While the Sydney and Melbourne markets have hit the brakes, the Queensland capital is gearing up, with a host of new homes hitting the market in the coming weeks after a slow winter and buyers set to emerge from hibernation to bag a bargain.
As the competition heats up, new research from realestate.com.au has revealed the suburbs where buyers and sellers are most likely to benefit.
Demand for houses in Brisbane’s east has jumped 17 per cent in the past year, while interest in houses in the city’s south has fallen by nearly 7 per cent in that time.
In Ipswich, views per house listing increased more than 6 per cent, while demand for houses in Logan dropped 13 per cent.
The western suburb of Chapel Hill is the most in-demand among house hunters, with views per listing up a whopping 42 per cent from a year ago.
The biggest decline in demand for houses was in Buccan, in Logan — down nearly 34 per cent.
R EA Group chief economist Nerida Conisbee said it’s a good time to list a home in suburbs like Holland Park, which has had nearly 6000 people looking on at homes for sale on realestate.com.au in the past six months.
“The fact things have gotten so hot there makes it very much a seller’s market,” Ms Conisbee said.
The data shows it’s a good time for buyers in areas where demand has dropped because there is less competition.
“Somewhere like Chandler in the east is an area that has been seeing very, very high demand, but the fact is there are now fewer people looking in Chandler for whatever reason and, as a result, it’s probably going to be a bit easier to get into the market than this time last year,” Ms Conisbee said.
She said she expected more homes to hit the market in Brisbane this spring than the same time last year.
“I think you could see potentially higher listings than last year because sentiment remains relatively buoyant,” she said.
Agents on the ground are reporting a solid start to the season already, with some homes being snapped up before their scheduled auctions.
Garry Jones of Harcourts Solutions — Inner City recently sold a five-bedroom house in Windsor that was scheduled to go under the hammer, after just one inspection.
The home at 7 Drury Street sold for $1.36 million.
“We’re dealing with a lot of buyers who have been frustrated through the winter period, because it has been a quieter winter with a lack of availability of quality properties,” Mr Jones said.
“I’m finding listings are starting to increase and buyers are acting faster and more confidently,
largely because there’s been lower stock levels but still strong buyer demand in inner city suburbs.”
Mr Jones said he was also dealing with a lot more southern buyers’ agents, particularly from Sydney where the market was notably retracting.
CoreLogic senior research analyst Cameron Kusher said the Brisbane market had an advantage over other capital cities because home values were still rising.
“You’re going to see the amount of stock coming to market increase and you might see some more buyers come out of the woodwork,” Mr Kusher said.
“I don’t think it’s going to be overly strong, but better than what you’re going to see in other southern markets.”
But property guru Andrew Winter, host of Selling Houses Australia and Love It Or List It Australia, told The Courier-Mail vendors should not feel compelled to list their home just because of the season.
“Please don’t just put your house on the market because its spring,” Mr Winter said.
“Put it on because it suits you and the marketplace you’re selling in, otherwise (the market) will be flooded and oversupplied, and none of you will get the best price.
“I’d rather wait a few months and then list.”
Mr Winter said he believed the Brisbane housing market still had potential for growth, particularly in some of its semirural acreage suburbs.
“We are so much cheaper than Sydney and Melbourne — it’s too big a gap now. We’ve got a little bit of catching up to do,” he said.
“Some of the very close to city acreage that Brisbane and the Gold Coast hinterland has got; those sorts of areas, even today, are offering incredibly good value.
“If you’re looking for an investment for the next 10 to 15 years, and you want space and land, I’d go with acreage close to town.”
Among the new homes hitting the market in time for spring selling season is Ross Duff and Linda D’Astole’s property in Chelmer, in Brisbane’s western suburbs.
The property at 115 Oxley Road is spread across two lots, spanning 1045 sqm, and offers the potential for buyers to move straight in, extend or subdivide subject to council approval.
Mr Duff said they timed the listing of the property with the start of spring.
“That’s just when there’s more interest,” Mr Duff said.
“I think the beautiful weather in Queensland brings (buyers) out.”
BUYER DEMAND IN GREATER BRISBANE
Region House views per listing (6mths to 31/07/18) YoY change
Brisbane East 1286 17.1%
-Hemmant 2071 18.8%
-Manly 2240 -15.3%
Brisbane West 2600 0.9%
-Chapel Hill 4355 41.9%
-Indooroopilly 3863 -27.1%
Brisbane North 2164 -2.6%
-Wavell Heights 3370 19.4%
-Chermside West 3067 -14.2%
Brisbane South 2298 -6.7%
-Mount Gravatt 4569 35.5%
-Coorparoo 4606 -2.7%
Brisbane Inner City 3764 11.8%
-Spring Hill 4251 38.8%
-Red Hill 4080 10.7%
Logan 794 -13.1%
-Shailer Park 2460 32.0%
-Buccan 1739 -33.8%
Moreton Bay 1092 0.3%
-Deception Bay 1640 15.8%
-Mount Mee 1542 -32.3%
Ipswich 777 6.4%
-Basin Pocket 1651 37.0%
-Pine Mountain 1780 -17.7%