Buyers are racing to secure property in Logan with some properties in the city selling in less than three weeks.
PropTrack data released today reveals Marsden is one of the fastest-selling suburbs in southeast Queensland with homes snapped up in just 18 days, well below the median of 36 days.
Crestmead was also popular, with properties spending 19 days on the market, followed by Browns Plains at 20.5, Regents Park at 21 and Waterford West at 22.
Heathwood and Parkinson were the only Brisbane suburbs to make the top 10 with properties selling in 18 and 21 days respectively.
Three Ipswich suburbs also made the cut with Leichhardt the fastest-selling in the city with homes selling in 19 days.
Ray White Marsden AKG agent Cory Boyd, who recently attracted national attention when he took a trashed Logan house to auction, said the city was gaining traction with buyers who had previously not considered it.
“We find a lot more people are coming out towards Logan who weren’t considering the city before.
“At the moment there’s a lot of buyers who just want to get into the market and are happy to do a little bit of renovation work to secure something,” Mr Boyd said.
Rebecca Cuderman, also of Ray White Marsden AKG, last week sold a 1,525sq m property at 51 Blue Gum Drive, Marsden for $990,000.
“Marsden proves to be good value for a lot of people who are getting priced out of other suburbs,” she said.
“For owner occupiers, it makes more sent to buy a four-bedroom two-bathhoom house here that’s close to the popular high school.”
PropTrack economist Angus Moore said buyers were turning to Logan for its affordability.
“What we are seeing across the country is those more affordable areas tend to be among the fastest selling,” Mr Moore said.
“In an environment where interest rates have risen extremely quickly and housing affordability is sitting at its worth level in three decades it isn’t a surprise to see buyers getting priced out of the inner city areas and looking more further afield to those affordable suburbs.”
In regional Queensland, the median days on market was 45 although buyers in Brinsmead in Cairns snapped up properties in just 12.5 days.
Svensson Heights in Wide Bay and Freshwater in Cairns both came in second with 15 days on market.
“The Cairns and Wide Bay regions have been quite strong performers in the past year,” Mr Moore said.
“We are continuing to see a lot of interest in those areas which might explain why we are seeing homes selling so quickly there.”
Mr Moore said the choice for buyers across regional Queensland was half of what it was pre pandemic.
“That obviously means even if there was no change in demand, the fact there is half as many properties for sale make it more competitive and properties sell quicker,” Mr Moore said.
On the Gold Coast, Nerang was the fastest-selling suburb with buyers purchasing in 22.5 days followed by Maudsland at 26.5 and Pacific Pines at 27.
PropTrack data was based on suburbs with the shortest days on realestate.com.au in the past 12 months to November, 2023.
There was a minimum of 30 sales for a suburb to be included.
Article source: www.realestate.com.au