Queensland buyer activity up 50% from June last year
Australians have proven that our love of property will not be lessened, even in the face of extraordinary circumstances.
Since COVID-19, Realestate.com.au has reported a 50% increase in searches to buy property in Queensland, compared with June last year.
That means there are 50% more eyes on the handful of properties which are currently for sale.
The big question is – will this increase in search activity translate into sales? Or do people simply have more time on their hands and are researching property?
Well early indicators suggest that this heightened activity is in fact driving sales. We’ve certainly seen evidence of strong market activity throughout Toowong since restrictions have eased, with the statistics confirming the lift in consumer confidence.
Take for example the 3 bedroom cottage at 24 Soudan Street, Toowong which we sold in June 2019. This property received just over 3,000 online views in one day, when it was first listed for sale.
By comparison, a similar 3 bedroom cottage in the neighbouring street at 11 Vera Street, Toowong has gone under contract during COVID-19. This property received an incredible 8,500 online views in just one day – more than 2.5x the level of buyer interest Soudan Street received the same time last year.
The apartment sector is also showing promising signs of stronger consumer confidence.
In a similar situation, 5/72 Waverley Road, Taringa received 550 online views this time last year, while 4/102 Sherwood Road, Toowong which has also sold during COVID-19, received close to 4,000 online views in one day.
There are a couple of key reasons why this heightened buyer activity is driving sales in suburbs such as Toowong, Taringa, Indooroopilly and St Lucia.
Companies adopt flexible working hours
Many companies are moving towards more flexible working arrangements, as employees prove they can successfully work from home. This lifestyle change is leading people to realise that if they continue working from home one day per week, they desire more suitable living arrangements.
White collar residents throughout inner-west
In a recent article, we discussed the employment foundations which make up Brisbane’s inner-western suburbs. Residents are predominately employed by white collar industries which are more likely to embrace corporate flexibility.
This means homeowners throughout Indooroopilly and Toowong may look to upgrade their existing property, to accommodate for the more time being spent at home. Others will look to buy into Brisbane’s inner-western suburbs, to take advantage of the desirable lifestyle and schools on offer here.
Very low levels of housing supply
There are still very low levels of properties coming on the market for sale throughout Indooroopilly, Toowong and particularly Taringa. As you can see from the data below, the number of searches for property for sale is at a record high. Yet very little is available for those buyers to choose from.
As the reasons for buying or selling property evolve, could this be an opportune time to take advantage of an uplift in buyer activity?
With the right strategy in place, it is proving to be an advantageous time for Sellers.
Properties which we have listed for sale during COVID-19 are experiencing high levels of inspections, low days on market and multiple offers.
If you were considering a move this year, now could be a favourable time to do so before an influx of properties hit the market in the coming months. Contact Byrony on 0412 132 480 if you would like to discuss selling your home.
Want to talk to us about your property?
Buy Searches1 – Represents the number of times a suburb is searched per month on realestate.com.au.
For Sale2 – Represents the number of residential houses advertised for sale on realestate.com.au as at 25/06/2020.
Under Contract3 – Represents the number of residential houses on realestate.com.au which have indicated the property is under contract as at 25/06/2020.
Cover image – Martin Valigursky, stock.adobe.com