‘Don’t be shy’: Brisbane buyers brace for a booming spring

Brisbane real estate agents are encouraging buyers to get their ducks in a row this spring, as the city’s already sizzling market heats further in the wake of interest rate cuts.  

Home prices in the Queensland capital have recorded some of the strongest growth in the country in recent years – the most recent PropTrack data showing the median home price increased by 9% to $919,000 in the year to July.  
 
The strong growth coupled with the Reserve Bank’s three interest-rate cuts so far this year, means competition will likely be fierce for buyers, as more of them enter the market thanks to improved borrowing power.  

“With money easing, borrowing is going to get easier,” Coastal Broadbeach sales agent Guy Powell said. “Those who are prepared to back themselves and go in strong will end up taking the keys.” 

Brisbane was the only capital city where new listings did not increase in the month to July, PropTrack data showed.  

New listings were flat for the month, while total buy listings were down 1.2%. In the past 12 months, new and total listings were down 10.6% and 7.5%, respectively.  

Though listings tended to pick up in spring, buyers needed to be ready with their finance if they wanted to grab a rung on the Brisbane property ladder, Place New Farm lead agent Heath Williams said.  

“What they need to be mindful of is ‘what is your position? Are you actually ready to buy?’” Mr Williams said.  

He said Queensland was going from “next level to next level in terms of value” and that buyers should be ready to “put their best foot forward” if they didn’t want to miss out.  

Partner Stone Palm Beach sales executive Rebecca Leo said many buyers inspect a property and fall in love with it, only to miss the boat because they’re not ready to buy. 

“I’ve seen this time and time again,” Ms Leo said.  

Brisbane suburbs with the fastest growing house prices 

She said buyers should not only have their finance in order, but should be confident to make an offer.  

“Don’t be shy to jump on a property, even if it’s the first one you’ve seen.” 

Mr Powell said the best way for prospective buyers to secure a home was for them to meet with a mortgage broker.  

“Get your finance all in order, or if you’ve got an asset to sell, sell that first,” he said.  

For sellers this spring, things were definitely working in their favour, with strong prices and surging demand from buyers, Ms Leo said.  

“There’s a lot of buyers around, the weather is changing,” she said. “It’s a great time for everyone to be out there in the property market.” 

Despite having somewhat of an upper-hand, there were things sellers should do to get their homes sale-ready, including styling their homes to stand out among other listings.  

Brisbane suburbs with the fastest growing unit prices 

“My one thing that every seller should do before they list in spring is to de-personalise the house,” Mr Powell said.  

This could include de-cluttering, removing personal items and replacing family photos with artwork.  

Spring was often a popular time with sellers as gardens started to bloom, but Mr Williams said it was important to put the work in and make sure your yard was “trimmed and fertilised” to really stand out.  

He said though buyers were plentiful, many were looking for easy-to-maintain properties.  

“Demand is going to be focused on turn-key solutions,” he said.  

Ms Leo said beachside homes and apartments were in high-demand, but those with little-to-no work needed were most popular.  

“People are really loving an easy-living, low maintenance lifestyle,” she said. “There’s a lot of people looking for that type of property.” 

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