“It’s Still A Seller’s Market”

The local property market is holding steady - even improving in some regional hotspots - despite interest rates in the country rapidly rising according to local experts.

Whitsunday Realty Principal Troy Liesch said it could be attributed to the lack of listings – something that’s “the same everywhere.”

“What we’re seeing is that there are still buyers, prices are still strong, rentals are crazy,” Mr Liesch said.

“A lot of properties have been sold over the past two years and I think a lot of them would be rental properties, which people are living in now. They’ve been sold and become owner occupied; a lot of investment properties that have been cleaned out and the market becomes dear, like it is everywhere.

“I haven’t seen any price crash here. It’s such a seller’s market now that most homes we get won’t even make it to market – we have a backlog of people looking to buy that get to it before then.”

For sellers, that means high prices. And Mr Leisch said with so few places up for grabs now that homes can be sold as quickly as a week – normally they would remain on the market for 30 to 40 days.

“If I was thinking about selling my house, it’d be a case of sooner rather than later. We have people ringing up almost every day looking for a house,” he said.

“What I would suggest is, because in the next six months, the interest rates will influence how many buyers there will be, to sell while the going’s good. What we might see is more people selling their homes once the interest rates reach even higher, and that can change the complexion of things.

“What I would suggest is: people can come have any conversation with me – a free appraisal or a chat about the market – I’m happy to talk to them. Whether it’s rental or selling. We’re here to help.

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Caption: Whitsunday Realty Principal Troy Liesch said the property market is strong and those looking to sell would best do so soon

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