Waves of southern buyers to flood real estate market
Waves of southern buyers are expected to flood the Sunshine Coast property market once borders reopen, experts say.
Premier Annastacia Palaszczuk earlier this week said borders would open to all states bar Victoria where coronavirus has spiked from July 10.
Sunshine Coast Airport yesterday announced that flights to and from Sydney would resume next week.
It has been a welcome relief for the Real Estate Institute of Queensland which predicts a wave of southern buyers to flock to the Coast.
REIQ chief executive Matt Diesel said the region was bracing for an influx of cashed up southerns looking to escape inner-city Sydney and around for a lifestyle change.
"We were waiting with bated breath," Mr Diesel said.
"A lot of people have been gearing up for the borders to open. People holding back waiting for southerners to return.
"Inquiry rates had been high, and a lot of frustration at not being able to come up and see.
"Plenty were sitting on the fence waiting, now they will book and come."
Reed and Co principal Adrian Reed said despite borders being closed until July 10, his Noosa agency had recorded record numbers.
Mr Reed said inquiry levels had dipped away in April but bounced back fast in May and June.
"We have experienced really strong consumer demand and actual transactions," Mr Reed said.
"We are expecting more positivity given there's freedom of movement."
He said the past two months, $22 million in stock had been sold on sight, which he put down to the firms innovative virtual inspections.
Mr Reed said the agency adapted to the changes and "upped" its digital output and had reaped the rewards.
"We had to make sure that is was as lifelike as possible, a really powerful virtual experience," Mr Reed said.
"We typically did one or two virtual inspections.
"It will stay now forever. Something that has pushed us in the right direction."
Jason Mills at Ray White Maroochydore said the borders being closed had affected the agency, but only slightly.
"We have actually taken properties off the market to wait until the borders reopen. We held off on auctions too. But now that it's July 10, we can put a date on it," Mr Mills said.
He did not, however, expect the same huge influx of southern buyers as reported.
"We will see a boost, but I don't know if it will be as big," he said.
"It's funny. Our numbers from haven't changed. Last month we were just shy of a personal best.
"We have found local buyers have been more active. More will to take a risk and jump."