Brisbane’s fast-growing reputation as a COVID-19-free haven brimming with bargain homes could spark a sizzling spring selling season despite dwindling auction numbers and decade-low property stock levels.

While home listings typically surge across the city during September, property punters believe cautious vendors will do little more than trickle back into the market over the coming months in direct contrast to skyrocketing buyer activity across the city.

McGrath Paddington’s Alex Jordan said expats and interstate buyers were particularly leading the charge coming into spring, fuelled by a desire to live in a pandemic-free metropolis with well-priced homes and an outstanding lifestyle.

“There’s a real appetite for purchasing and that’s unique [to Brisbane],” Mr Jordan said.

“Melbourne and Sydney are just not as resilient … and we are noticing a strong trend of expats coming back – in fact, it’s unprecedented.

“They look at us as a safe haven … and that’s adding to the buyer pool. But sellers are lagging.

“I think typically we see an increase in listings starting in September and normally that’s a noticeable trend but this year has been strange because we haven’t had that volume … in fact it’s the lowest in a decade.”

Only 42 homes will go up for auction across Brisbane on the first weekend of spring, compared to 59 at the same time last year, Domain research shows.

Despite the seller lag, the property pinch is being felt far more acutely in Melbourne, where 679 homes were put up for auction this time last year, with a mere 14 set to go under the hammer this weekend.

Christine Rudolph, of Ray White New Farm, said despite thin listings in Brisbane, home hunters were gearing up to pound the pavement during this weekend’s open homes and auctions, with the sheer buyer appetite sparking a domino effect of purchases and sales that would continue into spring.

“We are heading into the spring selling season with great confidence and, in fact, Eddie McGuire has done huge favours for Brisbane overnight by packing up his bags to move up here,” Ms Rudolph said.

“There is a national focus on Brisbane and [home hunters in] southern states are begging us for properties … and there are strong fundamentals driving the economy with the state government fast-tracking billions of dollars of infrastructure projects.

“People can see we have been a well-run and managed state and people just want to be here … we are in an enviable position. I expect that momentum to continue.”

Darren Piper, of Universal Buyers Agents in Brisbane, said while buyers were frustrated over the lack of stock on the market, he was quietly surprised at the stability of the real estate sector, with a growing number of property punters turning their gaze towards the Queensland capital.

“Brisbane is on the map now … and I think we will have an exciting couple of years,” Mr Piper said.

“You are getting a lot more bang for your buck [here] and it’s a really competitive market … I’m predominantly seeing interstate buyers from Victoria and that’s going to continue to grow because it’s not a case of if but when [the pandemic will end] and I think Brisbane is the place to be.”

Simon Caulfield, of Place Kangaroo Point, said while low stock levels would prevent a spring selling boom, he expected Brisbane’s market to mimic a slow burn right up until Christmas.

“We’ve never seen this lack of quality stock in the market … but [despite that], even in the past week we’ve had eight contracts under negotiation within 5 per cent of the asking price and some of those are in the $4 million range,” Mr Caulfield said.

“We could be on track to have our best September in four years – and I wasn’t expecting that.”

 

 

 

 

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