Coast agents await swell of southern buyers

[lwptoc]

The Sunshine Coast market is continuing to post steady results with buyers and sellers quite evenly matched.

However, when the Queensland border reopens soon, a flood of activity from southern buyers is expected, which is good news for vendors and for the local market generally.

At present, listings are few on the ground with local buyers often being the only potential purchasers.

There have been solid numbers through open homes up and down the coast since property inspection restrictions have been lifted.

Agents are also reporting an increasing number of enquiries as well as foot traffic at inspections over recent weeks.

So, it seems the coast’s property market is quite balanced between sellers and buyers at present.

However, in July, the pendulum is set to shift towards one party more strongly.

Southern swell

It has long been southern buyers, either interstate migrants or investors, who have driven up property prices on the Sunshine Coast.

Of course, over recent months not only have they been physically unable to get here, but they – like mostly everyone else – have been watching and waiting to see what happened to the economy post-coronavirus.

While that situation is still far from clear, it’s fair to say that the economic fallout is likely to be less pronounced than originally feared.

There are still some unknowns about the economic impacts following the end of JobKeeper and mortgage repayment pauses in a few months’ time.

But most commentators are predicting a much softer economic landing than any of us could have hoped for not that long ago.

With the Queensland border set to reopen in a matter of weeks, that event is likely to act as a catalyst for many southern buyers to restart their search for Sunshine Coast property – either physically or online.

The border reopening will almost be a metaphor that Queensland is back open for business with many agents expecting a flurry of enquiry from southern states.
Of course, this is great news for vendors who should be able to benefit from more competition for their properties.

It’s less great news for local buyers who will have to out-wit, or at the very least out-bid, southern buyers who probably have deeper pockets than they do.

The truth of the matter is that regardless of whether you are on the buying or selling side of the equation, a healthy property market is good news for all of us who are lucky enough to call the Sunshine Coast home.