‘State of flux’: How virus has hit Coast property market
THE Sunshine Coast's property market is in a "state of flux" with extremely low stock levels, a new report has found.
The latest Herron Todd White report has given insights into how COVID-19 has affected the region's property market.
It said for the past two months, stock levels had been "extremely low with no significant increase in property listings".
The company's recent analysis of sales and home valuations found homeowners were reluctant to pull the trigger and put their properties on the market.
"When we try to break down the COVID-19 world and marketplace, the overarching theme is that we appear to be in a state of flux," it said.
"Pressure on owners to sell remains limited but this may be delayed until the various support and stimulus packages come to an end."
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It found in excess of 95 per cent of property sales had a discount of five per cent or less from the list price.
The low stock levels are also impacting the time homes are on the market, with 98 per cent selling within 90 days.
It said overall inquiries had increased and with restrictions easing, open homes were resuming.
"Interest continues to flow with both capital city and ex-pat international purchasers looking to secure property on the Sunshine Coast," it said.
"Some of this is being fast-tracked."
It also found some innovations such as video-call inspections and online auctions may be here to say.
One agency had 18 online auctions in April, with 15 properties selling.