How to sell your home in a week
QUEENSLAND'S housing market is presenting "unbeatable" buying opportunities, with savvy home hunters snapping up properties in some parts of the state within a week of being listed for sale.
The top five fastest selling suburbs in the state in 2018 have been revealed and the regional city of Mackay tops the list, according to research by the Real Estate Institute of Queensland.
Lutwyche in Brisbane's inner north also makes the list, along with the south Brisbane suburb of Stretton, the Ipswich suburb of Dinmore and the Sunshine Coast suburb of Rosemount.
Houses in all of these suburbs reached a contract of sale in just six days on average - significantly faster than the Brisbane median of 32 days on market.
REIQ chief executive Antonia Mercorella said the state's housing market was presenting an "unbeatable buying opportunity" and savvy buyers were acting quickly to snap up a good bargain.
"These suburbs are great examples of buyers knowing what they want and going after it," Ms Mercorella said.
"These suburbs are highly desirable and they tick all the boxes for buyers who clearly know the market well and can spot a bargain."
Ms Mercorella said the regional city of Mackay was "heating up" as residents returned to the area for employment.
The median house price in Mackay has grown a staggering 11.8 per cent to $285,000.
"With the lowest unemployment in the state, of just 3.5 per cent, it's clear that jobs are driving this property surge," she said.
"It's good news for an area that has generally struggled through the resources downturn. "We're now seeing a market firmly in recovery."
Just 5km from the CBD and with a median house price of $743,000, the inner-city suburb of Lutwyche is flanked by the desirable pockets of Wilston and Windsor and close to top schools and train stations, so it's no wonder houses there sell in just six days on average.
"This suburb is perfectly priced for buyers who want all the benefits of neighbouring suburbs Albion, Wilston and Windsor, but don't want or can't afford the higher price tag," Ms Mercorella said.
"This suburb is more than $200,000 cheaper than its high-priced neighbours.
"The Lutwyche Shopping Centre is currently undergoing a massive renovation and redevelopment and once completed this will drive the popularity of this suburb even more."
Brisbane couple Paul Tenney and Kathryn Farren have just put their renovated, Federation era home in Lutwyche on the market.
The property at 136 Stoneleigh Street, which is being marketed by Craig Lea of McGrath Estate Agents - Wilston, is on an elevated 627 sqm block with five bedrooms and two bathrooms.
The dual living arrangement on both levels allows for a passive income, with the possibility of renting out the downstairs floor.
Mr Tenney said Lutwyche was " a sleepy, little suburb" when they bought the house 24 years ago, but it had changed dramatically.
"It was full of big, old, grand Queenslanders and we were looking for a Queenslander close to the city," Mr Tenney said.
"We love being so close to the city, the access in and out of Lutwyche is fantastic, and it has all the things we want - lots of good food, public transport."
Ms Mercorella said one way to help a home sell faster was for vendors to have realistic sale price expectations.
"We always advise sellers to think carefully when setting their sale price," she said.
"If you get it right, your property will sell and will sell quickly.
"This doesn't mean you've set the price too low, this means you've set the price exactly right and buyers who have been looking for a while know that this is a good opportunity."
Research by CoreLogic reveals a majority of properties in Brisbane have consistently sold for less than the original list price.
Over the past three months, 65.7 per cent of properties sold for less than the original list price compared to only 28.8 per cent selling in excess of the list price.
Vendors are discounting their asking prices by an average of 5.7 per cent in order to make a sale.
CoreLogic senior research analyst Cameron Kusher said that highlighted the importance of setting an appropriate asking price on a listed property and allowing some room for negotiation.
"Finding the right balance can be a fine art," Mr Kusher wrote.
"Although the list price is often (not always) known, a sale is a negotiation and as this data shows very few properties actually sell for the original list price."
THE 5 FASTEST SELLING SUBURBS OF 2018 IN QUEENSLAND
- Mackay is the fastest-selling suburb in the state, reaching a contract of sale in just six days
- The annual median house price increased 11.8 per cent in Mackay to a median of $285,000 in August 2018
- A total of 26 sales settled in the city over the past 12 months
- Mackay offers affordable housing close to a region reporting booming economic activity
-The city has a jobless rate of 3.5 per cent, which is the smallest lowest in the state.
- Lutwyche is an inner-city suburb, located 5km from Brisbane's CBD
- It has an annual median house price of $743,000
- It is much cheaper than the neighbouring suburbs of Grange ($960,000) and Gordon Park ($857,500)
- Lutwyche is also located in proximity to Wooloowin and Albion train stations, favouring an easy commute to the CBD.
- Dinmore in Ipswich is the state's third fastest selling suburb, with an annual median house price of $265,000
- It is located about 20km from Ipswich's CBD, but offers rail services
- Dinmore is the most affordable option on the list of the fastest-selling suburbs
- Rosemount on the Sunshine Coast has a median house price of $595,000, according to CoreLogic
- It is a neighbouring suburb to Nambour ($390,000) and Pacific Paradise ($465,000)
- The suburb is popular for the coastal and rural lifestyles it provides.
- Stretton is about 17km from Brisbane's CBD
- It has a median house price of $839,500, according to CoreLogic
- According to the 2016 Census, 32.3 per cent of residents have Chinese ancestries compared to 2.1 per cent in Queensland and 3.9 per cent in Australia
- Stretton is the most expensive option on the list of the fastest-selling suburbs.
(Source: REIQ, excluding suburbs with less than 20 sales for the 12 months to August 2018)