The Queensland markets are poised to take off because the state is in a position of economic prosperity. It is likely to attract big numbers of asset-rich people, with much of their wealth having arisen from Sydney property sales, according to one real estate expert.
RE/MAX managing director Michael Davoren said that he has been anticipating a “massively” strengthening South East Queensland market for some time, and has been educating agents to prepare for it.
His comments follow the release of a Macquarie Bank research that found that a 130,000-strong wave of people is tipped to move to Queensland from the southern states, especially Sydney, for its more affordable property and good job prospects.
Mr Davoren added that the researchers appeared confident that the interstate migration would transfer more than $8 billion in equity to the housing market.
“Markets have been strong in Brisbane and South East Queensland for some time, but with a serious lack of stock for metro Brisbane and the coasts,” the managing director said.
But Mr Davoren also warned against confusing strong markets with easy markets.
“Stock will become even shorter in supply for Queensland agents, and agents need to be well known in their marketplace before this happens.
“They need to be very active in their prospecting now to have the relationships in place in order to get the listings and have the stock they will require.”
Mr Davoren also sees the changing markets as beneficial for the investor.
“It will provide opportunity to move any investment stock that has been sitting for a while, but importantly, the next few months may prove good timing for potential property investors to jump in and buy now.”
He said that Queensland is entering a golden era.
“The really good agents will do well in such times; average agents will not. It is about the relationships and reputations the good agents have already established."
Mr Davoren said: “As a top agent, you only want to catch the best waves.”