Spring kick-starts the busiest time of year in real estate, so what can we expect from the Brisbane property market as we move into September?
Unlike previous years, the Brisbane market didn’t have its usual winter slump this year. Things were quiet in the lead-up to the election, but as soon as the votes were counted and the dust settled, both sellers and buyers sprung into action.
This means that the spring market is off to a good start, with plenty of stock on the market for buyers to choose from. Sellers will also benefit from a lot of buyer activity. In the first weekend of spring, there was a healthy auction clearance rate of 55%, with a number of the properties sold under the hammer well exceeding the set reserve price.
It’s likely that last month’s cut to the cash rate is also adding to healthy buyer demand.
The property market in numbers
The latest figures from CoreLogic RP Data reflect the activity that happened around the election. As of July 31, housing prices across Brisbane dropped by 0.8% in what was a quiet month. Year on year, however, dwelling values rose by 3.9%, providing total gross returns of 8.6%.
When compared with Sydney and Melbourne, which rose by 9.1% and 7.5% respectively, Brisbane is a much more affordable option for buyers. In Sydney, the medium house price is $775,000, compared with $477,500 in Brisbane.
Getting ready for spring: sellers
For sellers, the flurry of winter activity indicates a healthy market. Buyers who began looking at their options after the election are starting to get serious now, before the weather heats up and Christmas starts to approach.
To ensure your home stands out in a competitive market, now’s the time to get your property ready for sale.
Remove clutter, tend to any maintenance that needs doing and think about affordable ways to add value to the property.
You’ll also need to decide whether to sell via auction or private sale. Spring auctions are highly competitive, but speak to real estate agents in your area for more advice.
Getting ready for spring: buyers
If you are ready to purchase a home, it’s not worth holding off for fear competition from other buyers. While spring does attract a lot more buyers onto the market, it is also a popular time for home owners to sell, evening out the playing field.
Choice is one of the major benefits of buying in spring. If you have a very clear vision of what you want from your home, spring gives you the best chance of finding exactly what you are looking for.
Start by organising your pre-approval and studying property prices in the areas you wish to buy in. It’s important to know your financial limits and not exceed these. Attending auctions can be a good way to get a feel for competition in the area, as well as average selling prices.
Stay ahead of the curve by setting up property alerts for the areas you are interested in and consider some of Brisbane’s more affordable suburbs, which can deliver greater value for money.