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Redlands has been hot property since the end of last year with properties getting snapped up at record prices.
Managing director at Macwell Property in Capalaba Samara Bedwell said stock levels were down on average 30 per cent this year.
“Last year they were down about 40 per cent so with stock levels this low and the demand so high it’s a race to get the stock for the buyers,” she said.
Ms Bedwell said the market was going to get tighter when international borders opened and expats returned home.
“This is a great market for auctions as the growth is so rapid. We are seeing offers on quality properties that have been campaigned well and auction clearance rates have never been better in the Redlands,” she said.
Ms Bedwell’s husband Jason, a property auctioneer, had been selling homes well over reserves for most of the year.
“We currently have one property in Cleveland going to auction on Saturday, otherwise all our homes are currently under contract and we only have three parcels of land for sale,” she said.
She said open homes had seen about 22 groups through in a limited time, but numbers had been as high as 60.
Louise Denisenko from LJ Hooker said Redlands was popular with first home buyers and interstate investors.
“Prices are exceeding sellers and agents expectations but stock is at an all time low,” she said.
She predicted more homes on her books once restrictions eased, but prices would stay strong.
A Property Investment Professionals of Australia survey found that Queensland would be the number one place for investment over the next year.
Image Property director of sales Adam Empringham said the south-east corner was hot property.
“Our agents have been regularly achieving sale prices that far exceed their vendor’s expectations because of the super strong demand from buyers,” Mr Empringham said.
The survey also found that regional Queensland was one of the most popular locations for investors
Ms Bedwell said first time buyers were interested in Capalaba, Redland Bay, Wellington Point, and Alexandra Hills.
“The Birkdale, Cleveland, Ormiston and Thornlands areas are seeing huge interest from people already in the housing market looking to use current equity for an upgrade,” she said.
According to Ms Bedwell investors were only now starting to get back into the market.
“We need them as we have such a shortage of rental stock.
“Rental prices have increased between $80 to $120 per week in some areas and vacancy rates are very tight,” she said.
Buyers were predominately owner occupiers.
“There are lots of southerners coming up to enjoy our beautiful spaces but despite reports, the majority of buyers have been local,” she said.
There are still suburbs where prices have not yet soared.
National property buyers’ agency network BuyersBuyers reported top picks were Birkdale, Wynnum and Wellington Point.
Founder of RiskWise Property Research Doron Peleg said the top picks were 10 to 20 kilometres from Brisbane.
Mr Peleg said regional house price growth had been exceptionally strong over the past year, and the best picks all had median prices well under $1 million.
Birkdale was priced about $700,000 Wynnum $788,000 and Wellington Point $755,000.
Angela Kelly, Redland City Bulletin, 29 October 2021