Local house prices are soaring but buyers are not deterred, forming a line down the street to attend inspections.
The current demand for houses in the Chermside area is extremely high, RE/MAX Chermside real estate principal Shirley Mapp revealed.
Shirley said new listings were not keeping up with the demand, resulting in a shortage of listings.
“Listings are generating thousands of enquiries each,” she said. “Most are receiving several offers and buyers are insisting on back-up contracts in an attempt to be ready in case the first buyer is unsuccessful.”
Shirley said there were several reasons for the increased demand and rising property prices.
“We all had to stay home in 2020 and have saved money,” she said. “Those buying their first homes have increased their deposits, and since money is so cheap to borrow, they have been able to step back into the property market.”
According to realestate.com.au, the suburbs of Chermside, Chermside West, Aspley, Kedron, Wavell Heights, and Stafford Heights have seen noticeable increases in median house prices in the last year.
Kedron, in particular, has seen a huge jump in the median price from $740,000 in April 2020 to $830,000 in March 2021. Shirley said sales of bigger properties were responsible for these figures.
“Kedron has had good sales over $1M, usually around the avenues, which have beautiful Queenslanders or new builds,” she said. “These sales bring up the averages really quickly, hence the $100K rise in median.”
Shirley said the statistics always lagged behind the market by several months, meaning we would not see the big shift in figures yet. “However, the REIQ property clock says we are in a rising market for houses and in a recovering market for units,” she said.
When it came to securing a property at the best price, Shirley recommended buyers be ready, have their finance pre-approved, and go with their gut instinct.
“Know exactly how much you can afford to pay and put your best foot forward,” she said. “Do not hesitate.
“I don’t think fear of paying too much is an issue at the moment. I know I’m a career real estate agent, but I do remind buyers that property is not a short-term investment. Over time, all properties improve in value. The issue is no one knows how long that can take. Choose with your heart and your head.”