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Has Covid-19 Affected the Property market?

The biggest topic in the real estate industry right now is Covid-19 and it’s impact on house prices. The media is portraying a doom and gloom outlook and most home owners and buyers are wishing they had a crystal ball to advise them of the right time to be selling and buying.  Whilst it’s easy to buy into the media’s negativity, the reality is in what’s happening in our suburbs.

Since April 1, at Covid-19s peak, there have been a total of 25 homes that have sold and settled in Narangba, Burpengary and Burpengary East.  There’s been a total of 348 homes come onto the market in the same period of time.  These figures include house and land packages also which contribute significantly in the Burpengary East figures.

In addition to this though, there has been a large number of properties go under contract which aren’t yet reflected in the RP Data figures.

It appears contract prices are remaining stable and there hasn’t been a downturn in pricing despite what the media is portraying.  Buyer demand is extremely high and this is reflected in the offers coming in and the number of people now attending open homes.  Narangba & Burpengary are holding strong and are proving to be popular sought-after suburbs.

 

Overall however RP Data shows that since January 2020, Narangba has sold 11 homes with the median price being $495,000.  Narangba had a growth of .5% with the average days on market at 50.5 days.  There's been a total of 118 homes listed.

 

Burpengary has also fared well with 10 homes sold and the median house price of $450,000.  It had a 1.1% growth and the average days on market was only 36 days.  A total of 101 homes have been listed since January.

 

Burpengary East has sold 5 homes with a median price of $605,000 and a growth of .8%. Average days on market is 97 days.

Buyer enquiry has also increased since May 2020 so all signs are promising for our area.

Gina Wells – Raine & Horne Burpengary/Narangba

 

 

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