According to a new report Queensland’s property buying frenzy has slowed right down, but Logan real estate agents say not to worry, with Logan living highly sought after.
A number of agents in the Logan area last week said they’d seen a definite easing of the market.
The number of people going to open homes of a weekend had reduced – one agent said properties that were a month ago getting 20 people through, were now only getting two or three groups of people.
“That’s still better than pre-Covid,” he said. And people had to remember that prices had skyrocketed – most properties were still getting good prices for their homes compared to pre-Covid markets.
But a number of agents said sellers were trying to come into the “tail end” of a hot market, expecting to get prices they might have achieved only a few months ago.
“Unfortunately, people are finding that they’ve missed the boom,” an experienced agent said.
She said people would now have to take a realistic view of the price of their homes, meet the market, and sell according to the conditions.
“There are a lot of agents who will find that they now have to work for a sale,” she said.
“This can be a good thing, because it means that agents will now have to start working for the buyers as well as the sellers – which wasn’t necessarily the case during the times of a positive market.”
Latest quarterly results for the Logan region showed increases of around 1.1%, which was good compared to inner city markets where prices were plunging.
REIQ CEO Antonia Mercorella said there were signs of calming.
“You only need to take a look at the rate of price growth over the past year, with some areas achieving an incredible 20%-30% growth year on year, to realise the property market couldn’t keep up that accelerated pace forever,” she said.
“This quarter we’re still seeing healthy growth in most major markets, but at a more sustainable level, as Queensland’s property market appears to finally have caught up on the growth it was well overdue for.
“What this means on the ground is that the property buying frenzy has relaxed, allowing a slower, more considered approach from buyers which is evidenced by longer days on market.”
Candice Le from Browns Plains Real Estate said: “It really comes down to taking the time to spend with my clients to educate them and provide them with feedback on the factors affecting the market.
“There has been a correction in the market, but Logan is still a highly sought-after area with amazing thriving community.”
Some say real estate agents who jumped in at the chance for a quick cash grab during the boom will find themselves in a pickle in the coming months.
Ms Le said experienced agents know how to adjust to changing conditions.
“There is so much positivity around the Logan market at the moment and that is what we need to remember, it is not doom and gloom,” she said.
“Logan is affordable for first home buyers; people looking to downsize or upsize and of course investors. With many properties having a high rental yield for investors, Logan is a must when looking to purchase an investment property.
“The community in Logan is so strong, always supporting each other. It is a great place to live and bring up a family, this is a huge benefit of buying and selling in Logan.”
With the changes in the market, Ms Le said those looking to sell need to get on it now.
“We are still seeing great activity with buyers searching for a home. We are now in the Spring selling season; Spring is generally where more properties come to the market,” she said.
“If you are looking to sell it is best to come to the market sooner rather than later, contact a local agent now to discuss your plans and what you want to achieve.”
