If you are thinking about upgrading to a new home in Brisbane, now may be the time to start thinking about getting your listing sorted and checking out home loans for your next property.
That’s because the city’s housing market is booming, thanks largely to an undersupply of properties and an oversupply of buyers.
While this means that first home buyers may find it difficult to buy into a competitive market, it is good news for those already on the property ladder and looking to take their next step or two.
An overabundance of buyers should give property sellers confidence that they have a good chance of getting a price that they will be happy with.
James Freudigmann, national manager of Propell Buyers’ Advocates, told Australian Property Investor magazine last week (May 24) that middle-priced houses within five to seven kilometres of Brisbane’s CBD were drawing lots of buyer and investor attention.
He said that another indication of seller confidence was the high number of auctions currently being seen across the city.
“To have over a third of properties going to auction is a sign that the market is starting to heat up,” said Mr Freudigmann.
“Agents are taking them to auction to get exposure because of the shortage of supply of quality stock.”
And many buyers have been getting in on the action. Mr Freudigmann said that of 218 houses listed for sale at realestate.com.au, 77 were already under contract.
Certainly these figures will be encouraging for anyone who has been sitting on the sidelines waiting for the right time to put their property on sale.
Brisbane home owners looking to upgrade, downsize or move to another location may do well to start marketing their homes to buyers in what is clearly a seller’s market.