In metropolitan areas of Queensland, it’s been a nice steady growth in happiness among sellers, the survey found. Picture: Jodie Richter
Queensland has escaped the worst impacts of COVID-19 on the real estate market, with the pandemic having a smaller impact than fallout from the Banking Royal Commission and the 2019 Federal Election, a new survey found.
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A whopping 39 per cent of home sellers in Brisbane got a higher price than what they expected at sale time, according to the latest price expectation report from real estate agent ratings site, RateMyAgent.
The survey of more than 33,000 Australians, tracked sentiment in the Australian property market, as well as seller satisfaction for the first half of 2020.
South East Queensland was home to the majority of Queensland’s happiest home sellers – with nine of the top ten happiest areas hailing from the region.
9/1263-1265 Gold Coast Highway, Palm Beach, is on the market for offers over $650,000.
Brisbane and Moreton Bay led with the highest proportion of sellers who got higher prices than they expected (39 per cent), followed by Scenic Rim and Redland (38 per cent), Logan (35 per cent), Sunshine Coast and Gold Coast (32 per cent), Fraser Coast (28 per cent), Lockyer Valley (27 per cent) and Ipswich (23 per cent).
Queensland’s Top 10 Happiest Areas:
Brisbane (39% net above)
Moreton Bay (39% net above)
Scenic Rim (38% net above)
Redland (38% net above)
Logan (35% net above)
Sunshine Coast (32% net above)
Gold Coast (32% net above)
Fraser Coast (28% net above)
Lockyer Valley (27% net above)
Ipswich (23% net above)
(Source: RateMyAgent)
RateMyAgent CEO and co-founder Mark Armstrong said vendor happiness in Queensland had bounced back during the COVID-19 second quarter, defying doom and gloom predictions.
“What we’ve seen in the June quarter is an astounding turnaround in market confidence – after the initial shock in April wore off, consumer optimism is on the way back up and this is highlighted in our newest Price Expectation Report.”
He said the survey found that the banking royal commission and the election in 2019 had a significantly more negative impact on vendor happiness than COVID-19 has had.
“Over the last two years, supply has dropped around 30 to 35 per cent. So what happened with COVID-19 is in April everyone just froze. It was the height of uncertainty. People who were considering selling just left the market, and yet there was still buyer demand moving through the market. We saw a slight increase in vendor happiness in June and that was driven by that lack of supply.”
“In metropolitan areas of Queensland, it’s been a nice steady growth in happiness since we saw it bottom out in 2018. Brisbane took a little dip in April because of that COVID-19 uncertainty but it found its feet again. Everyone thought COVID-19 was going to potentially decimate the property market but it hasn’t. Everyone realises that life goes on.”
He said Queensland’s handling of the COVID-19 pandemic was playing out well for the property market here.
“The migration from Victoria and New South Wales is always reasonably strong in southern Queensland and maybe this will accelerate it or put a bit of upward pressure on it,” he said.
“What’s shown during this pandemic is more densely populated areas run a higher risk of these pandemics. Queensland is such an enormous state with less people than Victoria and New South Wales. If people get hung up on the pandemic, a place like Queensland with so much room certainly augurs well for them.”
“There’s still a reasonably high level of confidence in the market.”
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