August Market Wrap Up with Sirah Robb

Director and Principal of Wythes Real Estate

As we welcome this glorious Spring weather, we enter what is traditionally our busiest selling season in real estate.

Online settlement platform, PEXA, reports a continuation of the upward trend in the volume of Queensland property settlements, currently up 61% year on year. This is incredible considering agents in our region are carrying the lowest volume of listings they ever have and emphasises just how high the current absorption rate of new listings is right now.

Locally we have seen an increase in properties preparing to come to the market so a surge in new listings is anticipated this Spring. More choice will be welcomed by buyers as demand still heavily outweighs supply. We are still adding at least 200 buyers to our database each month and setting new price benchmarks weekly. Covid-19 sadly continues to greatly affect the southern states and the Noosa Hinterland has never looked more desirable for those thinking about moving north.

Sunshine Coast residential property rent rises were the fifth highest in Australia over the last financial year, according to a new analysis by CoreLogic. 35% of our population rely on rental accommodation. With interest rates remaining low and considering the current housing shortage, rental properties represent an excellent investment opportunity.

Talking rentals, the Queensland legislation that makes it mandatory for rental properties to have compliant, interconnected smoke alarms comes into effect from the 1st of January 2022. Many smoke alarm suppliers rely on global supply chains for manufacture and shipping. The ongoing pandemic, along with domestic and international border restrictions and slowed transportation, is causing smoke alarm stock shortages across Queensland. With this in mind, we encourage all lessors who haven’t made arrangements to meet compliance to do so now.

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