Interstate Buyers Hit QLD in Record Numbers
Last year, the Queensland property market saw incredible growth — particularly in Brisbane and along the Gold Coast and Sunshine Coast. Many locations saw house prices increase by over 30 per cent, and the housing market stayed strong into 2022 — even as massive floods overtook the region.
Currently, the Queensland market is still going strong. Demand for detached houses is exceptionally high, and experts anticipate double-digit price growth in the coming year.
For most people, it’s not surprising that Queensland’s property market is performing well. What is surprising, though, is who is shopping for properties in this part of the country.
Who Is Moving to QLD?
New data shows that one-third of buyers searching for Qld properties come from interstate, particularly New South Wales and Melbourne.
This information comes from an analysis of more than 300,000 inspections performed by the virtual tour platform Little Hinges.
In an interview with RealEstate.com, the company’s co-founder and CEO, Josh Callaghan, said that the percentage of interstate buyers inspecting Qld homes has stayed consistent since January.
The consistency suggests that the trend will likely continue, at least through the remainder of this year and into 2023.
What Does the Rise in Interstate Buyers Mean for Sellers?
Callaghan added that the influx of buyers from interstate is good for sellers in the Qld property market, even as the Australian real estate market begins to soften.
He explained that sellers who can appeal to southern buyers will be in a unique position to command higher prices and noted that agents who use “innovative technology” to connect to interstate buyers will “continue to win listings.”
Callaghan also suggested that agents could “leverage” the influx of buyers from Sydney and Melbourne for higher price points.
Incredible Coastal Sales
The Gold Coast area has seen the most significant amount of interest from interstate buyers. Nearly 43 per cent of buyer inspections in this area come from outside of Queensland, and nine per cent come from offshore.
Agents in this area have made record-breaking sales in the last few months. For example, one agent about boasted a celebrity-owned property on Mermaid Beach selling for $19 million and one of Broadbeach Waters selling for $14 million (in 2020, this same property sold for $8.5 million).
Properties across QLD are seeing value increases. However, some of the area’s most expensive suburbs have experienced the most growth.
For example, the median house price in Mermaid Beach is up by nearly 40 per cent, reaching an incredible $2.8 million. Burleigh Waters prices also rose by 29.6 per cent and hit $1.49 million.
Population Growth and Housing Prices
Queensland is currently Australia’s fastest-growing state. It’s seen a 1.4 per cent population increase in the last year, with many people relocating here from interstate to downsize, buy a second home, or just enjoy living in a coastal location.
The area’s population growth has also influenced property values.
The supply of homes doesn’t currently match the demand — meaning there’s more competition for buyers and more opportunities for sellers to increase prices. Some buyers have reported feeling hesitant to sell, too, because they’re struggling to find a replacement property.
How Can Interstate Buyers Land QLD Properties?
Housing costs are rising in the QLD area, and there are more eager buyers than there are available houses.
Initially, this information might scare some buyers away. However, if you keep this advice in mind, you can set yourself up for a successful search and find a great property in one of the country’s most coveted locations.
Plan Ahead
The more prepared you are when you start shopping, the easier it’ll be to stand out from other buyers and get into your favourite Queensland home.
How do you prepare? Start by getting preapproved for a loan.
Preapproval shows that you’re serious about buying a home, have a good chance of qualifying for a loan, and can afford the properties you’re interested in purchasing.
Getting pre-approved also allows you to start building a relationship with a lender. This relationship will come in handy when you start making offers and get further along in the buying process.
Be Flexible
In a competitive market, flexibility wins you a lot of brownie points. Be willing to work with sellers’ schedules and visit properties at times that work best for them.
Listen to and try to accommodate the sellers’ needs when it comes to things like moving dates as well. Doing so can help you stand out from other buyers.
Offer Additional Earnest Money
An earnest money deposit is another step you can take to show that you’re serious about buying a property. The more earnest money you put down, the more serious you seem and the more interested a seller might be in working with you.
Keep in mind, too, that the earnest money deposit is put toward your downpayment on the property.
Work with an Experienced Buyers Agency
Buying a property in a rapidly growing area like Queensland can feel daunting initially.
If you have a qualified, experienced buyer on your side — someone who understands the market and has strong ties to the community — it’s much easier to navigate the real estate world and get into an impressive property.
Don’t try to invest in a QLD property by yourself. Work with a trustworthy agent who can answer your questions, offer moral support, and help you choose the perfect home.
Are You Looking for a QLD Property?
Are you interested in investing in the Brisbane property market? Do you want to buy a Sunshine Coast or Gold Coast property?
Don’t let rising property values or an influx of buyers intimidate you.
As long as you work with a skilled buyers agency, you’ll have no trouble finding the right property at the right price.
That’s where our team at Hot Property Buyers Agency comes in.
We’re a group of dedicated professionals who will work with you to achieve your property goals. Contact us today to speak to a team member or set up a free consultation.