Issue 56 | The Property Development Review

QLD MARKET OVERVIEW

QUEENSLAND

Michael Kollosche - Managing Director | Kollosche Real Estate

Thank-you for the opportunity to share your insights as part of The Property Development Review publication - the words “housing crisis” are echoing through the media at the moment, within your market are you seeing it getting easier or harder for buyers to get into the market. Regardless of the price growth experienced over the past four or five years, the Gold Coast remains one of the more affordable cities in the country. Despite the median house price having reached $1 million, people are continuing to move to the region because the cost of living here, including education, is far cheaper than in metro areas and the lifestyle is more relaxed. Stock remains tight but there are still fair buying opportunities. Having said that, we are starting to see a supply issue on the Gold Coast. Demand from net migration is significantly outstripping the level of housing that can be produced, due to a lack of labour labour which has been absorbed by the public sector to deliver key infrastructure and projects. This will be further exacerbated in the lead-up to the 2032 Olympic Games. As a result, prices will likely increase rapidly next year, affecting housing affordability in some sectors of the market. What are you seeing in the market in terms of residential enquiries on property? And as price guides become more accessible online, what kind of enquiry are you receiving? It is important for buyers to have a level of transparency around a vendor’s expectations. With properties being sold by private treaty, price guides allow prospective buyers to make better and more informed buying decisions. When it comes to auctions, we cannot provide a price guide, but we can provide a comprehensive list of comparable sales to support a buyer in ascertaining a fair market value price range. There is slightly less competition in the market right now than there has been over the past three years, which has also led to reduced enquiry levels (albeit we don’t expect this trend to last long). However, this has given serious buyers a better opportunity to secure their preferred home. Which segments and type of property in your market are exceeding expectation and what do you attribute this to? During this past cycle, blue-chip properties in A-grade positions continued to be very tightly held and highly sought after, with those that came to market moving into the hands

MICHAEL KOLLOSCHE

94 – September / October 2024

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