Well, 2022 has well and truly started, and for the real estate industry it seems like the momentum hasn’t changed from what it was in 2021.
There has been speculation around this ‘uplift’ in the market being a sporadic event and that it won’t last this year and buyers should hold off making a purchase, waiting for a crash of sorts to affect our property market.
The best time to buy is when you are financially ready, as trying to predict the cycle of real estate can be a costly game.
We have met buyers who have been religiously out and about at open homes gauging the market for 18 months waiting for the market to potentially correct itself and feeling like they will have a win at that time. Unfortunately for those buyers, we now know that the Mackay real estate market has gone up on average anywhere between 7-15 per cent in most suburbs and given the actual median house price in Mackay is now $410,000 (source: Domain November 2021), waiting may have cost you some $30,000 - $50,000 for the same style property.
If this is to happen again this year and 'if' the market corrects itself down the track, you’ll inevitably still be paying more then, as opposed to buying now or perhaps when you first started looking. If it goes up 10 per cent and comes down 10 per cent you haven’t lost anything! Something to think about!
Our figures show that the energy in the property market has flowed over from last year and in fact we had 216 groups of buyers attend open homes and private inspections in the last seven days which is a number greater than the end of last year.
For the sellers contemplating a move, there is a real evident shortage of quality properties for sale at the moment and there is a real push from buyers to know what we have coming to the market soon given people need a roof over their heads.
Interest from interstate and SEQ has grown tremendously with 20 per cent of our current contracts bought from these buyers and some sight unseen. In fact, four contracts last month were all cash buyers from interstate and ranged from $600,000 to $1 million.
No one will ever predict the real estate market anywhere, but there are no real signs of it slowing down due to low interest rates, the shortage of workers and upcoming employment opportunities in our region and the fact there simply isn’t enough property for sale for the demand we are currently having.
Enjoy the experience whether you’re buying or selling and don’t let the fear of doing either paralyse you.
If you need a hand don’t hesitate to call an Explore Agent today!
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