PROPERTY agents in most suburbs of Logan are caught with an unusual challenge – normally pressed for buyers, they’re now desperate for stock.
Faced with economic uncertainty, people are holding onto their homes, reluctant to move.
Property agent Leanne Smith said that traditionally, most people selling their homes were looking to upsize or downsize – which often meant moving house within the same area.
“People shouldn’t be worried about getting a good price for their home, because we have a lot of genuine buyers,” Ms Smith said.
“It’s true that we are yet to see the real after-effects of the jobkeeper scheme, but what we are seeing is higher demand for properties and consequently, we’re seeing higher prices.
“Not as many people are defaulting on rent as we might have initially thought, and interstate buyers are purchasing sight unseen in some instances.”
Ms Smith acknowledges that agents are often accused of talking up the market, but said the proof was in the tangible sales that were taking place in all areas.
She said she recently sold two properties in Cornubia. One of them had 48 inspections and five offers. The other also had multiple offers.
Both sold within four weeks.
Ms Smith said she was not sure why people would remain reluctant to sell in the current market.
“Some people are getting ready for a retirement lifestyle. Others are keen to move to the coast. The Gold Coast market is flying along,” she said.
“These were all indicators that we should have a sufficient supply of homes to sell, but we don’t. I’m just not sure why people are putting their lives on hold.
“I understand that some people may want to move overseas or interstate, and it’s understandable for those people to wait for the current situation to ease. Others want to move either within Queensland, or to Queensland from interstate, and why wouldn’t you?”
