House salesholding firm

Continued low days on market and a higher number of listings than preCOVID are indicative of a property market holding firm, according to the latest quarterly data analysed by the Real Estate Institute of Queensland. With double-digit annual median sale growth during the September quarter in most regions across Queensland, REIQ chief Antonia Mercorella says there are many reasons to remain confident in the strength and resilience of property.

“The average number of days on market in Queensland is now sitting at 19 days, compared to 51 days preCOVID,” Ms Mercorella says.

“It’s somewhat of a relief that the frenzied buying behaviours and bullish offers spurred on by COVID-19 are behind us, but there’s still strong buyer demand and competition for scarce stock.”

Property sales across the Moreton Bay Region are generally reflecting state trends, according to local real estate agents.

The REIQ figures show the median number of days on market for property across Moreton Bay was 14 in the September quarter, compared with 17 at the same time in 2021, while listings remained relatively stable.

Median house prices in the region rose by 27.27 percent compared with the year before, although there was a slight dip of 3.45 percent to $700,000 compared with the previous quarter.

The REIQ figures don’t include auctions or listings where an asking price is not specified.

Ray White Aspley Group CEO Robert Green says 2023 got off to a flying start, with three consecutive weeks of record-breaking open home inspections.

“We’re talking nearly 2500 people through our open homes in the first three weeks of the year, which is far greater than the past two years,” Robert says.

“We have more buyers going through open homes than we did in the boom.”

Robert says the record numbers have included a surge in interest from Melbourne and Canberra - including buyers flying in specifically to view properties - with a particular interest in the Redcliffe peninsula.