The Queensland Property Boom
The Southeast Queensland Property Boom
For almost two years now Australia has been dealing with the Covid 19 pandemic with the population facing rolling lockdowns, vaccinations, home working and schooling, and despite all this the property market has been going through the roof. The Queensland property market is in an unprecedented period of growth with experts predicting it wont slow down for some time yet. What was once the best kept secret in Australia, Southeast Queensland has become a favourite for people looking to escape the tunnel vision of Sydney and Melbourne, and they are making the trip north in droves. The Gold Coast property market has seen a rise of the median house price of 22% to over $800,000 and with growth of a further 19% predicted till 2024.
This has been great for homeowners in Southeast Queensland looking to cash in on the “city money” from down south, it has also made one of the countries most affordable places to live that little bit harder to buy a home. But why the sudden interest in SE QLD? As with every property boom there are pros and cons and below, we will discuss:
The Secret is Out
For those of us that call SE QLD our home we can fully understand the sudden surge in popularity of this jewel of the east coast. The Gold Coast is a very transient population with many people choosing to move there to enjoy the benefits of the sun and sand it has to offer. Whenever people would gather, they would speak amongst themselves in hushed tones about the amazing life that they had established, being careful not to be overheard by holiday makers. All the hard work has now come undone with the secret of the beauty of SE QLD well and truly out in the open. There is very little doubt that the lifestyle that the Gold Coast can offer is extremely attractive. The amazing beaches, the warm weather and relaxed feel is the perfect recipe for a happy life and after months in lockdown with nowhere to go, plenty of internet searches were directed to property on the Gold Coast and SE QLD.
Low Stock Levels
With the huge surge in interest has come a need for more houses on the market and to be fair the demand is far outweighing the supply. With this shortage of stock, it is making it extremely hard for local buyers to compete against the money from interstate buyers. Open homes are regularly seeing 25 to 30 groups visit properties with some buyers making offers on properties without even seeing them firsthand. Technology has become the interstate property buyers’ best friend with some house tours taking place by Facetime on the Sales Agents phone.
Don’t get caught out
With this rush to buy your dream home it’s important that you don’t cut any corners and feel pressured to decide without going through the process. If you follow these tips, you won’t find any hidden surprises when buying your home
The QLD property process is full of pitfalls for the uninitiated, and you must have am experience Property Solicitor on your team.
- Have your finances in order
Be ready and prepared to make your best offer to the agent and if you have your finances sorted then a cash offer is more attractive to the seller
- Building a Pest Inspection
This is a step that you should never miss. Many buyers have rued the day they skipped a building and pest inspection, costing them a lot of money in the meantime.
- Stay Calm
It can be very easy to get swept up in the process, remember to stay calm and make your decisions with your head, not your heart.
At QC Law, our experienced team knows the QLD Property market inside and out and with the right team behind you, you are one step closer to owning your dream home. Contact the team at QC Law for all your legal needs at [email protected]