People are downsizing and pocketing the money from a market in boom.
One person was heard within the last couple of weeks to have sold their house and moved into a caravan, with a plan to buy again when the market dips.
Another put their three-bedroom home at Rochedale on the market recently with a “dream figure” of $600,000. It sold for 10% more than the dream.
It’s a cycle, but the question those in the property sector are asking is how high the cycle goes.
“People sure are taking advantage of the market,” Ray White Marsden principal Avi Khan said.
“We know steady growth will always be there over the long term, but how high in the short term and for how long? I can’t answer that. How long is a piece of string?”
Ray White Rochedale South principal Zishaan Omar agreed.
“We have no idea how good this market is,” he said.
Mr Omar said a house this month had 55 sets of people inspect. Of those, 22 submitted an offer.
“So that’s 50% of the people who saw the house put an offer in,” he said.
“I’ve never seen that before. Nobody has any idea how good this market is.”
Mr Omar said there were lots of buyers from Sydney and Melbourne, which was making it difficult for local buyers, particularly first home buyers.
He suggested people struggling to buy their first home should establish a relationship with their local agent to gain insights, ensure pre-approvals were in place, and to minimise any conditions or restrictions to purchase.
“You can get priced out of the current market really early,” he said.
Mr Khan said people were making lifestyle decisions when deciding to sell their homes.
Whenever the current bubble does burst, he said Logan was more sheltered from the impacts than Brisbane due to its constant population growth and lower price point.
Any form of crystal ball gazing was difficult, particularly with economic uncertainty.
