Property Still Strong

In Brisbane, inquiries for units in new developments have jumped 82 per cent in the past month, compared with the same time last year, while interest in buying houses off-the-plan is up more than 28 per cent, according to new research by the property website Realestate.com.au.

On the Coast, the property sector will bounce back post COVID-19 – in line with the pandemic. Southeast Queensland’s fundamentals will stay strong, according to Mosaic Property Group which has crunched the numbers. Mosaic founder and managing director Brook Monahan said their internal research team had studied in great detail historical trends, while closely monitoring recent local, national and global economic indicators and their likely impact on Australia’s core residential property markets.

“It is important to note that the Australian property market fundamentals, particularly southeast Queensland’s, remain strong, despite the market volatility COVID-19 is causing,” Mr Monahan said.

“While there is understandable uncertainty within the community at present, the current climate has seen an increase in demand for the remaining luxury apartments in Avalon at Maroochydore and First Bay at Coolum Beach.

“This is largely due to buyers recognising the opportunity to secure product of this calibre, in rare, highly sought-after locations.

“High-quality residential property in in-demand areas with low current and future supply, delivered by trusted brands with a strong track record, will hold up very well in the short-term and lead price growth when general confidence returns post the worst of the virus.”

The top end of the market is holding up particularly well, Mr Monahan said. ”They understand that the situation, while severe, is short-term,” he said.

“With the view that we will be out of this crisis in a year, buying off-the-plan is ideal as it means locking in a brand new highly exclusive property at today’s prices with only a 10 per cent deposit and with the added advantage of a potential increase in value on completion, at a point in the future when property is leading the way for a strong economic recovery here in Australia; mid
2021 onwards.

“Avalon is very close to being 100 per cent sold with just under 12 months until construction is complete and we anticipate First Bay to sell out before construction commences mid this year.

‘We are also experiencing consistent new lead volumes for these projects. “Now is a good time to buy. The Sunshine Coast’s fundamentals remain as strong as they were pre this current crisis. The combination of record infrastructure investment, population and employment growth, and housing supply shortages positions property, particularly off-the-plan property, as the most compelling investment opportunity right now.”

Source: Sunshine Coast Daily – 13/04/2020