The reality of buying in Brisbane
Did you know there is currently a decade-low number of property listings for sale in Brisbane at present?
According to SQM Research, in August, there was just 20,804 listings for sale in the Sunshine State capital – a reduction of about 30 per cent on the situation at the start of the pandemic in March last year.
As well as being significantly below the average volume of listings over recent years, you have to go all the way back to March 2010 to find a period when there were fewer properties for sale in the River City.
Of course, compared to then, Brisbane’s population has risen by an extraordinary half a million people, with plenty more on their way from elsewhere around the nation as they chase affordability and lifestyle post-pandemic.
Prices rising fast
As a buyers’ agent actively purchasing for our investor clients in Brisbane, the super-low number of listings means that prices that are rising each week.
Of course, we are always across the most recent sale prices of properties, and especially those that we know have sold but the data has yet to be made publicly available.
However, even with all of this research, sometimes we are still gazumped by a desperate buyer prepared to pay above odds to secure a property.
Often times, the figure they are prepared to pay is well above what we would deem market price – even in boom-like conditions – because they have let their emotions override their common sense.
Now, that’s not to say that buyers in Brisbane don’t have to offer a solid price to be in with a shot at the moment, but not a number that is contrary to what we still believe makes a sound investment decision.
More market sunshine ahead
There is no question that the Sunshine State capital continues to be an attractive investment location – and is likely to remain that way for some time to come.
Not only is it benefitting from affordability, and lifestyle attributes, but the city had embarked on an extraordinary major infrastructure program long before the pandemic darkened our doors.
There are currently billions upon billions of dollars of significant projects under way that will transform its transport systems as well as entertainment and leisure precincts.
What I’m talking about are the Cross River Rail, the Brisbane Metro, Queens Wharf, Brisbane Airport Upgrades as well as the$10 billion Melbourne to Brisbane Inland Rail project and light rail projects either under way or planned on the Gold and Sunshine coasts.
Oh, and I haven’t even mentioned the fact that Brisbane is the host of the 2032 Olympic Games, which underlines what I’ve just been saying – there is so much happening there at present that it is rightly considered one of the best property investment locations around!
While the market is hot, and destined to stay that way for some time, and the reality of buying in Brisbane in present is presenting some challenges, we are still purchasing amazing properties for our investor clients every week.
And it will be those investors who made their move early who are set to be the real estate winners in the years to come!
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