16 Mar 2021

Queenslanders experiencing toughest property market in years

Queenslanders are experiencing the toughest property market in years with house prices soaring and a dire shortage of available land.

The city of Logan, south of Brisbane, has become a battleground of bidding wars.

A wave of pent-up demand from interstate, low listings and record high price predictions is driving a desperate race to get into the market.

"Anything we see and think that's nice ... it has a million-dollar price tag. It's too rich for us," buyer Paul Haggerty told 9News.

Housing Industry Australia claims confidence in Queensland's housing industry has rebounded faster than any other state.

"We are seeing people making offers above the asking price," Elders Real Estate's Nathan Strudwick told 9News.

New figures reveal over the next year, residential construction will stay steady with more than 6000 homes to be built every three months largely driven by HomeBuilder grants.

Right now demand for detached housing is soaring.

Last year, approval numbers across Queensland jumped more than 51 per cent.

But economists warn a shortage of land available for new builds means the boom won't stick around.

"We're looking at fewer than 200,000 homes built in that calendar year in 2023," HIA chief economist Tim Reardon told 9News.

For new multi-units, the forecast is even worse, with 14,000 developments being constructed annually by 2025.

That works out to be less than half the amount built in 2015.

"That's the loss of overseas students and loss of migration," Mr Reardon said.

LNP leader David Crisafulli said infrastructure investment was needed "to protect the lifestyle of those who are here already and also open up more housing opportunities".

As for whether more land will be released for development, Premier Anastasia Palaszczuk said it was an area the deputy premier was "having a close look at".

SOURCE: https://www.9news.com.au/national/property-market-queenslanders-experiencing-toughest-property-market-in-years/7d8a8e35-fee7-40b7-8c05-71132b158a7f

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