SEQ Prestige Property Market is on the Rise
Southeast Queensland prestige property market is soaring in demand with more and more properties overstepping the one-million-dollar mark due to the high buyer demand.
The REA report found that more buyers are searching for properties with higher price tags. The number of people searching for homes under $500,000 fell by 7.5 per cent compared to the same time last year. Buyers hunting properties between $500,000 and $1 million increased by 1 per cent, and those shopping for properties over $1 million increased by 6.6 per cent.
The feedback we receive from the majority of buyers is that they want to upsize their home and they’re willing to pay for it. Between historically low interest rates and a shortage of listings available on the market, buyer’s budgets have significantly increased and $1 million is becoming the new $500,000 in Southeast Queensland. Our team alone has experienced an increase in properties selling for over $1 million. This quarter, our team has sold 21 million-dollar properties, compared to just 5 this time last year.
Here’s the list of top in-demand suburbs in Brisbane, Gold Coast and Sunshine Coast.
TOP IN-DEMAND SUBURBS
- Holland Park
- Holland Park West
- Mermaid Beach
- Palm Beach
- Burleigh Waters
- Burleigh Heads
- Mermaid Waters
- Currumbin Waters
- Sunrise Beach
- Dicky Beach
Sunshine Coast property prices are expected to outperform the capital cities as the region’s housing market continues to grow. CoreLogic’s Tim Lawless forecasts a 10 per cent rise this year and economists at AMP Capital predict a 5 per cent rise. Meanwhile, Direct Collective's CEO, Mal Cayley said, "Do I think the Sunshine Coast will outperform this year? I do. But there will be areas of the Coast that will outperform other areas." Mr Cayley said suburbs like Buddina could experience increases of up to 40 per cent.
If you're thinking of selling, it is a great opportunity to take advantage of the booming house prices. Download our Instant Property Report to find out how your home is performing in the current market.