Whitsunday housing market thrives despite pandemic
IF THERE was a silver lining to coronavirus, it would be in the boost that’s occurring in the Whitsunday housing market as sales continue to boom.
Independent property advisor Herron Todd White released its national property clock, which identifies the latest movements and trends for property markets across Australia.
The September clock indicated the Whitsunday region was at the ‘start of recovery’ phase for house sales, while Mackay was identified as a ‘rising market’.
Ray White Whitsunday principal Mark Beale said this meant it was a great time for prospective buyers with their eye on the Whitsunday market.
He anticipated the solid number of sales over the past few months would continue and as supply decreases and demand increases, price growth will start to emerge.
This means Whitsunday homeowners will be able to attach higher price tags to their properties in the future.
Mr Beale said owners could also expect multiple offers on their properties, meaning both the date to market and the sell price percentage is quite low.
“Sellers don’t have to come down as low because buyers don’t want to miss out,” he said.
“This usually means supply will decrease and demand will increase, and that’s when you start to see some price growth.”
However, Mr Beale warned sellers this was not an indication they should bump up their sale prices just yet but predicted solid sales would continue.
Despite the pandemic, he said sales were the highest they’d been in a long time while the number of stock is the lowest it had been for 12 years.
“I think the key difference is not only JobKeeper but there’s other economies within the Whitsundays, like mining, that’s going very strong,” he said.
“Trades are also going strong and the restaurants in town are full.”
Lower interest rates were also a major factor as prospective buyers can borrow money at less than 2.5 per cent.
“If tenants and people can come up with a deposit they should, and they are buying,” Mr Beale said.
“Repayments on unit that costs $150,000 are half of what it costs to rent.”
People seeking a sea change have also led to a boost in land sales across the region and Mr Beale predicted an undersupply in land as buyers flock north.
“There’s people down south who have been wanting a sea change for a while but haven’t had a good reason other than wanting to do it,” Mr Beale said.
“COVID is a push that people wanted and needed.
“COVID’s has given a silver lining, not for tourism, but for people wanting to live here, absolutely.”