This month we caught up with Damian Cochrane, Lead Agent at Torres Property with seven years of experience in real estate. Damian identifies key insights into the property market from 2023 and moving forward into 2024. His predictions and advice are valuable for any first home buyer or property investor. He also discusses investment opportunities that he sees in the Queensland Real Estate Market.

Can you provide an overview of how the Queensland real estate market performed in 2023?

“2023 was a fantastic year in Queensland. We experienced a lack of supply within the market resulting in an oversupply of demand competing for the limited stock on offer. For anyone selling in 2023 there was an abundance of competition and multiple offers. We noticed a lot of buyers needing to buy subject to the sale of their existing homes which just isn’t a favourable condition in a heated market. Most of those buyers became sellers in 2023 with the ask of a longer settlement to allow them time to secure another home. We found that 80% of buyers subject to sale that transacted as sellers first bought a home within 3 weeks of being sold. This quick turnaround was due to the properties selling for above expectation allowing for a larger budget to upsize or downsize with the ability to give favourable conditions. I believe this will continue to be a trend into 2024. Most buyers don’t want to get a bridging loan but it’s always the scare factor of selling and having nowhere to go. However, 2023 proved selling first to get you into the market and ready to buy from upsizing or downsizing becomes achievable and cheaper.”

What are your predictions for the Queensland real estate market in 2024? Are there any emerging trends or areas we should watch?

“2024 has started off with a bang. Properties are receiving a large pool of buyers at open homes with properties transacting within the first week. Buyers have come with confidence in 2024. We have sold a significant amount of homes cash unconditionally above asking with multiple offers. The confidence in the market is off the charts with the consistent low supply of properties on the market. Anyone looking to sell should be coming to the market sooner rather than later and taking advantage of the Queensland supply and demand on offer. We foresee more owners taking the leap and selling before buying this year!”

What key advice would you give to potential buyers and sellers in Queensland for 2024?

“Advice I would give to buyers is to have your finances sorted with the ability to not have a finance clause on a contract. In this market the less conditions the better. Don’t be afraid to encroach upon your maximum budget due to the rapid growth Queensland has had. This will likely continue due to the amount of infrastructure and population growth we are experiencing. If you are looking to sell in 2024, take advantage and sell whilst there is low stock for sale and huge buyer demand. Choose an agent who can capitalise on the market and achieve the extra 10% – 20% not just a sale. Get in touch with your agent of choice for recommendation to get the property ready for sale early in the conversation.”

Investment Opportunities:

“Invest in an area with good capital growth or into a property you can add value to at some point in the future. If that’s renovating, knocking down and re-building or even developing. If you can add value to a property and have capital growth that’s where you can maximise your asset!”

Where do you see the best investment opportunities in Queensland’s real estate market for 2024?

“My opinion is to look at suburbs that have had significant growth over the last 5 years and target nearby suburbs! The overflow effect from one suburb to the next will continue to grow. Look at areas that have had large development growth such as the Logan area. There is huge potential in rental yields and you will see growth over a long period of time.”

Are sustainable and eco-friendly homes becoming more popular in Queensland and how is this trend affecting the market?

“Absolutely! Everyone loves an opportunity to be more eco-friendly and to save money. Buyers will see value in any product that allows for a cost-effective solution. Buyers will be happy to expend the extra capital if it will provide a return in the future. It’s another way of adding value to your property. This trend will become the new norm in time to come!”

Damian’s insights provide essential guidance for anyone interested in the Queensland Real Estate Market. His expertise and knowledge is beneficial for anyone looking to sell or buy. If you are looking for someone who knows the trends and developments in the area, reach out to Damian from Torres Property. Stay tuned for more expert interviews in our future newsletters!