Surge In Queensland Property Demand | Lending Central | Your ...
Demand for property in Queensland has increased significantly over the past three months, according to Australasia’s largest real estate group, Ray White.
Ray White Queensland CEO Peter Camphin said statewide sales figures for May, June and July this year were up 22 per cent on the corresponding period in 2008.
Mr Camphin said bidder registrations at in-room and on-site auctions had also grown substantially in recent months.
He said the group was currently achieving auction clearance rates in Queensland of around 70 per cent. “We have been witnessing tremendous demand for residential property in Queensland over the last three months,” Mr Camphin said.
“The buyers are naturally still cautious and seeking the best value possible but they are out there and the numbers are growing.”
Mr Camphin said there was a shortage of properties for sale despite a 40 per cent increase in the total number of Queensland homes on the market in July, 2009, compared to February, 2008.
“Most agents will tell you they need more homes, units and townhouses to sell and the underlying fact is we simply need more property,” he said.
“Most stock is not staying on the market very long. The average days on market in central Gold Coast and inner-Brisbane for auction properties at the moment is 32 days.
“Our corporate auctioneers report that bidder registrations for in-room and on-site auctions are very strong.
“Recently in our Brisbane Corporate office, of the 14 properties listed for auction, no less than three bidders were registered on each property. Nine sold that morning with property ranging from two bedroom inner-city units to broad acre farms and everything in between.”
Mr Camphin said while sales were strong in the lower to middle end of the market, mainly due to the boosted First Home Buyers Grant and near record low interest rates, prestige sales in Queensland remained challenging.
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