OUR ISLANDS TOP QUEENSLAND IN BIG ISLAND LAND AND PROPERTY RUSH
Our Southern Moreton Bay Islands have recorded the highest share of real estate sales in all of Queensland in the past few months.
The figures released are 26 per cent of all sales in all of Queensland for homes and mostly land on our islands, followed by Logan and Ipswich.
Experts say it is an inner-city exodus driving a property boom in southeast Queensland’s masterplanned communities and outer areas, where COVID-weary buyers are seeking space and affordability.
Our islands certainly fit into the ‘outer areas’ demographic.
They are saying forget Brisbane’s blue-chip postcodes; the hottest new markets are in the ’burbs, where house and land packages and land in sales in Southern Moreton Bay, Ipswich, Logan are going gangbusters.
A 300 per cent increase in sales has been recorded by some property areas since the HomeBuilder grant was announced in June, compared with the two months prior.
In the case of our islands the increase is even higher than that.
Recent stories run by the Friendly Bay Islander verify this trend on our islands.
It is believed more than 90 per cent of sales have been to first-home buyers.
Housing Industry of Australia (HIA) data revealed that the number of loans to owner-occupiers to buy residential land in July increased by 145 per cent in Queensland — the largest increase of all the states.
The recent data shows the strongest monthly sales result in more than five years.
Clearly the Federal Government’s $25,000 Homebuilder incentive has played a huge role in the trend, along with the $20 first home buyer’s grant.
Our islands do not qualify for an additional $5000 State Government regional Home Builder grant, because we are not classified as a ‘regional’ area by the Palasachuck Government.
Realestate.com chief economist Nericda Conisbee said the demand was being driven by first home buyers, affordability and buyers craving space and lifestyle.
“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,” she said.
Anne Webber of T.Barclay Real Estate told The Friendly Bay Islander that just in July alone, the firm had sold nine houses and seven blocks of land on Macleay Island.
Others report similar successes.
LJ Hooker on Macleay Island and Russell Island Real Estate on Russell Island have had huge sales over the past three months
Bruno Komel at Russell Island Real Estate has sold more than 50 properties and the firm itself 150 properties in the past two months.
He said 80% of these sales for land and 20% were for homes.
Chris McGregor of Bay Islands Property has experienced record sales.
“Island sales were strong in January and February, then buyer enquires almost completely vanished during the first 8 weeks of Covid (March & April).
The volume of sales in May, June, July and August almost doubled from the same time last year, which has helped to reduce the oversupply of property for sale on the island (the reason for our historically low sale prices).
‘With the forthcoming State Election, many buyers and sellers will now wait until after the election, this is normal market behaviour prior to an election,” Chris said.
Simon Gordon of Island Life Real Estate says the demand has been such that agents are running out of stock.
“We had sold just about everything we had listed, and sales agent Karen Dell has clients waiting for homes in particular.”
Prices are also on the increase with new home prices increasing by as much a 20% and land prices are on the rise as well.
Home building on all the islands is being carried out at a frenetic pace with several homes a week being completed at the current time.
With the huge increase in land sales in the last three months, the islands’ building industry is likely to be ‘flat out’ for some time to come!