Spring Fever in Brisbane’s Real Estate Market: Market Persists Amidst Tight Listings
Spring is Definitely Sprunging!
Yes, I know that isn’t really a word but it does kind of sum up what is going on outside our windows. Buoyed by another month with no interest rate rise, those buyers that were out and about yesterday definitely had the benefit of a glorious day of warmer weather (nothing makes real estate look so good in the leafy Western suburbs as blue skies and sunshine). And while I could say that the official start to the spring selling season also saw increased heat from buyers, as is usually the case, the fact is that the real estate market never really had its traditional winter cooling period this year so realistically it feels just like business as usual.
Hot and strong is the way things have been locally particularly since April and, courtesy of stabilising interest rates and consistently low stock levels, is the way it looks like staying through until Christmas. Brisbane’s median price saw another 0.3% increase for the month of August and a solid 5.8% for the year which, for a change, is better than Sydney and Melbourne.
New Listing Levels Remain Tight
For all that new listing levels appear to be significantly on the rise in the rest of Australia, the stats for Brisbane show that we have continued to stay fairly static with only 2.2% more new listings month on month in August and a whopping 27.9% down on 2022. And I’m sorry to say that both CoreLogic and Ray White analysis is not predicting any significant change in new listing numbers moving forward. As the weather gets warmer, new listing numbers always go up but there is certainly no boom to be expected (which, of course, if you are planning to sell then competition for buyer eyeballs is not going to be particularly high).
From a local level new listings also remain tight and buyer numbers remain strong. Sadly this has seen an increase in off market sales – i.e. properties that are not advertised across the usual portals like realestate.com.au but are shown to a small number of selected buyers … I think I have made my opinion on the negatives of this method of sale before – the seller most likely does not get the best possible price and our poor FOMO suffering buyer cohort miss out on yet another house that they may have paid more for if they had the chance.
Goodbye FOMO, Hello FOMM
And the months of FOMO are also creating another unexpected but unsurprising side effect referred to as “Fear Of Making A Mistake” FOMM (it is an actual thing – check it out – http://bit.ly/3Lj463Q ). From the experience of our team and other agents I speak to regularly including Buyers Agents, buyers are increasingly making offers on properties, even professing a strong desire for it but not actually being fully engaged so that the offer is then withdrawn not long after being submitted or, worse still, once it had been accepted.
Time to Get Into the Garden
Can’t blame them for trying. Long term buyers know it is tough out there. So if you have been thinking about selling maybe is the time to cut these guys some slack and make the most of their enthusiasm. FOMM is also a “thing” with potential sellers. With so much perceived instability, many would-be sellers are unsure as to when to jump. So, my strongest recommendation outside of commencing a relationship with a preferred agent who can help you make educated decisions is to at the very least start preparing the house. Especially in the garden. With no real rain to speak of and storms choosing to repeatedly bypass us, our gardens are all starting to look brown and scrub like. And with a predicted hot and dry summer on its way that will only get worse. A well-presented garden is vital for creating good street appeal and ensures that buyers make it from their air conditioned car to your front door. Your job is to make it look both lush and low maintenance at the same time and under the current climatic conditions that won’t happen overnight.
A lengthy discussion with one of our recommended gardeners this week about my own garden could be distilled into two keys points 1. Your Murraya hedges are both dehydrated and distressed and at the very least need a good soaking to get to the roots and 2. Most things were solvable by fertiliser and eco pest spray. It’s not rocket science but it does require some planning. Take photos of your garden and what is particularly struggling and show the staff at a local garden centre. They are veritable founts of garden knowledge and will put you onto exactly what you need.
(Photo Courtesy of my back garden after hedges were trimmed … what a mess!).
Time to Get Into the Garden
Our local area is awash with 70 s and 80s built homes. I regularly get asked by potential sellers if they should remove some of the original features and modernise the house before selling. There have been multiple times I have been looked at skeptically when I strongly advise to keep them because they are coming back into style … for those that don’t believe me, check this article out from Domain.com.au. I hate to say I told you so but … I told you so!
Our local area is awash with 70 s and 80s built homes. I regularly get asked by potential sellers if they should remove some of the original features and modernise the house before selling. There have been multiple times I have been looked at skeptically when I strongly advise to keep them because they are coming back into style … for those that don’t believe me, check this article out from Domain.com.au. I hate to say I told you so but … I told you so!
106 Days Until Christmas
And yes, I did mention Christmas before. Don’t groan but I’m told that the decorations are already on sale and admittedly I commenced my annual quest for the best mince pie this week buying my first pack of Woolworths mince pies (they invariably always turn out to be my favourite). In fact, the official Christmas season has already started in the Philippines (it’s true, look it up). So, for those with property plans intended for completion before Christmas, this is a very gentle suggestion that you can’t get Christmas crack-er-ing soon enough!
