable to visit the properties they are purchasing. While it is still unclear whether there will be a staged reopening to certain countries, Tourism and Trade Minister Dan Tehan yesterday flagged that the international border will be opened to some travellers by Christmas. But given the Gold Coast property market has been strong despite border closures, the eventual return of overseas buyers , while still uncertain, could drive up demand even further.

Real estate agent Chelsea Stevens says she's having 20 to 30 groups through an open home. (ABC North Queensland: Zilla Gordon) © Provided by ABC Business Real estate agent Chelsea Stevens says she's having 20 to 30 groups through an open home. (ABC North Queensland: Zilla Gordon)

Chelsea Stevens has 100 buyers ready to find their next home, but there are no houses for them to buy.

The real estate agent in Townsville, North Queensland, said some were so desperate to secure a property, they were making an offer despite not setting foot in the state.

"They're not even coming to see the property for themselves," Ms Stevens said.

"It's absolutely crazy, to be honest.

"I never thought I'd meet so many people who were willing to purchase a property [relying] on the agent to walk them through everything inside and out."

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The outlook for Queensland housing markets remains strong throughout the rest of 2021. There are pockets of relatively weak performance associated with resource markets , but these may eventually pick up amid the general rise in commodity values. Brisbane’ s Rental Yields. Demand in these school zone hotspots has skyrocketed as both property buyers and investors look to take advantage of the new property wave sweeping Brisbane pushing up property prices . In fact, being located in a school catchment area can make a huge difference to a property ’ s value, with some people willing to pay a

First home buyers are considering homes across state borders as the rapidly surging Australian property market forces them to get creative, new research has found. One in five first home buyers are now considering buying in a different state or region, or around 2,362 people a month, Finder’ s First It found New South Wales first home buyers were more open to buying interstate than buyers in Queensland and Victoria, and that many buyers are widening their searches to take advantage of the current ultra- low interest rates and to escape rocketing house prices in their home area.

Ms Stevens said about 60 per cent of her buyers were located in either New South Wales or Victoria, but technology meant could-be owners got a good glimpse online.

"Everything is digital, social media, video walk-throughs, videography, they're all the things I'm seeing," she said.

Hot property, but still more to sizzle

While southern buyers were keen to own a slice of North Queensland, it would be some time before they made the move up.

"They're not just coming to relocate, but also to invest for the next one to three years, and then they're looking at also relocating here," Ms Stevens said.

Ms Stevens said she believed the city's value for money was driving the push, but prices were on the rise.

"I do think there is further growth, I do not think this is the end, I do think it's only the beginning for Townsville," she said.

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For those under 40, the ‘Australian dream’ of owning a property has become an increasingly challenging prospect. But there are back doors that savvy millennial homebuyers can take advantage of . Financial Adviser and property investment expert, Billie Christofi, believes now is the time for young people to take action and reclaim control of their financial situation. “The Australian dream is no longer about owning one property , in an area you might not even like, and living in it for the rest of your life,’ according to Mrs Christofi, founding director of Reventon Finance & Investments.

North Queensland vacancy rates have continued to nosedive, with some towns experiencing their tightest rental markets on record. See what the vacancy rate is in your region. Townsville’ s property market has outperformed Australia’ s three biggest capital cities over the past three months, posting stronger median sales prices . Which suburbs are the top performers?

"We're putting the properties on the market at 10 to 15 per cent more than six months ago, and we're getting 20 to 30 groups through."

Striking a balance between lifestyle and opportunity

REIQ zone chair Ben Kingsberry said Townsville's claim as the capital of North Queensland made it the ideal location for a sea change.

"There's actually quite a broad range and depth of employment opportunity," Mr Kingsberry said.

"If you come to Townsville, you can still further your career and you can still continue what you're doing professionally, just in a place that offers a lot better value for money and a much better lifestyle."

Mr Kingserry said Townsville has had a reputation for being an under-performing location.

But with capital city prices booming, and interest rates tipped to rise, investors were now recognising the city's potential, Mr Kingsberry said.

"Look at Brisbane, you might have an average price of $800,000, but Townville's more $350,000 to $400,000 for a decent-sized family home."

The message to buyers was to be ready.

"If you go to an open home and there are 30 groups at a house you like, chances are there are going to be people making offers on that property," he said.

"If you do let it sit for a few days, it's probably gone."

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