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Cush For Comment | 28 January 2024

Last week more than 150 people stood on Gregory Tce waiting to inspect a one-bedroom unit!

Can you imagine how that must feel?

Only four years ago, less than four people would have attended, maybe a few more if it was in January.

To get out of the rat race, many of these tenants are trying to buy instead of rent.

They are being encouraged by government incentives and the news that the banks are reducing fixed rates for the first time in years.

This is fuelling strong sales and clearance rates in Brisbane, which was historically unheard of at this time of year.

It wasn’t that long ago that the Queensland property market moved to the coast until Australia Day.

But the last few years has seen a new trend emerge, with many buyers starting their property search right at the start of the year. They have the time, is at their fingertips, and the inquiries have been flooding in since January 2.

These buyers are now a solid combination of first-home buyers, interstate migrants and residual buyers who missed out last year.

It is this anomaly in the city centres that gives access to the year ahead. I called six auctions last Saturday with all six selling. Three were record sales! This is largely still in the unit market, but it’s not isolated, with interest pouring in across the board. Fuelled by this strong early interest, it looks like 2024 will be another big year for residential property.