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A lack of stock, among other factors, has been a key driver on property prices in Marsden, Queensland, to levels reminiscent of the recent market upswing, with one local agent describing the conditions as “really strong”.
Despite beginning the year on the “back foot” with prices down up to 10 per cent across the region, local agent Rebecca Cuderman from Ray White Marsden said the conditions “quickly corrected themselves and buyer activity started to increase”.
This, she explained in an exclusive interview with REB, led to the market experiencing “less of a decline” with property prices returning to levels seen in 2021, when the Sunshine state and wider national market, boomed to new heights.
Underpinning this booming beginning to the new year has been depleting stock levels, while she added the Reserve Bank of Australia’s decision to pause the cash rate back in April “assisted with buyer confidence overall”, though it remains to be seen how recent increases, including the surprising 25 basis point raise delivered in June, will impact consumer sentiment moving forward.
As the year progresses further and the coldness of winter sets in, Ms Cuderman expects the market to remain “fairly consistent” without experiencing “huge growth or decline” even with the talk of up to 850,000 home loans coming off fixed loans towards the back end of the year.
No matter what conditions are thrown Marsden’s way, the agent anticipates a sustained lack of stock ensures “the market will be tight” moving into the latter stages of the year.
With winter typically bringing with it tougher sales conditions, despite what recent auction market performance would have you believe, she explained her focus will be on “clearing stock” as well as ensuring her agencies are implementing “our key processes to drive traffic through our open homes”.
“We are really having to double down on marketing in order to continue bringing in new listings,” she said.
Ms Cuderman believes, regardless of conditions, 2023 will present opportunities to the agents who “continue to outwork others in their core market”, especially with the potential for market share to grow as “agents that entered the market during the peak exit as it becomes too hard to find stock”.
Casting her gaze beyond this year, she believes Brisbane hosting the 2032 Summer Olympics will uplift the Marsden market by increasing its appeal to investors desiring to “purchase before the big ‘spike’”.
She added that, with the cash rate at its highest point in over a decade, “interest rates and the overall cash rate” will be the biggest drivers of market activity, especially considering her belief “the media loves to grab and run with anything negative”.
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