REIQ real estate report
THINKING of selling your home? Now may be a good time to do it according to the latest data from Real Estate Institute Queensland (REIQ).
The report found the total amount of property listings dropped across Queensland from 8.1 per cent in March 2017 to 7.6 per cent this year. An REIQ spokesperson said Bundaberg was following suit.
"Bundaberg has followed the state-wide trend of less stock on the market and this area has tightened from 9.7 to 9.3 per cent,” the spokesperson said.
The spokesperson said supply and demand is the reason for those changes.
"The more houses there are on the market, the more choice buyers have and the more control they have over the price they pay,” she said.
"If supply is tight, buyers have little choice and the sellers have more control over prices.”
The report also identified Fraser Coast and the Sunshine Coast as areas where buyers are seeing less choice in the market, giving property sellers more control over house and unit prices.
"These are the areas where buyers are facing less choice and there may be some upward pressure on prices as buyers seek their own slice of coastal living amid dwindling supply,” she said.
Locations of the lowest levels of stock include Brisbane, Townsville, and Mackay. Brisbane having just 6.1 per cent of stock on the market. However, all is not lost for those areas, with a positive forecast predicted in the report for the remaining months of the year.
"It's no coincidence that Mackay and Townsville are also markets that we consider to be on the turn, with positive growth forecast for the rest of 2018,” she said.
"Such low levels of supply will undoubtedly mean that buyers will have to move quickly if they see a property that ticks all the boxes.”
The spokesperson said these findings are key to understanding the real estate market's behaviour and predicted patterns, and that there are several factors that go in to the market's rise and fall.
"You may be surprised at how well the market in your neighbourhood is performing.”