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Buyers have jumped on opportunities being presented in the south-east Queensland market, with new research showing the area experienced its strongest monthly sales in more than five years.
According to Oliver Hume national head of research George Bougias, the south-east Queensland (SEQ) land market recorded 1,110 sales in June after dropping to just 273 sales in April. Further, the total number of sales for the June quarter came in at 1,910. This is up from 1,518 in the March quarter and marks the strongest quarterly sales since December 2017.
Mr Bougias said the results show that the federal government’s HomeBuilder scheme and state government grants are fuelling buyer demand.
“Despite the coronavirus shutdowns and their economic impact, there are still plenty of buyers with stable incomes who are more than happy to take advantage of the numerous grants and incentives available,” he said.
“These are the right incentives at the right time and will keep thousands of tradies in jobs as homes begin to spring up on these blocks in the next few months.”
Mr Bougias said that while sales had been boosted by the incentives, there was also an underlying increase in demand.
“The first half of 2019 was a tough time for the SEQ land market, but there was a solid recovery underway towards the end of the year and right up until the lockdowns commenced in the final two weeks of March,” he said.
“The lockdowns severely dented buyers’ ability to purchase homesites, while economic concerns dented confidence. With the restrictions lifted and the great incentives in place, the pent-up demand is returning.”
The research also showed that while volumes experienced strong growth, prices remained relatively stable during the quarter. They fell 0.8 per cent to a median price of $248,000 compared with the March quarter. In the 12 months to the end of June, prices rose 1.5 per cent, according to Oliver Hume.