As real estate agents struggle to find superlatives big enough to describe the boom in south-east Queensland property, analysts say the crazy market looks set to continue well into next year as the state's population continues to grow.
Single dad Teifi Caron has been hunting for a house in Brisbane's inner west for five months, but keeps being outbid by desperate buyers.Forecasters expect south-east Queensland property prices to keep rising well into next yearAnalyst Terry Ryder says the pandemic is actually driving the boomThe 38-year-old has been offering up to 20 per cent higher than the asking price on every property.
Mr Caron said he has learnt not to let his heart rule his head with property, but he has realised he'll have to switch up his strategy. "The market is being driven by perpetually low mortgage rates, relatively low levels of stock, and the fact that the state is free from lockdowns. The view from the Toowong townhouse where so many people went through in one weekend that Space Property ran out of brochures.Deloitte Australia's Alex Collinson agrees there are plenty more would-be Queenslanders looking to relocate to a safe COVID-free haven.
The staggering growth figures have also been reflected in ANZ's recent house price growth forecast for 2021.But agents at the coal face agents say many buyers are anxious."We have had properties that have sold for nearly half a million dollars more than we thought were going to — it is just extraordinary," she said.A house at 26 Cadiz Street, Indooroopilly, went for nearly $300,000 over the reserve at $2,260,000 on the day Brisbane went into its last lockdown on July 31.
While prices are cheaper in the Ipswich region, they are still the highest the industry has ever seen.
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