Navigating the Brisbane Property Landscape

In the fast-paced Brisbane property market, the speed at which properties are going under contract is left some clients gasping for air. Quality properties are often snapped up swiftly, sometimes under offer almost as soon as they grace the pages of realestate.com.

This trend underscores the importance of being prepared to buy—having finance pre-approved ensures you’re ready to seize the right opportunity when it arises.

Just last Saturday, our team faced stiff competition—battling through a crowd of over 35 other groups to inspect a Northside property. Navigating the ensuite became a challenge amidst the flurry. Due to the obstacles, our client wanted to revisit the house for a closer look. However, by 5:00 pm on the day of the first open, with eight offers received, the property was already under contract. This scenario is becoming increasingly common across Brisbane.

Contrary to some prevailing rhetoric about a softening post-Covid market, the reality is different. There are currently approximately 25% fewer properties for sale compared to this time last year. Particularly in Brisbane, there’s a robust demand for houses, resulting in multiple offers on the same property, keeping prices high and time on the market at unprecedented lows.

Over the past decade, average price growth has held steady at 5.2% per annum, with a remarkable 30%+ surge during the Covid period. Houses that were once considered affordable are slipping away from those who wait too long. The market has surged by 9% this year alone, with almost half of that growth occurring in the past three months up to the end of September.

CoreLogic data reinforces the trend, indicating another month of robust median price growth for Brisbane Houses, with a 1.4% increase. This translates to a median house value in Brisbane of $848,680, marking a $16,433 gain from the previous month. When examined on a weekly basis, this equates to an impressive $4,108 of price growth per week.

In this dynamic market, being proactive and well-prepared is the key to securing your desired property. If you’re ready to buy, Sally Phillips Property is here to guide you through these competitive times in the Brisbane property landscape.