THE Redlands is a strong sellers’ market, leading the greater Brisbane area ahead of Logan in house price growth.
Redlands house values grew by 4.4 per cent in the 12 months to June, compared with rises of 3.4 per cent for Logan, 3 per cent for Moreton Bay, 2.5 per cent for Brisbane and 2.1 per cent for Ipswich.
The data was released by the Real Estate Institute Queensland this month.
Raine and Horne real estate agent Gordon Whicher attributed Redlands good market performance to the smaller supply of homes and greater demand.
About 4000 houses were listed for sale in the Redlands in the 12 months to May, paling in comparison to numbers listed in other Brisbane areas.
About 18,800 homes were listed in Brisbane, with 10,000 in Moreton Bay, 6500 in Logan and 4842 in Ipswich.
Redlands homes sold for $535,000 on average, trumped only by Brisbane’s median annual sale price of $673,000.
“There is less stock on the ground and people jump in for fear of missing out,” Mr Whicher said.
“It is still a sellers’ market for the simple fact of the limited number of properties for sale. There are not as many homes but still plenty of buyers.”
Redlands houses were listed for 38 days on median, which was a few days longer than in Brisbane but quicker than in Ipswich.
Mr Whicher said tightening in lending after the federal government’s banking royal commission had a slight effect on demand.
Properties could take a bit longer to sell but the market was still strong, he said.
Cashed-up interstate migrants, who might have profited from stellar property price growths in capital cities like Melbourne and Sydney, would continue to help drive the Redlands market, he said.
While unit prices slumped elsewhere across greater Brisbane due to oversupply, the influx of new apartments sold in the Redlands bumped-up unit prices by about 1.5 per cent.
About 625 units and townhouses were listed for sale in the Redlands for an annual median sale price of $411,000.
Mr Whicher said he expected new apartments would continue to sell well, perhaps to the detriment of older units listed for sale.
“The upper echelon of units, like the larger units with three bedrooms and two car spaces, in comparison, will always sell well given the retirement demographic and the newness of them,” he said.
“An executive penthouse – a 200sqm apartment – is bouyant and are selling well.”
REIQ said the outer Brisbane rental market, which included the Redlands, continued to operate within a tight and healthy range despite increases in rental supply.
Redland City’s population is expected grow by about 30,000 to reach 188,000 by 2041, with more than 15,000 dwellings needed to be built to accommodate the influx, according to the south-east Queensland regional plan.