The Block Couples Set a Trend Towards Property Market Recovery
Australia’s favourite reality show made the nation gasp as The Block auctions went live over the weekend, showing big promises for the housing market. With this season’s properties pocketing from $460,000 to $966,000 over the reserve price, the national property market is set towards the pandemic recovery, including Queensland.
It goes without saying that TV shows like The Block create an inevitable excitement around the process of property sale preparation, from renovating to appraising and auctioning it which leaves the nation curious about the real estate market. This year, The Block couples have really outdone themselves, with all of them scoring way over the reserve price for their renovated projects. Special congratulations to Queenslanders Jimmy and Tam for earning $966,000 over the reserve price on their property, leaving Queensland on top for the second year in the row. Compare it to only three seasons ago when the fifth-placed couple won $95,000, while this year’s fifth-place won $460,000.
With its 100 per cent clearance rate, The Block set a citywide trend over the weekend with 340 auction results, recording an 82 per cent clearance rate in Victoria in the wake from the COVID-19 lockdown. Tim Lawless from CoreLogic reported that as national consumer confidence is coming back, so are the clearance rates along with surging demand due to record-low interest rates. With the low stock of properties and high demand, property owners are more confident in selling their property for the competitive price. Because of this property prices across the country have experienced a rise in median value, for example, Brisbane median house price increased to $564,531 which is a 6.6 per cent growth year-on-year.
Responding to the government stimulus and a low number of COVID-19 cases, consumer confidence has improved with a 7 per cent increase in settled sales in October, and so far this November, our team has experienced a further 10 per cent increase in property sales month-on-month.
As the Christmas spirit settles in and restrictions inflicted by the pandemic ease, the Sunshine State is set to welcome even more buyers who will be searching for their dream home. With more properties going under the hammer and selling for a higher price across the country, it’s time to get your property on the market before Christmas rush sleds into town. Download our Instant Property Report to see how your property is currently performing.