Grass greener in rural market
Country charm and houses selling for under $200k a winning combination for Warwick real estate
COUNTRY charm and cheap prices are luring city slickers to Warwick, where decent houses cost a fraction of what they do in Brisbane.
Southern Downs Realty principal Brent Bowles said a shortage of stock meant prices in Warwick were likely to rise later this year.
Rural and lifestyle housing was strong. But his customers hadn’t been showing much interest in vacant land, Mr Bowles said.
“Nothing much happens in the winter round here,” he said.
However, he expected a noticeable rise in prices near the end of the year, unless a catastrophe like a major global financial crisis struck.
Warwick Real Estate director Neil Carney said many houses sold for less than $200,000 in recent months.
“It shows it’s still very affordable when you can buy a liveable house under $200,000,” Mr Carney said.
Mr Carney said he was getting a lot of interest from south-east Queensland, with Brisbane people citing cheaper prices and lifestyle as reasons for mulling a shift to the Southern Downs.
“They can cash in a mid-range property in Brisbane for $600,000–$700,000, come to Warwick, buy a nice executive home for $300,000–$400,000,” he said.
Wetter than usual winters had made properties in the region more lush and presentable during viewings, Mr Carney added.
Although winters used to be very quiet, that was no longer necessarily true.
“In the last two years, we’ve probably had the strongest [winters] we’ve had in 40 years.”
The Real Institute of Queensland’s March quarter figures recorded a median price in Warwick of $252,125, still only a modest increase from $240,000 five years ago.
Mr Carney said productive land capable of generating income for owners was also in demand.
“People are just realising there’s only so much quality agricultural land,” he said.
The latest REIQ quarterly figures showed a median price of $340,000 for acreage properties across the Southern Downs.