Exploring Real Estate Trends: From Market Insights to Island Escapes

Hello, Andrew Bell here, with plenty to share in this week’s eNews, spanning various fronts. Particularly noteworthy is an incredible private island we’re auctioning under mortgagee terms in the Whitsundays, perfect for your weekend getaway.

Firstly, let’s delve into the most comprehensive state-of-the-nation report on the real estate market for the calendar year ending 2023. It’s intriguing how different research houses present varied statistics due to their reliance on distinct information sources. Leveraging my 40-plus years of experience and my role as a Board Member of the Real Estate Institute of Australia, I prioritise credible sources. Pleasingly, there’s general consensus among industry experts.

It’s unanimously agreed that price growth surged nationwide throughout 2023, albeit with some variation in reported figures. Notably, prices saw an acceleration in the final quarter of 2023.

Rents for 3-bedroom dwellings rose by 2.6% quarterly and 13.4% annually. Meanwhile, 2-bedroom dwellings witnessed a 0.4% quarterly increase and a 16.1% annual rise, reflecting a significant demand for such properties nationwide, attributed to the overarching concern of the cost of living.

February saw an 18.5% rise in new listings compared to 2022 figures, indicating continued market activity.

As expected, home loan applications have dwindled over recent months due to higher interest rates, dissuading potential buyers. Nonetheless, there’s a noteworthy trend of cash transactions, with over a quarter of properties in New South Wales, Victoria, and Queensland purchased outright, reflecting a total cash outlay of $129.6 billion—a 1.5% increase from 2022.

Moreover, the share of mortgage-free home sales increased by 2.9 percentage points to 28.5%, underscoring the active participation of property owners capitalizing on real estate gains and the downsizing trend among baby boomers.

Locally, Mayor Tom Tate secured his fourth term in the Gold Coast City Council elections, offering stability for the city’s future. The robust property market continues to flourish, with impressive auction results and sustained migration inflows.

Looking ahead, we anticipate navigating a complex market landscape with conflicting factors influencing real estate trends. With nearly five decades of experience and access to extensive research, I’m committed to providing insightful analysis.

I’m excited to host the Ray White Business Meets Sports Networking Lunch, featuring esteemed guests Harry Triguboff and Anna Meares, offering invaluable insights and fostering community engagement while supporting vital beach safety initiatives.

Returning to the subject of interest, Victor Island’s mortgagee sale presents a unique opportunity. This eco-friendly, 3.14-hectare island near Mackay boasts a renovated 4-bedroom residence and a caretaker’s cottage. For further details, contact our agent Michael Willems at Ray White Commercial Gold Coast.

I eagerly anticipate reconvening in a fortnight to share more updates.