Property Market Update
When it comes to information on relevant Real Estate sales data for the Hinchinbrook Shire it is hard to find. We have heard people question "Who is buying property in our area?" and "The word on the street is that its all interstate people that are buying"
Well we have done a little research and hope to keep this information updated from time to time to give people an idea as to some sales data for our area. This information is only based on the sales that Ingham Real Estate has handled between 01/07/2020 to 29/10/2021 and is an observation based on our office information only. We trust the below data gives people an insight as to what happening in the local real estate market.
- 21.5% were people from out of the area who bought established houses as owner occupiers with 7.5% of these being interstate
- 7% were people who had moved here for work, had previously been renting and bought established houses and are now owner occupiers
- 26.5% were investors who bought investment properties such as rental houses, blocks of flats and commercial shops
- 15% were vacant land sales, majority were 1st home builders/owners
- 15% were 1st home buyers who bought established houses who live/work in the 4850 postcode
- 15% were home buyers who have owned property in the 4850 postcode area before
Based on our office sales alone about 57.5% were from buyers/investors who have traditionally lived in the district, which is reassuring for our area. It is also a good sign that young couples investing and staying in the area as well. And whilst we are attracting interstate buyers (7.5%) they are not the majority, interestingly its intrastate Buyers making up 35% of the sales that is of interest.
The demand for rental property is high and whilst there are investors buying investment properties, they are buying existing rental properties that are already tenanted. We need to see an increase of investors buying vacant homes and converting them to rental properties to increase rental stock available. Likewise there has been numerous traditional rental properties sold to owner occupiers which displaces tenants and creates a shortage of rental properties available.
We trust this little bit of information is useful. If you would like to talk about Selling or Renting your property, give us a call.