Gold Coast property market tipped to avoid 'doom and gloom' coronavirus predictions
Gold Coast property market tipped to avoid 'doom and gloom' coronavirus predictions
I read today a very positive article on the ABC website which reflects my attitude and assesment of the South East Queensland property market.
I find it easy to jump on the hystieria about over priced property and negative forecasts, but I see it rather the other way around. After 20+ years in the property market I have seen my fair share of peaks and troughs, highs and lows to recognise a false positive when i see one, and this is exactly where we are right now.
The article reads as follows:
Queensland's peak real estate body says the Gold Coast property market may avoid a significant downturn amid the coronavirus pandemic, with predictions of an increase in the number of interstate buyers chasing a sea change.
Chief executive of The Real Estate Institute of Queensland, Antonia Mercorella, said once the health crisis was over Australians would be re-evaluating their lives and looking to locations like the Gold Coast that could offer better affordability.
"We're far more affordable than other states," she said.
"We are probably going to see people thinking, 'I might just move to the sunshine state — the climate is great, it's a more relaxed lifestyle, your dollars go a lot further'.
"A number of people will be thinking about perhaps wanting to have a lower mortgage, less financial stress in their lives [and] live an easier life.
"If you think about those factors Queensland actually offers terrific liveability."
'Doom and gloom' predictions not accurate One property analyst has warned the worst-case scenario, where coronavirus restrictions are prolonged and a second wave of the disease occurs, could see housing prices
tumble by up to 30 per cent in Sydney and Melbourne.
But Ms Mercorella said while confidence would be dented, available data showed the South-East Queensland market was quite stable.
"None of the data we're seeing is matching the predictions of doom and gloom that we're hearing," she said.
"But it is early days, we may start to see more of an impact as the weeks and months move on."
Ms Mercorella said, while she was cautious about making predictions, she believed the state had a lot to offer people re-evaluating their lifestyles.
"We may well see more and more people from interstate reconsidering where they want to live in the future," she said.
"I think that will be a good thing, obviously, for our property market."
While restrictions sting, online auctions 'working well'
Broadbeach-based agent, Christine Tucker, said while buyer enquiries have dropped off a little, online auctions have been working well and buyers have been happy to
register and bid over the phone.
She said there had been a surprise upside to the coronavirus restrictions when it had come to open inspections.
"I'm finding that I'm getting a lot more genuine buyers and, to be honest with you, they're really enjoying the private viewing," she said.
"They can take 15–20 minutes on their own and have the whole house to themselves and really get a good feel for the property.
"We're remaining positive and, whilst there's still a shortage of supply for properties, I still think the property market prices are going to stay the way they are and
we're still getting good results."
regards
Monty Van Dyk
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About Monty Van Dyk
Monty Van Dyk is founder and CEO of Lead Funnels Australia and Easy Agent, headquartered on the Gold Coast, Queensland with teams in Brisbane, Sydney and Melbourne. Under Monty’s guidance and leadership, the team has sold thousands of homes in the past 18 years, performing exceptionally regardless of changing market conditions.
Before moving into real estate in 2002, Monty was a mechanical engineer for ten years. He credits the success of Easy Agent to the culture of learning and growth. His commitment to learning has placed him in the top agent mastermind and within the top 10 percent of real estate principals in Australia.
When he is not coaching or speaking, Monty is enjoying time with his family or training for his next IRONMAN; he has completed six so far in his sporting career. He is originally from Cairns, Queensland.
