Things Are Looking up for the Queensland Property Market
COVID-19 has had significant impacts on the economy and on many industries throughout the world. In Australia, the property industry has been relatively lucky in surviving the challenges of a worldwide pandemic.
In Queensland in particular, the last couple of months have seen a huge increase in property prices across the state.
In the strata industry, we can review the patterns in Form 8 applications, Body Corporate record searches and Certificate 205 applications to determine the trends in the strata property market.
In Queensland, the lockdown period began on 22 March 2020. The data below shows the decline in Form 8’s, Certificate 205’s and searches over the 6-month period following the lockdown. We can also see levels increase and level out nearing the end of the year, showing market positivity.
Body Corporate Record Searches
Queensland has become a leader in dealing with COVID-19 and as a result, many interstate residents have begun to make the move to the Sunshine State. Towards the end of 2020, Form 8’s spiked in Queensland as a result of the influx of interstate residents.
To support this increase, many of the search agents that attend SSKB offices have commented that they have been averaging 30 searches per week and have been forced to turn away jobs due to the increase in volume.
Form 8’s have also seen a significant change in pattern over the last 12 months. The last three-month period has seen a spike in Form 8’s that is greater than the pre-covid period. This represents an increase of sales in the strata market.
If you wish to learn or discuss more about the Queensland Strata property market, please don’t hesitate to contact the DCT team!
At SSKB we guarantee the highest level of service for our clients by consistently going above and beyond in our projects. We work within the respective state legislative schemes and meet the cross-section of needs of the development community, including high-rise projects, townhouses, strata land subdivisions, integrated resort communities and mixed-use development schemes.
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