The housing market is quickly evolving here in the South-East Queensland – specifically in the Brisbane area. We are seeing freehold homes or detached housing selling very rapidly. Often when properties hit the market, they last less than five days before going under contract. We are also seeing more and more properties going to auction as selling agents are hesitant to put an asking price for the property as this restricts what someone might be willing to pay in this rising market.
As we see price growth occurring very rapidly, we find the statistics that you can often lag behind the reality of the market, and this is causing some buyers to have some distress through the purchasing process. One trend that we are starting to see is homebuyers and investors moving away from freehold houses and considering townhouses and units again as they represent a value proposition and to get close to the CBD and other amenities.
While we feel townhouses can offer a good long-term investment at Hot Property Buyers Agents, we think that clients with a conservative budget (<$600,000) wanting to acquire property in the 15Km radius of the Brisbane CBD should definitely consider units and apartments.
The future of the housing market looks very bright here in Brisbane. The city is going through gentrification: Brisbane is maturing from a big country town into a major metropolis. One of the key things that signals this is the announcement of the Olympic Games. While the Olympic Games will not cause guaranteed capital growth, the event will affect infrastructure spending, benefiting south-east Queensland greatly. Once the Olympic Games have ended, we will still be left with quality infrastructure including improved public transport and sporting events spaces that will position Brisbane well on the global scene.
When talking about the future of housing in Brisbane, potential buyers should know about the knockdown new build phenomena that we are seeing across the Brisbane Council area with a lot of people securing older homes on quality blocks of land and looking to knock down in order to build their dream family home. This kind of rapid gentrification and Evolution Of suburb can quickly accelerate median house prices as properties transact for significantly more than they previously did.
Buyers also need to get themselves comfortable around no price marketing as this will remain while the market is so hot. For an auction, an agent can not legally a price guide for property. Agents are not in a position to provide a price guide for a normal sale, and this makes it tough for buyers to navigate through that shortlisting process as they cannot grasp seller expectations.
At Hot Property, we believe that there is no sign of the market slowing down, and while Queensland have closed the border, we will continue to see people spending money on Real Estate as opposed to spending money on international holidays, which are currently out of their reach.
Do you need a buyers agent to help navigate the increasingly tricky field that is Brisbane Real Estate? Contact the friendly and professional team at Hot Property the leading Buyers Agent Brisbane.