Property Market Update
Here is the cold weather and maybe another wave of Southerners heading North, some just travelling through and others that may end up staying. In any case we thought we would bring you a little update on what's happening in the property market.
The demand for rental property is still high with next to zero vacancy rates. Investors buying investment properties turned their sights to blocks of units looking for a returns based investment and many blocks of units that were on the market for 5-10 years suddenly found favour with the returns based investors again, buying up unit blocks that are already tenanted. We still need to see an increase of investors buying vacant homes and converting them to rental properties to increase rental stock available for tenants. Traditional rental properties are still selling to owner occupiers which continues to displace tenants, compounding the shortage of rental properties available.
The sales market has been interesting. The following is based on the total number of sales in the 4850 postcode area and is based on the extract of information on the property data system Ingham Real Estate uses only. These sales numbers may give you an insight into the flurry of sales that happened toward the end of last year.
From the 01/07/2020 to the 31/12/2020 there was a total number of 207 transactions. In comparison from the 01/07/2021 to the 31/12/2021 there was a total number of 276 transactions or 25% more transactions than the previous period. Interestingly from the 01/07/2019 to the 31/12/2019 there was a total of 125 transactions and 133 from the 01/07/2018 to the 31/12/2018.
From the 01/01/2021 to the 30/04/2021 there was a total number of 132 transactions. In comparison from the 01/01/2022 to the 30/04/2022 there was a total number of 130 transactions. Accordingly from the 01/01/2019 to the 30/04/2019 there was a total of 50 transactions and 66 from the 01/01/2018 to the 30/04/2018.
Based on the above and noting that the periods in 2018 & 2019 above may be considered to be consistent turnover (none of the COVID affected lockdown period from February 2020 to June 2020 numbers have been included in the above as this was a non-event period really for sales)
Also of note there was no real noticeable increase to prices in the immediate Ingham township, maybe some one off exceptional sales in the rural and beach areas. However there was some noticable increase to vacant land prices in Forrest Beach which needed to happen.
So, have we seen our market run show signs of coming back to a consistent volume of sale turnover? Maybe, lets see what the winter brings. Good luck for a great harvest and take care out there.