More Qld homeowners seeking appraisals in positive sign for buyers

Time is running out for buyers and sellers to make their move before Christmas, and there is already some signs of an early festive miracle.

TIME is running out for buyers and sellers to make their move before Christmas, and there is already some signs of an early festive miracle.

Two of Queensland’s biggest real estate franchises have reported a spike in the number of potential sellers seeking appraisals – a sign that more stock could soon be hitting the market.

The Ray White Group saw a 21 per cent year-on-year increase in requests for appraisals in Queensland last month, with 6694 appraisals sought by owners.

Ray White Marsden principal Avi Khan said around 20 per cent of appraisals sought by owners were going on to be listed for sale.

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Ray White Marsden principal Avi Khan

He said the majority were interstate investors, spooked by changes to rental laws and the now shelved land tax, with about 20-25 per cent of those having bought during the Covid property boom.

“We are doing about 70 investor sales a month,” he said.

“People think investors are rich but a lot are worried about their repayment costs going up, they feel that their pain points aren’t understood by the State Government, trade costs are up, inflation is up.”

On the Gold Coast, Ray White Burleigh Group CEO Tiger Malan said that the majority of appraisals were for interstate investors wanting information for taxation purposes or with the view to selling.

“A lot were attempting to guess the top of the market, and with values adjusting down south, some feel that we will follow and they are looking to cash out while still ahead,” he said.

“But even with a small decrease in values, they are ahead, and there are still lots of buyers out there.

“I expect we will see a lot of appraisals towards the end of the year, but a lot of rate rises have been offset with rising rents and a very tight market so where that ends up is hard to tell.”

The Gold Coast was hot property during the Covid-19 exodus to the regions. Picture: iStock

Meanwhile, LJ Hooker has reported a 12 per cent increase in the number of appraisals being sought by sellers across its network, in what could be further good news for buyers after a long period of low supply.

In Brisbane, appraisal inquiries have been highest in Cleveland and Birkdale, as well as around Mount Gravatt and Wishart.

On the Gold Coast, appraisal inquiries have spiked in Robina and Burleigh Waters, while Toowoomba has also recorded a year-on-year uplift.

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LJ Hooker Queensland general manager Stephen Mutton said sellers were still interested in realising the capital gains they had made over the last 24 months.

“Homeowners are preparing to hit the market, but they’re keeping an eye on the RBA’s movements,” said Mr Mutton.

“It’s been a slow start to spring and while there’s a growing number of homeowners who are getting ready to sell by organising an appraisal, we don’t anticipate that same volume of sellers will go to market before the end of 2022.”

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Last month, PropTrack revealed that the number of new listings in Brisbane fell 13.3 per cent in September, and 6 per cent over the year.

But total listings were up 0.2 per cent in Brisbane in September, and 12.3 per cent in a year, according to that report.

It was a similar story in regional Queensland, with new listings down 7.9 per cent in September and 7.8 per cent over the year.

However, total listings in regional Queensland were also down by 0.6 per cent in September and 6.6 per cent over the year.

In Townsville, Explore Property director Giovanni Spinella said the region was still affordable, and homeowners were not feeling the same financial pressure to sell as those who bought in the red-hot southeast markets.

“Generally, stock levels across the board have been quite consistent over the past 2-6 months,” he said.

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But further north, RE/MAX Cairns boss Ray Murphy said there had been a lot of inquiries from people wanting updated valuations.

He said the region typically saw people moving into and out of the city for work and education at the end of each year.

“Sellers know this and want to capitalise on that,” he said.

“We still have a shortage of stock, with more buyers than sellers.

“The appraisals we are doing, about 90 per cent are going to market as the vendor is surprised by the valuation, by what they could achieve.

“It is still very affordable in Cairns but prices are rising.”

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And buyers will have to act fast in some suburbs.

Queensland’s fastest selling house market – Regents Park – boasts a median days on market of just 9.5 days.

Hot on its heels was Jones Hill (Wide Bay), Boronia Heights (Logan-Beadesert), Bellara (Moreton Bay North) and Drewvale (Brisbane South) with 10 days.

For units, Morningside has the shortest days on market, just 12 days, followed by Edge Hill (Cairns) with 15 days, Mount Coolum (16 days), Pacific Pines (17) and Toowong, Gaythorne and Nambour (18 days).

“Owners who decide to sell this side of Christmas will have a captive buyer market because of the undersupply of homes,” Mr Mutton said.

“But that window to sell before Christmas is closing quickly.”