Why the time is ripe for home buyers and sellers in Brisbane
Buyers are no longer concerned about the health of Brisbane’s property market, but rather finding the perfect home.
A Place Advisory survey of 853 people — comprising local buyers (80%), interstate buyers (10%) and international buyers (10%) — found that more than one third, or 36 per cent, were now more concerned about finding their dream home than market uncertainty.
Only around 18 per cent identified market uncertainty as a major concern, according to the survey.
This marks a significant shift in sentiment compared to last year, when 44 per cent of potential buyers were more worried about the uncertainty in the property market.
Place Advisory Lachlan Walker said the survey findings were a positive sign leading up to the start of spring selling season.
But he warned that available housing stock levels remained low compared to previous years.
“There are buyers out there but right now they are still searching for the right property,” he said.
“There is a lag (between buyer confidence and available housing stock) … we just don’t have enough stock on the market and buyers aren’t willing to compromise so they are happy to wait.
“Especially those local buyers who have always seemed to take their time … interstate buyers are more used to a fast market.
“But what this survey shows is that the majority (of survey respondents) feel that the market will continue to improve over coming months.”
Almost two thirds of the respondents said they believed Brisbane would continue to perform “at least as strong” or stronger by 2020.
“This market outlook of respondents strengthens the argument that Brisbane’s property market has now begun transitioning into the early stages of a positive growth cycle,” the report said. Source: realestate.com.au