Why Bay property market is bucking trend
REAL estate agents across Hervey Bay are reporting the property market has shown no signs of slowing down despite bleak forecasts in other parts of the country.
Among them is Prime Agents' principal Leah Quinn.
She believes the only impact COVID-19 has had on the Bay market is a shortage of new listings due to sellers lacking confidence.
Homeowners considering launching a sales campaign right now were also doing so with far less competition than they would normally see.
"Since health restrictions were implemented our team has written 30 sales contracts," Mrs Quinn said.
"We've had a number of properties go under contract within a few days, with multiple interested parties."
The likelihood of a market price correction in Hervey Bay was dismissed by Mrs Quinn who said interested buyers had not dropped off.
She said the sentiment among many prospective buyers was they wanted their lives to get back to normal as fast as possible and did not have plans to put their buying aspirations on hold.
"We haven't seen any low balling of offers or bargain hunters' bonanzas," she said.
"We are fortunate to live in one of the most desirable locations in Australia, proven by the number of interstate enquiries currently being fielded by our sales team," she said. Demand was being driven by low levels of supply, low interest rates and less competition for sellers.
"That's the real trend. We are buyer and seller matchmaking and it's not showing any signs of slowing down," Mrs Quinn said.
Performance had also not been limited to one or two agencies. "It is indicative of the industry here in Hervey Bay right now and I applaud my industry colleagues who continue to contribute to positive public sentiment."
It comes after Fraser Coast Property Industry Association President Glen Winney said last week that the Coast market had long been driven by a migration of city buyers and COVID-19 could actually have a positive effect because people may be more inclined to move to an area with a smaller population. He also expected the impact of job losses to have less of an impact in a market where a larger than average number of locals were already retired and felt safer living in an area like the Fraser Coast
For more property news see Saturday's Chronicle which also comes with your bonus real estate guide.