The Brisbane property market has moved beyond the bottom of the market and into phase four of an upswing. We are seeing higher buyer demand, increased buyer activity and an increase in the number of inspections and people at open houses. This trend, coupled with low levels of supply is making it a great time for anyone wanting to sell their property. With properties that are realistically priced, we are seeing 15 to 20 interested parties coming through the first open house and these properties are selling with multiple offers on the first day. A marked improvement to what we have been seeing over the past few years. Sellers also understand the pressures of the market better and are pricing their properties accordingly; inline with what buyers are willing to pay.
This phase four of the upswing is also seeing the start of a price increase. Of the past 8 properties we have made offers on, all had at least 3 offers and 6 sold, for more than comparable sales evidence would suggest was fair value.
According to the Herron Todd White Residential Report for August, “valuers are reporting anecdotally that confidence is reasonably good around south east Queensland.” The market update also goes on to say that there is the feeling that buyers want to purchase rather than just tire kick, their expectations are for a fair price not always an absolute steal.
“The sector seeing the best performance is probably the trade-up market. Family size homes in the $1 million to $2 million range are being keenly sought… Competition is toughest within 8 kilometres of the CBD, but this should come as no surprise. This sort of real estate is generally blue-chip and will offer the best chance of capital growth in the coming years,” the report says.
So the Brisbane property market has been seeing some improvements, in particular the higher end of the residential market. First homebuyers are still yet to pick back up, making investment properties a great choice for those with the ability to buy; the higher number of renters means higher occupancy rates for your property and ultimately better return.
Consumer confidence and better job security are also playing a role in the improving property market around the country and we expect to see this increase even further to then see steady turnover and steady gains moving forward.