G’day, everyone. Chris McGregor here from Bay Islands Property, and I’d like to share some insights with you in this July Market Update. Having spent the last 15 years in the thick of the Bay Islands real estate market, I’ve seen some significant changes and trends that every homeowner on the Southern Moreton Bay Islands (SMBI) should be aware of. Here are five key facts that can help you navigate this dynamic market.
1. Rapid Growth in Property Values
Over the past five years, we’ve witnessed a remarkable increase in property values across the islands. To give you an idea, some houses that were selling for $150,000 are now fetching up to $500,000. Likewise, vacant land that used to go for $15,000 is now commanding around $60,000. This surge in value reflects the growing demand and the evolving nature of our market. If you own property here, it’s worth considering its future potential.
2. Demand Across Different Property Types
Our market is diverse, catering to a wide range of property types, each with its own appeal:
Higher-end Properties: There’s a strong demand for classically styled homes with unique features. Some large homes are moving quickly, with prices just under $700,000 and $900,000.
Standard Homes: The more typical three-bedroom, one or two-bathroom homes, especially those priced under $400,000 on Russell Island and under $450,000 on Macleay Island, are also in high demand and tend to sell quickly. If you own property in these categories, you’re sitting on a significant opportunity, given the high turnover rates.
3. Increased Buyer Interest
We’re seeing a growing interest from buyers, particularly those from Brisbane who are selling their pricier mainland properties and looking for more affordable, attractive options on the SMBI. Traditionally, our buyers came from Sydney and Melbourne, but with Brisbane’s property prices on the rise, more locals are turning their eyes to our islands. This shift underscores the increasing appeal of the SMBI and presents homeowners with lucrative selling opportunities.
4. Competitive Buyer Behaviour
The market is becoming more competitive, with buyers acting swiftly and decisively:
Quick Sales: Many buyers are selling their homes within 14 days, driven by the urgency to secure a property on the islands.
Matching Asking Prices: With demand on the rise, buyers are often willing to meet the asking price without much negotiation to ensure they don’t miss out. This highlights just how competitive our market has become.
5. Community and Infrastructure Improvements
Significant investments in community infrastructure have enhanced the appeal of island living:
Upgraded Jetties: A $50 million investment has gone into widening our jetties, making them wheelchair-accessible and better equipped to handle our growing population.
Better Transport Options: Services like Bay Islands Car Share have made island living more convenient, allowing residents to get around without needing multiple vehicles.
These improvements not only benefit current residents but also make the islands more attractive to potential new buyers, ensuring continued growth in our community.
Conclusion
Understanding these five key facts can help you, as a homeowner, make more informed decisions in the ever-evolving SMBI real estate market. With rapid property value increases, diverse demand, heightened buyer activity, competitive market behaviour, and ongoing community infrastructure improvements, the Bay Islands continue to be a promising area for both investment and lifestyle.
If you’re thinking about selling your property or would like a more personalised consultation, feel free to get in touch. I’m Chris McGregor, owner of Bay Islands Property, and I’d be happy to provide you with a no-obligation market appraisal. You can reach me at 0420 555 997 or visitbayislandsproperty.com.au to take the next step in your real estate journey.
Thanks for being part of our thriving community. Here’s to many more prosperous years on these beautiful islands!
