[New] Hinterland property market resilient in the face of shifting market

Property sales in the Hinterland finished strongly for the last quarter of 2022 as motivated buyers sought to secure a home prior to the Christmas holiday shut-down. Cassi Nuske of McGrath Beerwah reported 27 properties going under contract from October through to December which was up on the previous three-month period. There were less properties listed for sale over the same period which has resulted in a shortage of supply as we begin 2023. Cassi says, “during the first two weeks of January, there’s been a noticeable increase in calls to our office from buyers unable to find a suitable property. The general feedback is they’re finding less properties available on market now, than there were two months ago.”

With interest rate rises predicted to ease in 2023, the catalyst for property price corrections seen through the last quarter of 2022 is likely to be less influential. Historically speaking, interest rates are still very low, and buyers are adjusting their budgets to factor the new levels. Cassi predicts that the key influencer on the market heading into 2023 is more likely to be supply and demand than interest rates.

“At the moment, supply in the Hinterland is low, which will have the effect of helping maintain property values and keep them from declining further than that seen in September and October 2022.” Cassi states that while national media reports regarding predictions of further property value decreases through 2023 may be true for some regions, buyer demand for the Sunshine Coast region is likely to see the local area buck the national trend, providing supply remains tight.

If you’re a homeowner considering selling, now is a very good time to be coming to market – we have buyers seeking homes!

For assistance with an up-to-date appraisal or help navigating the changing market, please contact Cassi at McGrath Beerwah for an obligationfree chat regarding your real estate needs on 0415 304 127.