Top 4 Real Estate Predictions for 2022

Top 4 Real Estate Predictions for 2022

At the beginning of 2021 there was a degree of Covid induced uncertainty and dare we say guesswork, involved in projecting what the year ahead had in store. Would the hinterland property market continue to improve for sellers? Where would the buyers come from? Would border restrictions have an impact?
 
Well, as a supercharged 2021 has now drawn to a close, it has been the pandemic that has been driving the market to record levels – the lockdowns in Australia’s two largest capitals have had a positive impact on the Sunshine Coast market generally and the Noosa region specifically. More and more people are fed up with the continual restrictions and they are looking for a new lifestyle and this includes expat Australians wanting to escape to the relative safety of Australia. Australians have saved $60b that would normally be spent on overseas travel and a lot of this money has been directed into prestige property in our region. At Hinternoosa we have potential purchasers from ‘down south’ calling every day to declare that they have made the decision to move to our part of the world – they are unsure of their timings, but they are certain of one thing, they are coming! 
 
These buyers often gravitate to the perceived security of a 4567 postcode which has driven the coastal prices to unprecedented levels – the sellers of these properties are often people who came to Noosa for a ‘sea-change’ 25 years ago and are now more than happy to vacate what has become a busy cosmopolitan resort town (with the downside of crowds, traffic and loss of privacy) to the far more tranquil and relaxed ‘village’ environs of the Noosa Hinterland. Yes, we have seen a surge in population growth, and this had led to an appreciation that this region is more than just Noosa Heads. This is reflected with the Noosa Hinterland leading the way in median house price growth in 2021 at 35% and Noosa Heads still strong at 17% growth in comparison to a healthy overall Sunshine Coast growth of 12.9%.
 
This buyer influx has also seen a dramatic change in the way properties are sold – Auctions have now become the preferred method of sale with buyers appreciating the transparency of this strategy. Auction sales programs are now conducted over a reduced period of 3 weeks which has seen the average time on the market reduce from 127 days in 2019 to 23 days in 2021. The average price of our hinterland properties has also increased from $750,000 in 2020 to $1.35m in 2021.
 
And our top 4 predictions for 2022:
1. An easing of Covid restrictions will see a further influx of ‘lifestyle’ property purchases in the hinterland
2. The migration of one time ‘seachange’ advocates to ‘tree-change’ adoptees will intensify
3. Property values will continue to increase albeit at a slower rate
4. Auctions will become the preferred method of sale
 

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