October Market Wrap Up with Sirah Robb

Director and Principal of Wythes Real Estate

We are all seeing some light at the end of the Covid 19 tunnel, with the Queensland border open between states on November 19. It will be a much-anticipated date filled with excitement to see friends and loved ones after many months.

October Market Wrap Up with Sirah Robb - Wythes Real Estate

It will also be the date we see many deciding now is the time to make solid plans for relocating to Queensland. We’ve already seen a jump in new buyers added to our database from a consistent 200 each month this year to 400 last month.

PropTrack economist Eleanor Creagh says, “Low borrowing costs, ongoing capital growth, and attractive rental yields have clearly enticed investors back to the market. It is likely we’ll see this trend in investor activity remain strong as Queensland’s borders open.”

There has also been increased interest in overseas buyers. In particular, New Zealand sees the Sunshine Coast as an attractive relocation destination. New Zealand residents represented 26.21% of all international searches on properties in Queensland, with the Sunshine Coast being at the top of their list.

We will also inevitably see more activity in the market as the end of the year approaches, a deadline for many looking to buy or sell. Interestingly, Boxing Day is the biggest day for property searches on realestate.com.au. There certainly is no slowing of the market insight.

Rental reform legislation was passed in Queensland’s Parliament in October. The new law for renters experiencing domestic violence is effective immediately. Other laws include minimum housing standards, making it easier for renters to keep a pet, and changes to ending a tenancy, which will be effective next year – dates to be announced.

These new reforms are complex and we encourage all investors and tenants to use an agent when renting as this ensures both parties are protected by legislation such as these.

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