By Adam Empringham, Image Property
Throughout one of the most unpredictable periods in living memory, the Queensland housing market remained remarkably resilient last year.
Indeed, data at the tail-end of last year revealed that 2020 delivered strong sales turnover, with prices performing well amid a steady stream of buyers ready to purchase.
Consumer sentiment also remained surprisingly positive about real estate throughout what was a very uncertain year.
Demand trend lines are also being propelled ever upward by interstate investors snapping up property sight unseen.
According to the latest CoreLogic data, the median house price in Brisbane increased 4.9 per cent over the year ending January with units also starting to show signs of price rises.
Gloomy forecast unrealised
During the darkest days of the shutdown, as children were home-schooled and every worker transitioned to working from home wherever possible, there was a chorus of forecasts predicting disastrous property price plunges.
The consensus was seemingly clear – Brisbane and Sunshine Coast property prices were going to fall off a cliff.
But fast-forward nearly 12 months and we’re looking at the pandemic as a bump in the road (so far) in our property market life cycle.
Sales volumes and prices have rebounded well, and the market is tracking for growth.
Boom times ahead
Westpac and CoreLogic have outlined that the strong conditions driving the Brisbane property market were a combination of affordability, a sustained low-interest environment, as well as lifestyle factors.
As a result of these favourable conditions, the Queensland housing market is positioned for a very strong 2021 and beyond.
In fact, a Westpac and CoreLogic data report has indicated that the Brisbane housing market outlook for 2022-23 would support a 20 per cent increase in house prices.
The rental market is similarly strong.
Rental properties are hitting the market for a mere moment before being snapped up, many being nabbed by those same interstaters who are renting while they establish their new home bases.
Real estate profession to grow
This market resilience will have knock-on effects in other areas, and we will see this housing and unit surge attract agents to the Sunshine State, as surely as bees swarm around the honey pot.
A rise in property supply is on the cards in the southeast corner, across most price points, as sellers make the most of the favourable market conditions.
There is no question that the sales potential in the Brisbane and the Sunshine Coast markets is set to be strong for the next few years for those agents considering a relocation.
As an agent, if you’re planning your next calendar year, then the optimal conditions here in the southeast corner will be an outstanding opportunity for success.
However, if you’re an agent considering finding a new patch, it’s important to consider the right agency for your new base.
Those who are looking for independence, reward for effort, strong levels of marketing and agent support, would be well served to look at Supported by Image – model that gives sales agents one of the key things they’ve always wanted, which is the ability to build their own brand.
This model has been created by agents, for agents.
It’s exactly what a driven, motivated, and hard-working agent needs to build their brand and create a strong base for long-term success in the one of the most exciting, and promising, markets in the nation.