THE ULTIMATE SELLING SEASON?
We’ve heard time and time again that Spring is the ‘selling season’ for real estate, but this year the timing is more prevalent that ever, with Brisbane’s property market producing results that haven’t been seen in over a decade. The warm weather, picturesque gardens and longer days create an advantageous selling environment, but there are additional factors at play this year that will influence homeowners’ decision to go to market. If you are on the fence about whether to capitalise on the current conditions or hold off to ‘see what happens’, here are a few key points to consider …
COVID-19 has fast-tracked the property industry into the virtual world, enabling open for inspections, viewings and auctions to be performed digitally. This has given international and interstate buyers enhanced access to the Brisbane property market, while restricting bidders to those with genuine interest. It has enabled property agents to showcase properties and connect with a higher volume of clients than ever before, broadening the reach and accessibility of your property to the market.
WHAT IT MEANS – Not only does the inviting Spring weather going to bring out more buyers, but the ability to utilise technology can effectively double your buyer pool by reaching a wider audience.
INTEREST RATES & INCENTIVES
The inability to travel has left many Australians with spare cash in their pockets and combined with the current low interest rates, has produced an advantageous time to purchase or upgrade. A higher volume of home loan approvals and the number of government incentives that are available to first-time homeowners has resulted in a surge of new buyers able to purchase within the market that may have previously been unable to. Some of the incentives include the First Homeowners Grant, the First Home Super Saver Scheme and the First Home Loan Deposit Scheme.
WHAT IT MEANS – This season, a whole new demographic previously excluded from the market can now afford to purchase thanks to low interest rates and pandemic-inspired incentives. The higher volume of eligible buyers will increase competition and continue to put upwards pressure on property prices.
The increased number of Australians working from home has put the spotlight on lifestyle, prompting many homeowners to sacrifice proximity to their place of employment for a more desirable location and property. This flexibility has resulted in even more buyers searching for their ‘forever’ home, once again adding to the pool of potential buyers. The high level of interstate migration is also related to lifestyle opportunities, as more residents from Sydney and Melbourne make the Northerly move to experience the Sunshine State, renowned for its’ liveability.
WHAT IT MEANS – Buyers are less restricted by cost and location, focusing on lifestyle elements as opposed to the more practical deciding factors. These elements often include outdoor entertaining opportunities such as pools, backyards and balconies, all of which shine in the stunning Brisbane Spring climate.