A Changing Market, is This True?
The state of the Australian property market is a popular topic of conversation at the moment, and due to rising interest rates and inflation, some areas have already seen a change.
What does that mean for you if you’re looking to sell, buy or invest in real estate in the next 12 months?
The national media would have you believe that this change is across the board, however so far it has predominantly only affected the larger metropolitan markets.
According to one property website Melbourne and Sydney markets have dropped significantly more than the Brisbane market, showing that the Queensland property market has seen less of a change compared to other states.
This softening of the market is even less in regional areas such as Mareeba. So property owners in our area need not panic at this stage.
Regional real estate markets are known to be slower moving than metropolitan markets and they will usually see the effects of major market changes in a smaller scale.
Although 2022 saw a drop in the number of sales, one property data system reports that the median sale for Mareeba in 2022 was $420,500 which is a 13.6% increase on the 2021 median of $370,000.
So far in 2023 our agency has seen a steady flow of sales due to the continuation of buyer demand. In the first six weeks we have settled 9 properties and seen a further 9 contracts.
Here’s a snapshot of recent sales:
There are 3 IMPORTANT reasons why NOW is a great time for sellers.
- Our local market is going strong and buyer demand is still very high.
- Available properties For Sale (in all price categories) are limited.
- Great times don’t last forever.
If you are still “thinking” about selling or you have made the decision already, we are here to help. Our agents know our local market and we can provide you with an up-to-date Property Appraisal Estimate based on the activity in the market now. The estimate will be tailored to your property so you can get a good idea on a potential sale price.
All you have to do is call our office 4092 2232 and discuss your property goals with Vince or Remo – and we will do the rest.
