Selling season starting strongly

HIGH hopes for the first day of the spring selling season did not disappoint.

HIGH hopes for the first day of the spring selling season did not disappoint as house hunters took advantage of perfect weather to search for a bargain.

Spring is traditionally the season when buyers move house and sellers capitalise on warmer weather in the hope of bigger crowds during open for inspections and auctions.

The property industry is banking on the end of winter bringing a change to the flat sales that have prevailed through the June quarter.

Home buyers clearly hit the hibernation button this winter, with Real Estate Institute of Queensland data revealing an obvious slowdown from May to June.

Buyers holding out for a return of the stamp duty concession on July 1 was partly to blame for house shoppers delaying purchases.

But real estate agents have already seen signs of renewed interest as new housing stock rolls on to the market.

CBRE residential projects managing director Paul Barratt said the spring sales period got off to a good start yesterday amid strong interest in one of the Brisbane's newest urban renewal projects - the $270 million Nundah Village (below) development by Property Solutions.

While 60 per cent of the second stage of the development has been sold off the plan, potential buyers were out viewing the remaining units yesterday.

Mr Barratt said many developers timed the release of their new residential projects for spring when buyers are considered more active.

"It is as simple as the weather getting warmer, people are out and the mood changes,'' he said.

"Whether it is demand driven or supply driven it is not really known. But there are always project launches timed around spring.''

Agents for houses listed above the $500,000 Brisbane median house price recorded a slight increase in prospective buyers attending open to inspections yesterday.

On the Sunshine Coast, real estate agents said the season signalled the traditional return of holiday buyers to the area.

The number of spectators doubled to 30 at one auction in Mudjimba yesterday, compared with the numbers attending in the winter months.

Nathan Nicholl, from Ray White Buderim, said a five-bedroom house at 59 Gossamer Drive sold under the hammer for $550,000 after a three-way bidding war.

"Just in the last few weeks things have been much more positive,'' Mr Nicholl said.

"We've actually sold five houses recently with multiple offers. We had nine offers and we've not had that happen for a couple of years.''

Propertyology analyst Simon Pressley said the return of stamp duty concessions for some buyers was one of the biggest factors in a change of pace.

He expected a lift in consumer confidence after the delivery of the state budget on September 11 and once the focus had shifted from public service job cuts.