Why is the Queensland Property Market Booming
We have never seen a year like 2020. But out of adversity comes triumph and this has never been truer than what we are seeing in the 2021 Queensland real estate market – it’s booming!
We look at the top 5 reasons for why it’s Queensland’s time to shine in the Australian property market.
Lifestyle Housing – Lifestyle housing are properties that people invest in for a change of lifestyle either as a holiday house or a sea / country change. During continual lockdowns and border closures, southerners from Sydney and Melbourne are desperate to buy in the Sunshine State for a lifestyle change. This has led to higher property demand and thus inflated property prices. It is not uncommon for agents to see southerners pay a minimum of 10% more than a property’s’ true value just to secure a place now.
Tightly Held Market – During 2020, those planning to sell put things on hold. Peoples’ careers were unstable and many feared people would not receive a fair price for their property. As a result, the market in Queensland became tightly held. Furthermore, now that property prices have increased significantly in a short amount of time, whilst this may entice people to sell, they have to then buy somewhere else which too is significantly more expensive – so people are deciding to sit still.
Travel Restrictions – Many people love to travel. They save their holidays and salary to be able to afford to travel overseas. With the intermittent national travel bans, hotel quarantine, and lack of international travel, people are saving their funds. They are starting to think about the future and where that money can take them. Is it paying down their current mortgage? Is it looking to buy after years of renting?
Working From Home – COVID led to a fast adoption of employers accepting staff working from home. Companies are realising the benefits of staff morale and reduced holding costs of staff office space in high priced commercial rental premises. This has led to staff now either permanently or periodically working from home. This changes the housing needs and requirements of those in the workforce. People started investing in home improvements or looked to upscale to a bigger home with more room.
Low Interest Rates – The official cash rate is at a record low of 0.10%. These unprecedented low rates are allowing people to repay money more easily than ever before. This is a long way from the official cash rate of being 17.5% during the early 1990s. There really has never been a better time to purchase a property when it comes to low repayments and affordability.
Now is the time to start your career in real estate. Be part of this exciting industry, complete your real estate qualification through Validum Real Estate Training and be the best you can be. Let us help you with your journey to real estate success.
Call Shelby on (07) 3193 5270 to discuss your real estate training needs today.