In our latest edition, we had the opportunity to speak with Savva Koulouris, the Lead Agent from Place Woolloongabba, for an insightful overview of Queensland’s property market. His expertise sheds light on the current buying and selling climate, helping our readers make informed decisions.

Understanding Market Dynamics

Savva emphasised the significant role of housing supply levels in driving the market. Despite rising RBA interest rates, he noted, “Buyer demand remains strong, contributing to solid growth in house prices, which increased by 3.8% last quarter.”

Comparing City and Regional Markets

The pandemic brought unprecedented changes, especially in property prices. Savva remarked, “Greater Brisbane experienced a remarkable boom, attracting a record number of interstate buyers. Similarly, regional Queensland also saw substantial capital growth and rising rental prices, presenting lucrative opportunities for investors.”

Identifying Growth Hotspots

When asked about areas of major growth, Savva highlighted, “Blue-chip suburbs within 8kms of Brisbane CBD are in high demand due to scarce supply of new homes. Southside areas like Highgate Hill and West End, extending to Carina Heights and Mount Gravatt East, are witnessing price surges and growing desirability.”

Diverse Buyer Demographics

Discussing buyer demographics, Savva observed a wide range of active purchasers. “The investor market is particularly strong, with heightened interest in properties like unit blocks. First-time buyers are active, and there’s a notable trend of people seeking to upgrade their homes with additional features.”

Challenges in the Current Market

Addressing the hurdles in today’s market, Savva noted, “Buyers face intense competition due to lower stock levels, often missing out on properties. Sellers, on the other hand, are grappling with market uncertainty fuelled by negative media reports, despite contrary on-ground experiences.”

Impact of Interest Rates on Financing

Interest rates are a pressing concern. “Increased rates are impacting buyers’ borrowing capacity, which in turn affects their property budget. However, the demand for property remains strong. We’re observing slightly longer finance application processes, but sales are still successfully closing,” Savva explained.

Savva Koulouris’ insights offer a valuable perspective for those navigating Queensland’s dynamic property market. Whether you’re a first-time buyer, an investor, or looking to sell, understanding these trends and challenges is key to making strategic property decisions. Stay tuned for more expert interviews in our upcoming editions!