Real estate agents can't meet demand as buyers return and flat market starts ... - Courier Mail

SOLD: Andrew Hooper in front of his Coorparoo house that just went under the hammer. PIC:: Richard Waugh Source: The Sunday Mail (Qld)

FINDING the perfect pad is getting harder.

Homes in the lower price bracket in particular are being snapped up, with well-priced properties attracting multiple offers.

However, lower interest rates are also affecting listings as conditions ease for home owners under mortgage stress, meaning some are no longer desperate to sell.

Real Estate Institute of Queensland chief executive officer Anton Kardash said Brisbane, the Sunshine and Gold coasts, Toowoomba and Cairns were all showing signs of tightening stock levels.

"There has been a double-digit increase in sales from the last quarter, particularly in the lower price bracket," Mr Kardash said.

"It's been a pretty flat market for the past three to four years. We've been wondering how long the pent-up demand could last before it's released."

Mr Kardash said the latest interest rate cuts had caused some vendors remove property from the market as their levels of mortgage stress decreased.

REIQ Sunshine Coast zone chairman Lloyd Edwards said the combination of a drop in rates and flat prices meant a lot of vendors in the region were "sitting and waiting".

"They can afford their mortgage now, so they don't need to sell," Mr Edwards said.

With the summer holiday period one of the busiest selling times for agents in tourism markets, Mr Edwards said the issue would be getting enough stock to meet demand.

Ray White Surfers Paradise CEO Andrew Bell said sales on the Gold Coast had been building since mid-year and stock levels were dropping, while at the same time sellers were holding off listing because they were "not liking prices".

"We finished November with our best month in two years," Mr Bell said.

In Brisbane, some agents are worried they will not have the stock to meet the demand. Harcourts Wellington Point agent Ben Carroll said he did not have enough listings.

"Buyers are desperate to find something before Christmas," Mr Carroll said.

Andrew Hooper's home at 27 Trundle St, Coorparoo sold on auction day after 85 groups inspected the property over the four-week marketing campaign by Bees Nees City Realty.

"We were pretty stunned with the amount of people who came through (the open homes)," Mr Hooper said.