HOUSES are selling like hotcakes in the Redlands, with days on the market down and prices up a year after COVID-19 hit.
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A new report from the Real Estate Institute of Queensland shows sales activity grew by 30 per cent in the December quarter, while the median house price increased by 3.8 per cent.
Of all the greater Brisbane areas, the Redlands had the biggest drop in days on the market, decreasing from 50 to 33.
Louise Denisenko from LJ Hooker Cleveland said prices had skyrocketed in the last six to eight weeks.
"I had [a home] in Mount Cotton listed with no price," she said.
"Their expectation was around the $850,000 and I sold that the second day after it went live for $880,000.
"There's a lot of buyer inquiry including from interstate.
"There's also a lot of frustration from buyers, especially local buyers, because everything's under offer."
She said demand was driven by low interest rates, money not being spent on overseas or interstate travel and people re-evaluating their lifestyle.
"I think people are thinking [they] should downsize and be closer to family in case lockdowns continue," she said.
Acreage properties, dual living and homes in the $600,000 to $650,000 price range were in huge demand.
The average price for Redlands homes on more than 2400 square metres was more than $1 million.
It comes as Rochedale, which borders Sheldon, became one of six Brisbane suburbs to hit a $1 million median house price at the end of 2020.
REIQ chief executive Antonia Mercorella COVID-19 impacts had defied all predictions.
"Queensland property has remained extremely stable, recording a steady rate of growth thats really strengthen its market appeal," she said.
Ms Denisenko said agents were flat out coping with demand.
"We would have all thought we'd be practically out of a job [due to COVID-19]," she said.
"It's turned everyone on their heads. This is my ninth year in real estate and I've never seen it this busy.
"At the moment there's virtually panic buying."
Ms Mercorella said Queensland was shaping up to be a strong bet for investors.
"When you consider Queensland's unique attributes and market characteristics combined with historically-low interest rates, surging consumer confidence, and billions of dollars in infrastructure investment, and the scene is set for some of the strongest property growth we've seen in a very long time."
