Queensland sellers achieving record prices in autumn market frenzy
Emily is a Sydney-based real estate writer.
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Property values across Queensland continue to climb due to heightened local demand and a strong rise in interstate migration.
Buyers from southern states are flocking to Queensland in search of warmer weather and better value for money — the net effect has been significant upward pressure on property prices, according to Queensland agents.
The most recent data from analysts at CoreLogic shows that in February prices grew across almost every region in the state, translating into the biggest monthly increase since November 2007.
To get an understanding of the kinds of prices Queensland vendors are achieving, we spoke to some of the state’s top agents to talk about some of their most recent sales.
Record-breaking prices achieved in Brisbane
Brisbane Real Estate Agent and Team Leader, Simon Au from RE/MAX Coopers Plains says that in his market, demand from interstate buyers is creating competition and driving prices to record highs.
One example is the recent sale of a five bedroom house at 73 Stiller Drive, Kuraby that achieved the highest sale price on the street.
The luxury family home had a significant amount of interstate interest from buyers in Sydney and Melbourne, attracting over 80 people through its doors across a two week campaign.
“Always take the opportunity when the market is buoyant and you will have a better chance of getting a better result,” he said.
“In the end we had 11 offers — the offers ranged from $950,000 to the final sale price of $1,105,000.
“The last property sale record on the street was $1,000,000 and we achieved $1,105,000 for our vendors, which is very exciting.
“The median sale price in the area is $750,000, so on average, we’ve achieved around $300,000 over the median price for the suburb,” said Mr Au.
Mr Au recently sold another record-breaking property in the neighbouring suburb of Algester.
The six bedroom house at 21 Springwater Place broke a new suburb record.
“The median price for the suburb is $550,000 and we sold this house for $850,000, which is the highest sale price for an established property that doesn’t include an acreage,” Mr Au said.
The 600 sqm property which sold in just one week received three offers and was sold to an upsizing family of four.
For those who are considering selling, Mr Au urges vendors to take the plunge and take advantage of the market while it’s hot.
“Always take the opportunity when the market is buoyant and you will have a better chance of getting a better result,” he said.
Five bedroom home in Hillcrest sells for a record $602,000
Chris Gilmour, Lead Agent and Director of All Properties Group Browns Plains says that prices are rising quickly in his area.
According to Mr Gilmour, the pace of growth in Logan is going from strength-to-strength.
“Each week that goes by, [properties are] earning potentially $10,000-$20,000… so we’re starting to see prices moving very quickly,” he said.
Mr Gilmour recently sold a two-storey property at 2 Zachary Court, breaking the highest sale price record for a residential property in Hillcrest.
The property attracted significant buyer interest, receiving multiple offers and eventually selling for $602,000 —$200,000 above the average sale price in the area.
“The property was on the market with another agent for 6 months and we took it over, did the marketing and sold it within two weeks,” he said.
Mr Gilmour says that while the buyer who ended up purchasing the property was a local, interstate interest has been growing, especially on the investment front.
“We’re getting a lot of interstate enquiries, it’s probably 50 per cent of our market at the moment,” he said.
According to Mr Gilmour, for every ten homes he and his team are selling, at least one or two are selling to investors sight unseen.
“Four months ago, most of the interstate buyers were physically moving here but now it has started to shift and it’s just purely investment properties because they’re seeing that the Queensland real estate market is increasing [in value],” he said.
Mr Gilmour also sold a three-bedroom home in Regents Park, which also smashed the previous sale price record for the suburb.
The property attracted a steady stream of interested buyers. In 24 hours alone, fifteen groups inspected the home. Eventually the home received nine offers and sold for a record price of $482,000.
Mr Gilmour says prices have soared by tens of thousands in just a few months.
“Two months ago, we sold another property that was bigger than this one for $430,000. This property sold for $482,000 — that’s $50,000 on similar properties in just a few months,” he said.
In addition, he says that buyer demand is ensuring that properties sell much faster compared to what is usual for the market.
Like many parts of the country, FOMO is a huge factor driving the market. Mr Gilmour says that buyers can see values soaring week-by-week, and they know the faster they get in, the more they’ll be saving; they don’t want property prices to become out of reach.
“Our current average days on market is sitting at eight days,” he said.
182 groups inspect architecturally-designed Merrimac home
Tina Nenadic, Director and Selling Principal at Gold Coast Property Sales & Rentals says that her market is yielding extremely strong results. According to Ms Nenadic, if you’re a seller, now is a good time to make a move.
“It’s the best time I’ve seen so far in my 20 years of real estate,” she said.
Ms Nenadic recently sold a 900 sqm property at 3 Tarbert Close in Merrimac.
The four-bedroom home had a reserve price of $850,000 and sold at auction to a young couple from Canberra for $910,000 - smashing the vendor’s expectations by $60,000.
Over its three-week campaign, the property attracted 182 groups to its inspections, and on auction day, garnered 18 registered bidders.
“The property was in a great location, a really good size and there is currently not much on the market that’s comparable,” Ms Nenadic said
Ms Nenadic says that property styling, flexibility and building rapport with buyers is the key to a successful sale.
Three-bedroom Caboolture property sells $75,000 above expectations
Principal and Director of All Around Realty, Narelle Cordaro knows a thing or two about selling properties in the Moreton Bay Region,
As a resident in the area for fifteen years, Ms Cordaro has seen first-hand how it has grown, and says that right now, the area is performing ‘exceptionally well.’ According to Ms Cordaro, many properties on the market are attracting strong buyer interest and selling for well above vendor expectations.
Three-bedroom 52 Morningview Drive received twelve offers and recently sold for $385,000 — some $14,000 above vendor expectations.
Due to the property’s price-point and a successful campaign, the property attracted a large cross-section of buyers; from first home buyers through to downsizers and investors.
“We had 80 people through the one and only open home and the line was nuts,” Ms Cordaro said.
In addition, the property had a unique drawcard — side access at the rear to a shed.
“Sheds are now as important as kitchens and bathrooms — it’s what buyers are looking for,” said Ms Cordaro.
“I say to my owners, if you’re not moving right now and you can afford it and have the time, build a shed on your property. If you pay $10,000 for the shed, you’ll get $20,000,” she said.
Another notable sale by Ms Cordaro was 26 Nerum Street, Woodford which had thirty groups through the property with five offers. Ms Cordaro said that she sold this property $75,000 above what other agents thought it would go for.
“Other agents said it would go for $460,000 but I sold it for $535,000,” she said
According to Ms Cordaro, successful sales involve working closely with vendors, advising them on home presentation and marketing to showcase not just the home but also the surrounding area is key.
Prices set to continue rising
According to leading economists at Westpac and CommBank, prices will continue to soar throughout 2021 and 2022. The biggest factor that may slow the pace of growth, as housing affordability becomes even bigger of an issue, is if APRA steps in to further regulate lending.
In Brisbane alone, listings rose 13.9 per cent over the month to March 14.
Recent data from Domain shows that listings are rising across the country, and given buyer demand, absorption of these properties is not expected to be an issue.
In Brisbane alone, listings rose 13.9 per cent over the month to March 14. This is at odds with how the market usually behaves, where at this time of the year, we usually see a seasonal drop in market activity.
