Records tumble as property market seals biggest Spring ever

A whopping $6.23 billion has been recorded in home sales already, with weeks left to go in the Spring sales season and experts are predicting another bonanza as the Queensland border opens up.

Queensland has recorded its biggest Spring ever as early home sales figures topped $6.23b with weeks left to go, and experts predict a sizzling Summer ahead as borders re-open to let more buyers in.

Latest preliminary data from PropTrack, a division of realestate.com.au, found amounts paid for Qld homes during Spring – from September 1 to November 10 – were a 66 per cent surge over Spring 2018 results for the same period.

That’s a jump of $2.47b this season compared to the 2018 Spring season before Covid-19 took hold in what is traditionally the hottest time of the year for residential property sales.

PropTrack economic research director Cameron Kusher said the overall value of sales has increased consistently each year since 2018.

“It seems unlikely that we would have reached these heights previously considering how much higher individual property prices are today,” he said of the record results.

“The ongoing rise in the amount of properties sold and the average price speaks to the current market conditions and increase in prices. It also points to the big impact that the historic low mortgage rates have had on the market this year and last.”

This Morningside home sold for just over $1 million at auction on Saturday.

The figures showed Spring sales prices (from September 1 to November 10) failed to be dented when Covid-19 hit, going from $3.751b in Spring 2018, up 8.09 per cent to $4.054b in 2019, then a massive 32.46 per cent jump to $5.37b in 2020 and up a further 16.02 per cent to $6.231b this season.

In a sign of how much the market has risen, the average sales price had also jumped from $554,455 in 2018 to $699,452 this Spring.

Place Estate Agents head Damien Hackett has his Qld team working through the Summer period after a sizzling Spring, expecting "a second wave” of demand from buyers.

”Last year it just kept going through and this year the feeling is the same again,” he said. ”Come mid December there will be an influx of southern buyers and people from overseas looking to buy in SEQ. We’re gearing up for another year where the demand will be consistent throughout that whole Christmas period.”

The sellers got $1.3 million for this home at Mitchelton when it went to auction on Saturday.

Mr Hackett said there was “a real groundswell of demand form southerners who want to make a move up north”.

“A bunch of people bought via Zoom calls or Facetime, but there’s another group that wants to see it, it’s a second wave potentially.”

Ray White Queensland CEO Jason Andrew said it used to be an unwritten rule that Australia Day was “the starter’s gun for the year”.

“But Covid has flipped seasonal trading on its head and we expect there will be a record summer for transactions and volume across Queensland. The smart business people in property will be working through as demand is only going to get stronger once the expats can come home without hotel quarantine.”

This Camp Hill home fetched $1.3 million at auction on Saturday.

Mr Andrew said 2021 will be a full 12 month year in real estate, compared to previous years when many people took time off and came back after Australia Day.

“The Event on the Gold Coast hosted by Ray White Surfers Paradise on January 23 will see a record number of properties placed up for auction. For now, there is no slow down in competition for property, despite the number of properties for sale beginning to increase. This will continue to flow through to price growth.”

Brisbane real estate agent Patrick McKinnon of Place Ascot said Summer holidays were not slowing things down at all, with many homes hitting the market for the first time in years.

“The surge just hasn’t stopped and it seems everyone’s trying to buy before the everyone else from down south come up. Once borders open, it will accelerate further. It will go again so that’s why a lot of people are saying they’ll buy now instead of competing with them. When January comes (which is traditionally quiet), it’s not going to stop. Qld will continue to grow and be attractive.”

Brisbane couple Anneliese and Jorge Gomez are taking their Spanish-inspired home to auction. Picture: Nigel Hallett

Anneleise and Jorge Gomez, who own Hacienda Flowers Albion, have their Spanish-inspired home at 36 Zeehan Street, Wavell Heights, set to go to auction at 6pm on Thursday (Nov 25).

“When we bought it in 2013 it was little 1950s brick bungalow with a terraced backyard and a Hills hoist, no garden, just a blank canvas,” Mrs Gomez said. After creating a garden, and putting in a plant every weekend for eight years, the home is a private oasis, complete with a new wing with master suite, kitchen, lounge and swimming pool.

Place real estate agent Nick Mellish with sellers Anneliese and Jorge Gomez. Picture: Nigel Hallett

Their agent Nick Mellish of Place Ascot who sold them an acreage property outside of Brisbane convinced them to put the Wavell Heights home on the market.

“Now's the time to sell for us and we’re moving to a completely different place. This has been a great house, it’s been lovely to watch it evolve from brick home to this private sanctuary. We’ve outplanted this garden and now we've decided to buy 6.5 acres an hour and half away from Brisbane where we can plant things to use in the shop too.”

Originally published as Records tumble as property market seals biggest Spring ever