BRISBANE has been labelled the “good husband” of capital-city property — it’s solid, safe and reliable.
And there has never been a better time to get your house on the market as the perfect property storm of cheap cash and a low numbers of listings means a lack of competition in Brisbane.
CoreLogic shows there’s 2.7 per cent less new listings over the past month to 3,940, compared to the same time last year.
CoreLogic is currently tracking 19,245 Brisbane homes advertised for sale over the past 28 days.
Total listings numbers are 5.4 per cent higher than they were a year ago, however analysts are seeing fewer new properties being added to the market compared with the same time in 2015.
The number of newly advertised properties is seasonal, with stock tapering between May and September before surging during the Spring season and the early part of the new year.
The valuers at Herron Todd White call Brisbane “the good husband” compared to the racy Sydney scene or the steady Melbourne market.
Brisbane house prices grew 5.3 per cent to $475,000 in 2015-16, according to CoreLogic’s latest date.
In Brisbane prices have failed to fire due to a continued lack of confidence with the deflation of the Queensland mining boom casting a grey fiscal pallor across the state.
Employment is still reasonably soft and Brisbane’s traditionally “hot, hot, hot property years have always come on the back of increased interstate migration — and that’s still refusing to take off”.
“For Brisbanites, anything outside the 10km radius is a bit of a trek into town, but of course spend a few years in Sydney or London or Tokyo or any other international city, and you begin to get the idea that 10km is actually less than a serious jog for a fun runner. Of course, heading up to 15km breaks open the affordability, while only adding a touch more driving for the commuter,” said the Herron Todd White analysts.
But Spinks & Co Residential director Rachael Spinks said record low interest rates had encouraged more buyers back into the market.
“The weak Australian dollar has expats seizing the opportunity to buy their dream home now in readiness for their return. Most prestige buyers are locals, or expats coming home,” she said.
Andrew winter, host of Selling Houses Australia, told The Courier-Mail that now was “a very advantageous time to market your home”.
“Buyers are definitely active in winter. House hunting continues during the winter months with families still needing to upsize, expats continuing to return home and relocations and transfers continuing throughout the year,” he said.
“Fewer sellers listing their property in winter means greater competition for the properties which are on the market in the months of June, July and August. The higher the demand the higher the price.
“For much of June, July and August the weather in Brisbane is very comfortable. Mild temperatures, sunshine and clear blue skies make for ideal house hunting conditions. If you schedule your ‘open for inspection’ at the optimum time, many homes present very well in the winter months.
“A winter sale and a spring purchase is the perfect scenario.”
Ray White New Farm principal Matt Lancashire said one of the many benefits to selling in the winter months was you’ll “beat your competition before Spring”.
“There are fewer properties on the market in winter than in Spring. If you want to get a jump on your competition now is the time to hit the market
“The market tends to tighten somewhat in the colder months before the Spring selling season hits.”
Place director Sarah Hackett agreed winter was the best time to sell as buyers had less competition to choose from.
“I always work out the best time to present a house in winter so if it’s afternoon, it’s afternoon when it’s cosy with ambient music, candles and fires. The Queensland winter is so mild, and it’s perfect here all year around. Black and white, the best thing about selling in winter is there’s less competition.
“If you can get a group of buyers to focus on your house, rather than three or four as that’s what happens in September. I have experienced it when I had to sell during September last year and my tenants wouldn’t get out. If I had sold in the cooler months, I would have made more.”
The story was originally published in couriermail.com.au.