The South East Queensland (SEQ) region continued to be the top choice for interstate and foreign buyers.
Little Hinges’ Sight Unseen report, which analysed 200,000 virtual inspections in April, showed Queensland’s appeal to southern buyers, with an average of 29.5% of properties being virtually inspected by interstate buyers, primarily from New South Wales and Victoria.
Of the three major markets in SEQ, the Gold Coast is considered the “hottest” location for interstate buyers nationwide.
The report showed that the Gold Coast had the highest number of interstate inspections.
Little Hinges CEO and co-founder Josh Callaghan said nearly half of all prospective buyers of Gold Coast property are from other states, almost reaching the level of local demand.
“Only 57.3% of buyers inspecting property on the Gold Coast were locals — if you compare this with the southern cities like Sydney, 91% of inspections were being conducted by locals,” he said.
The Sunshine Coast and Brisbane are also recording healthy levels of interstate and foreign activity.
Around 28% of properties in the Sunshine Coast and 23% in Brisbane were inspected from interstate.
“Sellers need to showcase their property to the widest audience of potential buyers — traditional methods only cater for a local audience, and virtual tours are essential for capturing the significant interstate and international market,” Mr Callaghan said.
“While physical open homes service local buyers who can attend, sellers need to consider how they are reaching buyers who are interstate and overseas.”
CoreLogic’s dwelling price index in April showed a 1.7% monthly and 29.3% annual growth in Brisbane’s median price. Meanwhile, regional Queensland posted a 1.7% monthly and 25.3% annual gain in median price.
A recent study by Momentum Wealth ranked Brisbane as the second-best place for investment among investors next to Perth, with around 32 of active investors planning to snap up a property in the city over the next 12 months.
Around 29% of those who favoured Brisbane were attracted by the city’s current place in the housing cycle, while over a third cited its affordability.
Meanwhile, around one in five who listed Brisbane as their place to invest highlighted the announcement that the city will host the 2032 Olympic Games as a driver for their preference.
Photo by @cityofgoldcoast on Unsplash