REAL ESTATE: CQ town bounces back after massive dry spell
BILOELA’S residential market has experienced the strongest two months it has seen in a number of years, according to a local real estate agent.
First National Real Estate Biloela Principal Ross Munroe said March, April and May were slow due to COVID-19.
However, Mr Munroe said June and July proved to be the two best months he had seen for quite a while, with 11 sales in June and 12 sales in July.
“There has been very strong demand and we can only put that down to people making the decision to settle down and look at purchasing a home as opposed to considering an overseas holiday due to COVID-19,” he said.
“Prices are very affordable and interest rates are also very low. First home buyers are looking at their options.
“With our rental market being as strong as it is in Biloela, we are providing homes for a very high return.”
Mr Munroe said the market consisted mainly of first home buyers, with most sales happening in the $170,000 to $300,000 price range.
He said investors were also coming back onto the market, “which hadn’t been seen for quite some time”.
He said the rental market was also very tight, with the vacancy rate sitting at about two per cent.
“We manage about 400 rental properties at our office and the vacancy rate is very low,” Mr Munroe said.
“It’s mainly due to the strong employment in Biloela through the meatworks, power station, mines and small businesses.
“But the payments on purchasing a modest home are way lower than they would be with rent. People aren’t wanting to pay rent because it is reasonably high now.”
Mr Munroe said demand was still strong in August and was certain the confidence would continue moving forward.
“It is always hard to crystal ball the real estate market, but we see no reason why this (confidence) won’t continue.”