Chapter 1: What factors are currently influencing the Brisbane property market?
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And welcome to another episode of The Real Estate Podcast. We're talking to Melinda Jennison from Streamline Property. Welcome to The Real Estate Podcast, Melinda.
Thanks, Craig, for having me. It's exciting to be a part of it.
And you're in Brisbane. How's Brisbane been treating you of late?
Look, I think that we've had a much better 2021 than the other capitals such as Sydney and Melbourne. I mean, as you know, we haven't experienced those large lockdowns like the other capitals.
major capital cities have throughout Australia so I guess you could say we've been lucky we've dodged a bullet with COVID but of course you know with the border closures a lot of people haven't been able to get up to to Brisbane and into Queensland so we're looking forward to having Australia as one again and not being all of these separate states.
We're going to have a little bit of a chat about a seller's market, which it definitely is right now. It's a seller's market.
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Chapter 2: How can buyers gain a competitive edge in a seller's market?
The vendors are loving the market, which is pretty frustrating for a lot of buyers, especially first home buyers. So perhaps in this roundabout way, if you can just tell us a little bit about what you do as a buyer's agent, it is that very competitive market at the moment. So incrementally, how can somebody just find that little bit more competitive edge as a buyer?
It's a great question. And just to help people understand what we do as a buyer's agent, first and foremost, we do represent the buyer exclusively. So we're retained by the buyer to help them to find a property that's suitable for what their requirements are, but also complete the necessary due diligence on that property. That includes understanding all of the impacts on a property.
In Brisbane, it's things like flood impact, noise overlays, as well as bushfire overlays, what might be underground, but more importantly, what they need to pay. And that's a really tricky thing for a growing in the housing sector at between 2% and 2.2% every single month at a greater Brisbane level across the last five months of 2021.
So that's really strong price growth and it's really hard for a lot of buyers to understand what they need to pay. So having that professional representation can really put them ahead of others to understand what it takes to secure an opportunity.
Chapter 3: What does being 'finance ready' mean for home buyers?
But there's definitely things that may enable a buyer to be more competitive in a strong seller's market. And the most important thing in relation to that is being ready to buy. And I cannot stress enough for buyers looking to purchase in Brisbane that they do need to be finance ready first and foremost.
When you are competing with multiple other buyers in a real estate transaction, the seller will always have the opportunity to select the best offer. And sometimes that best offer, when it is a sale by private treaty, is not the highest price. It might be an offer with the best terms.
So being finance ready enables a buyer to be more competitive when it comes to putting forward an offer that may need a finance condition.
Yes, being financed ready is such good advice. It's something that comes up time and time again. And it's almost like people just, it's the last thing they think of. And then it's like, oh, we really do need to get onto that.
Yeah, and I think people that are looking to bid at an auction always need to think about finance in advance because that's purchasing unconditionally. However, in Brisbane, auctions are not the most common way to purchase a property. Instead, most of our properties, the majority would sell
by private treaty and in a strong seller's market what that generally means is that you are competing with multiple other offers and that's why being finance ready and being able to shorten a finance time frame when you're putting forward an offer that's conditional to finance works to your advantage as a buyer because ultimately sellers want that certainty and they want to know the buyer that they select
is not going to be taking too much time before they know that the sale's going to go through and that's unconditional.
And people, aren't they?
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Chapter 4: Why is understanding property impacts crucial for buyers in Brisbane?
They're very inherently optimistic when it comes to property, especially about prices coming down. Are they ever going to come down is the question. So that's the age old question that always gets talked about.
It is a question we do get asked quite often and my response at the moment based on what's happened in the last few months and what is likely to happen in the future is of course you can wait and compete with fewer buyers but you have to be prepared to either purchase in a location further away than what you had originally anticipated or accept a property of a lower quality because if prices continue to move you'll be priced out of the market.
So you really have to either compete with other buyers now or accept a compromise later down the track if the market continues to appreciate in value.
Yeah, and crystal ball gazing, I guess, is the next question. When are we likely to see price growth slow down? I can't see it.
Well, look, I don't like to talk about Australia as one property market, but certainly understanding Brisbane and the supply and demand drivers, not anytime soon. There's simply too many buyers that are active in the market.
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Chapter 5: What should buyers consider when waiting for property prices to drop?
And we'd either need to see a fall in the number of buyers or a massive increase in the number of listings. So supply, which is the number of properties available to purchase, is also down about 28%. compared to this time last year. So until either we see more listings or fewer buyers, we'll continue to see that upward pressure on prices. So no time in the foreseeable future.
That was a predictable answer, wasn't it?
Possibly, possibly.
Chapter 6: When is price growth expected to slow down in the Brisbane market?
Melinda, great to talk and thank you for coming on to the Real Estate Podcast. We may do this again at some other stage.
Thanks for having me, Craig. It's been a pleasure. We connect you to the best real estate information across Australia, The Real Estate Podcast.