Granite Belt house prices continue to skyrocket as more investors buy homes

As more people relocate from the big city to Stanthorpe, local real estate agents say this economic upturn and record buys is creating a highly competitive property market with many unable to afford the increasing costs of owning a home.

COVID continues to have a profound effect on the Granite Belt property market with more people wanting to live regionally, which has created a major housing crisis across the region. Picture: iStock

As investors, families and couples move to the Granite Belt to get away from life in the big city, it’s having a profound effect on the local property market and creating a major housing crisis across the region.

COVID continues to have a huge domino effect on the Stanthorpe property market as the consequences of the global pandemic are making Queenslanders and Australians reassess their lifestyle needs and wants.

Crisp Real Estate principal Norman Crisp said more and more buyers are coming to Stanthorpe as people are realising they don’t have to be working in Brisbane to do their job.

“This interest from buyers started 12 months ago just after COVID because people couldn’t travel interstate or overseas so they decided to stay in Queensland and this trend has just continued ever since,” he said.

Mr Crisp said it’s not just families or workers buying homes in town.

“There’s a lot of investors buying the cheaper homes and then getting some return from rent which they feel is better than just having money in the bank,” he said.

This increase in property purchases is creating a profound effect on house prices, with the median price of a home in the Granite Belt selling for $265,000 up 4.2 per cent since last year.

Mr Crisp admits he hasn’t seen the market like this in a “long time” with real estate agents in the region unable to meet the demand as there are “more buyers than available properties”.

“There are buyers looking for everything, from small units, first homes at the lower end of the price scale to higher quality homes,” he said.

“Unfortunately, many of the younger buyers don’t have enough money for a deposit as the prices are increasing that dramatically, meaning they are forced to either rent or move interstate.”

There are currently 121 properties listed for sale in Stanthorpe, with homes being snapped up quickly.

Originally published as Granite Belt house prices continue to skyrocket as more investors buy homes