Updated: Sep 3
In the midst of a global pandemic, many people, especially interstate are staying at home via mandated lockdowns. But what does that mean for the housing market at large? And Brisbane in particular?
Local governments have been under pressure to issue stricter lockdowns, which realistically should be crippling the housing market. Although these lockdowns are bringing major disruptions to jobs and general life as well as how the market operates, what’s strange is that the property market itself remains strong.
The number of buyers remains extremely high, and so does demand. However, sellers are either dwindling, pulling back, or even held back by lockdowns.
Even as prices rise, many owners are nervous to move, with or without the lockdowns in place. Some economists are predicting that the market will continue to increase, especially in Brisbane due to the contract for the next Olympics. This is another reason some sellers are holding on.
Depending on what report you are reading and where you are turning for clarity, you are bound to find mixed messages - making the decision to move very difficult. Some Analysts are unsure how long this will be able to continue, there is a concern that the market is heading towards a crash, and those who wait to sell are going to be caught out of this window.
Currently in Brisbane and especially locally, we are still seeing many positive results. The enthusiasm from buyers does seem to have lessened slightly. Many buyers are not in such a rush to make impulsive decisions, however if a property is priced well and owners are realistic about price expectations, then the buyers will be paying attention and the property will certainly sell, and with some delicious cream on the top for the owners.
As we approach Spring (thank goodness) we also approach the spring selling season. There is hope that housing will return to its capacity here in Brisbane, sooner than most other markets and there may be a little more choice for all those buyers still desperately searching for their new home.
Of course, it needs to be the right time to sell for you. Circumstances vary and every situation needs to be looked at individually, however if you have had any thought of selling and are not sure if to go now, it is certainly worth having the conversation as I personally haven’t seen a market like this before.
Some of our owners will only sell (off market)- with no advertisements on line. We are achieving some fantastic results as buyers will often pay a premium for the privilege of the property not going to market officially.
Some owners will only sell for a certain price (which may be a little high) and will only show their home to one or two serious buyers. Right now, we are dealing with so many buyers (and many who are cashed up) who may well be willing to pay their price.
Others want the chance to bring as many buyers through the doors as possible to generate competition and push the price up. Right now, we seem to have an endless supply of buyers so this can really push prices up locally.
Buyers - Stay confident that your home is out there. Lately we are having more conversations with owners who are getting their homes ready to market as we approach spring. We anticipate that there will be more properties for you to choose from in the coming weeks.