Buyers have moved out of Brisbane’s inner city, the outer ring is prosperous

Properties in Brisbane’s Central and Outer Rings are the big winners of the real estate boom, and the rate of house change is 50% faster than a year ago.

But just in the Brisbane area, agents report that some properties are changing hands at an extremely fast rate, usually within a few hours or days, if they do enter the market.

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According to REA Group’s data, the suburb with the largest decline in the number of days on the market is Forest Lake, where the median house price is still US$478,500.

According to the latest REA Market Trends report, approximately 25 kilometers from the Brisbane CBD, nearly 350 houses have been sold in the outer ring suburbs in the past 12 months.

Forest Lake is followed closely by Alexandra Hills, whose average days to market dropped from 41 days to 21 days, a 49% drop.

Ray White Alexandra Hills agent Dean Pieroz said that a property on Mayfair St recently attracted 45 groups to visit its first open house and signed 15 contracts.

“So 14 buyers missed it,” he said.

“The buyer kept texting me saying’don’t forget me’, which I have never experienced before.

“In Alexandra Hills alone, there are hundreds of buyers who want to buy now, and many of them have been trying to buy for six months.

“Everything is going too fast.”

The average days to market for Springfield Lakes, Morayfield and Caboolture also fell by 45%, while the time from listing to sale for North Lakes fell by 44%.

The listing time of Clontarf and Redbank Plains was also reduced by 40%, while the listing days of Capalaba and Redland Bay were reduced by 38% and 37%, respectively.

At the regional level, the eastern part of Brisbane is the best performing area in the state, with the average number of days remaining on the market for houses falling by 38%.

Elsewhere, the total listing time for homes in the Sunshine Coast, Darling Downs-Maranoa, Brisbane North and Logan-Beaudesert areas fell by more than 30%, with some suburbs experiencing even greater declines.

According to data from REA Group, Caloundra’s market data shows that houses change hands in an average of 23 days, down from 73 days a year ago.

That is a reduction of 68%.

Following the Sunshine Coast suburbs is Kingaroy in the South Burnett area, where the average number of days to market for houses dropped from 125 days to 53 days, a drop of 58%.

Of the 10 Queensland suburbs with the largest decline in time to market, four are located on the Sunshine Coast, four are located on the Gold Coast, and two are located outside of these beach destinations-Kingaroy and Dalby.

Time to market in all these suburbs has been reduced by at least 40%.

Luke Humphrys, head of Belle Property Manly, recently sold a house in Capalaba in just four days.

He said the $762,500 in sales was a suburban record for a three-bedroom landless house in Capalaba.

He said: “What I want to say is that since the last lockdown, 90% of our properties have been sold in the first open house.”

“And many have not even entered the market.”

Mr. Humphrys said that properties in the east of Brisbane with a price of less than A$1 million are mainly snapped up by locals or investors, but the sale of properties north of A$1 million is divided between locals and interstate buyers who have moved to the area.

He said that some properties attracted a large number of people, and an open house attracted nearly 300 people.

“For every item sold, many buyers miss out on the opportunity,” he said.

“I want to say that there are about 1,200 people in my database, just looking for properties in Redlands.”

The winter version of the Price Prediction Index (PPI) recently showed that the prosperity of the greater Brisbane area has become “stronger”, and two-thirds of the suburbs are now considered emerging markets.

The report said: “House prices have risen throughout the Greater Brisbane area, passing through various price points in the inner, central and outer ring areas.”

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Quick sale

72 Wentworth Drive, Capalaba – $762,500

The house was sold in just four days, setting a record for a three-bedroom house in the suburbs.

6 Amridge Court Alexandra Hills – $575,000

This low brick house has four bedrooms and is located on a 771 square meter block at the end of a dead end. Sold out in four days.

40 Knight Street, Redbank Plains – $441,000

This four-bedroom house of 669 square meters was sold at a price higher than the asking price in the first open house.

12 Keswick Place, Redland Bay – $540,000

On a 604 square meter plot, this four-bedroom house was sold at a listed price in just 12 days, and many buyers missed the opportunity.

No. 3, Fumbach Street, Beihu District-$892,000

This Hampton-style five-bedroom house was sold to an interstate buyer who rented a house near the city in just four days. It attracted multiple offers.