February Market Wrap Up with Sirah Robb

Director and Principal of Wythes Real Estate

Our thoughts are with all those who were impacted by recent flooding and our heartfelt thanks goes to all volunteer groups and locals who came together to help everyone through such challenging times. How great is our community?

 

The Government’s proposed solution to the now compounded housing shortage brought about by Covid and flooding is to utilise Toowoomba’s Wellcamp and Covid-19 quarantine hotels. This solution is considered impractical by the Real Estate Institute of Queensland. The REIQ’s Help House A Queenslander campaign aims to house displaced Queenslander’s by encouraging family holiday homes, holiday listings and vacant properties to be brought onto the long-term rental market. The REIQ is calling on the Government to financially incentivise owners of what is estimated to be 200,000 properties to provide this immediate and long-term solution to displaced residents in Queensland. Contact us to talk about the suitability of your property to assist with this critical need.

 

The question has been asked if recent flooding will impact our property market. Anecdotally we saw inspection numbers reduce over this period, understandably, but once the flood waters receded offers resumed once again. Most buyers have been heartened to see how the extreme weather impacts their property of interest. In the majority of cases in our Noosa Hinterland region land and roads are affected for a short period but homes remain dry.

 

In general, our market appears to be stabilising from record growth experienced over the last two years. It has been reported by Ellen Lutton from Domain that 88 suburbs across the Sunshine State now have a median house price of $1 million or more. Pricefinder shows Sunshine Beach has become Queensland’s first $3 million suburb.

 

PwC CEO, Tom Seymour, recently spoke to business leaders on the outlook for Queensland and more specifically, the Sunshine Coast. The future looks bright with many positive economic indicators for our region, including the cost of housing, living and education compared to other states, our lifestyle and the continued ability for knowledge-based professions to be able to work from anywhere. With this in mind, along with the volume of buyers we are still seeing, it is anticipated our property market will balance this year and return to more gradual growth over the coming years.

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