‘Extraordinary times’: CQ house prices on the rise
QUEENSLAND'S property market continues to defy COVID-19 predictions, with median house prices rising for a second consecutive quarter in most parts of the state.
The Queensland Market Monitor, published by the Real Estate Institute of Queensland, indicates that no region in the state recorded a reduction in median house prices over the July to September quarter this year.
Rockhampton and Mackay's housing markets were the biggest growth stories, rising 6.7 per cent and 6 per cent respectively for the quarter.
Gladstone land prices soared, increasing by 20 per cent in just three months.
Mr Real Estate principal Jason Rayner said the market was the strongest he had seen since 2007.
He said of about 1100 properties that his company managed, seven were vacant.
"We're finding that a lot of the tenants are sick of their rents going up, Mr Rayner said.
"Tenants are now making the move to purchase because their rents are dearer than buying a property.
"The mums and dads are certainly encouraging the 30-year-olds that are still at home to go out, leave the nest.
"And we are getting a very strong migration from the southern states … and they're bringing a lot of money with them."
He said up to 120 people were coming through a single home during weekend inspections and multiple buyers were offering prices above listing prices.
"In our commercial division we've never seen so many places being taken up for rent, which means business is back on the rebound," Mr Rayner said.
"That's another good sign that the economy in Central Queensland is starting to strengthen."
REIQ CEO Antonia Mercorella said buyer demand was at an all-time high since COVID-19 first took hold back in March.
She said first home buyers in particular had been quick to move on new builds and vacant land and interstate migration was contributing to the upswing.
"We're clearly living in extraordinary times," she said.
"As a result of the COVID-19 pandemic, not only has it haphazardly fluctuated consumer sentiment - that same unpredictability has seen Queensland's property market perform in ways that go against all of the economic predictions that were made early this year.
"Between record-low mortgage rates, low stock availability for sale, improvements in consumer sentiment and Queensland's lifestyle drawcard, we're likely to see broader increases in values in 2021."
Ms Mercorella said Queensland's affordability and lifestyle placed it as the most popular destination for Australians wanting to move.
She said the state had experienced unusually high net interstate migration in the past few years.
"With the world of travel and tourism changing and people's priorities dramatically shifting
as a result of COVID-19, our great state is more than just the weather that makes it such an incredible place to stay," Ms Mercorella said.
"With Queensland benefiting more than all other states and territories from high interstate migration year in year out, the timing couldn't be more perfect to promote Queensland as the ultimate destination for home.
"With the significant long-term economic contributions it will bring, we can't afford to miss this opportunity."