“Disheartening”: post-pandemic housing market leaving buyers in the lurch

When partners Brayden Condon and Rebecca Treby started looking for their first home in December last year, they didn’t foresee all the road blocks they’d find in today’s market.

“The last couple of months, I would say have been slightly disheartening,” Mr Condon said. “I’ve had friends before who have looked for two or three months to find their home. I don’t think that’s gonna be us.”

Brayden Condon and Bec Treby are looking to buy their first home – but the journey is taking longer than expected. Picture: Richard Walker

Mr Condon’s search is at a time when Queensland households need to earn nearly $100,000 more a year to afford a place, compared to pre-pandemic levels.

Research conduced by Canstar showed the annual income needed for a median-priced house in Greater Brisbane went up by $99,234 from March 2020, going from $72,628 to $171,862.

Across Australia, this increase was only beaten out by Sydney’s rising house rates.

The couple are looking when Queenslanders need to earn nearly $100,000 more a year than they did before the pandemic to get a place. Picture: Richard Walker

Mr Condon, 33, said he had several friends jumping into the housing market when he was younger, while the window for buying was a little less narrow.

“I would have loved to get into the market 10 years ago,” he said. “I don’t see it being something that somebody in their early 20s would be able to do now.”

While Mr Condon and Ms Treby said they were secure in their finances, Mr Condon said reasonably priced homes were becoming rare in 2025’s competitive market.

“The fact that we’re looking at homes that are three bedroom, 1 bathroom in Wynnum West at the $1.2m – $1.3m mark? That sort of price point five years ago was unfathomable in that area,” he said.

“We’ve gotta be reaching a point where it can’t go any further, because the affordability of it is just not going to be there.”

Lower interest rates are giving buyers some hope they still have a chance to find somewhere affordable.

Place Wynnum Manly agent Karen Chappell said she was often floored to see how much people were prepared to pay when racing to get a house in 2025.

“I think it is shocking,” she said. “I’m someone who’s been around the block several times … [I’m] seeing properties that I would have sold 6 years ago that I’m selling now, that have sometimes doubled or even tripled in price.”

Ms Chappell added that despite financial troubles, the lowering interest rates had added some positivity back into the market.

“It’s given us some hope,” she said. “We’ve seen a lot of happier face going around open homes recently … they’re going, ‘We can go back to our property journey.’”

The couple are still optimistic, having prepared their finances for today’s pricey market. Picture: Richard Walker

Despite adversity, Mr Condon said he and his partner’s finances were in order, and would keep at it until he and Ms Treby found their first home.

“I’m optimistic,” he said. “I’m pretty confident that we’ll be able to buy something.”

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