The incredible turnouts that we are seeing at open homes to start 2024 is a sure sign that buyers now believe interest rates have peaked.

At open homes in and around Robina on Saturday, the energy and number of buyers was quite incredible. In fact, Saturday's open homes reminded me of what we witnessed at the beginning of 2021 during the peak of the last upward swing.

As always, it's incredibly difficult to predict what this sudden surge in momentum means for the property market so for the moment, why don't we just focus on what we are currently seeing and the unique opportunity these conditions are providing for current sellers.

With limited properties available, the sellers that have chosen to list now are being inundated with strong buyer numbers resulting in outstanding prices.

It's interesting to note that media reports this week have named investors from interstate as the main driver of this upward surge here on the Gold Coast.

This culminated in a report ( attached below) identifying up to 25% of auction sales across the Gold Coast in January being sold to investors from interstate.

With this in mind, it's important to acknowledge that the State government today released a new set of directives that may very well diminish the appetite of investors and force them to look at other areas for investment opportunities.

Remember, in January, one in four auction sales were attributed to interstate property investors.

The changes are outlined below in an article released earlier today and they will no doubt prompt investors to reconsider their current investment strategies.

The two questions that we should be asking right now is what will happen to prices if interstate investors start focusing on other markets instead of the Gold Coast and secondly what happens if current Gold Coast investors also choose to sell due to the new reforms ?

It's ironic that the reason the new legislation has been put in place may very well end up reducing the current rental pool.

This will actually add to the rental crisis.

So what could this mean for sellers ? Potentially, a mix of more properties for sale and less buyers to buy ?

This time last year, many buyers chose not to buy because they were convinced prices were going to fall. They were wrong.

I wonder how many sellers are holding off selling now because they are convinced prices are going up ?

Could this year's promising start prove to be a false dawn?

Only time will tell.

Please see below the Queensland state governments housing reforms that were released today.

Queensland to ban rent bidding as $160m in relief flows

Real estate agents and landlords in Queensland will be banned from accepting higher rental bids than the advertised price under a raft of housing crisis-fuelled reforms.

Queensland Premier Steven Miles has unveiled a $160 million rental relief package, the latest part of his Labor government's long-term housing plan.

The extra funding will be distributed over five years among more than 20 existing supports and services, including bond loans, rental grants and rental security subsidies.

Rental laws will be beefed up under the package, with the state to ban rent bidding and enforce hefty penalties for agents who engage or encourage it.

"The biggest thing we're doing today is banning rent bidding," Mr Miles told reporters on Sunday.

"I have heard from too many Queenslanders who've put their application in for a rental property thinking they would get it, only to find that someone else has bid more than the advertised price for that rental and they've missed out.

"These new laws will stamp out that practice, will provide transparency for renters and provide an even playing field for everyone who wants that property."

It is already an offence in Queensland for agents and landlords to solicit higher than advertised bids, with the law effectively closing a loophole that allowed prospective renters to offer more.

"That's incredibly difficult to regulate," Queensland Housing Minister Meaghan Scanlon said.

"By banning all types of rent bidding it makes it really clear that you cannot accept more than your offering price.

"We'll make sure that we put in the protections and the penalties to make sure that this law is upheld."

A portable bond scheme will also be established, allowing tenants to transfer their bonds when relocating from one rental property to another.

In the interim, a bridging bond loan will be rolled out to assist households afford the up-front cost of a new bond while still waiting for their old bond's release.

Other reforms include setting up a framework to allow landlords and tenants to agree to modifications, a prescribed form for rental applications and a mandatory fee-free option for paying rent.

Tenants will also have to receive 48 hours notice before someone can enter and re-letting costs will be capped based on the remaining time left on a fixed-term lease.

Queenslanders will head to the polls on October 26, with a union-commissioned poll in December showing Labor trailing the Liberal National Party 52-48 on a two-party-preferred basis.

Please see below CoreLogics Home Value Index as at January 31st 2024.

Full Core Logic Home Value Index

Please see below My Housing Market Quarterly Median House & Unit Prices as at end of January 2024.