What to consider when buying Brisbane property during COVID-19

Everything you’ve heard is true. The Brisbane property market is going off like a rocket and COVID-19 is at least partly responsible. Where it will stop, nobody knows!

Interest rates aren’t going anywhere, we’ve won the Olympics (hello, infrastructure investment) and it looks as though property investment in Australia will continue to rise for the foreseeable future.

Of course I understand that it’s all well and good for me – someone with a vested interest – to talk up the market, so let’s talk cold, hard stats for a minute.

The Urban Developer’s monthly housing market insights report revealed that as of June 2021, Brisbane house prices were up a whopping 11.9 per cent year on year and that unit prices had increased by 4.2 per cent.

Quite astoundingly, the June report showed that Brisbane’s house values climbed two whole per cent in the month of May alone.

So what’s driving this growth?
Consumer confidence is as strong as it’s ever been and interstate migration is happening in droves. There are people from Melbourne outbidding everyone over the phone on auction day and Sydney investors sizing up newly approved unit developments around town.

Now that Brisbane has secured the 2032 Olympics, there’s no telling when this period of growth will end.

While the Sydney and Melbourne markets were strong, consistently, things have eased since March. This is not yet the case in Brisbane, where prices are still rising fast.

Experts attribute this to extended lockdowns in the southern capitals dampening consumer confidence, and because Brisbane remains a much more affordable market overall. Did you know that Brisbane is cheaper than both Hobart and Canberra?

Of course, we’ve had our own lockdowns to contend with here in Brissie, and who knows what the future will hold as we battle to contain the Delta strain of Covid-19? Only time will tell.

As it is, we’ve had to deal with open homes being cancelled and auctions put on hold. On the bright side, there is a reassuring trend emerging regarding lockdowns and house prices – “…buyer and seller activity reduces during the event, but recovers quickly to pre-lockdown levels once restrictions are lifted.”

What you need to know if you’re ready to buy now

With demand at a peak and so many interstate buyers falling for the charms of the Sunshine State, property is not on the market for long. Have a look around and you’ll see that nearly everything is sold or under contract. If it even makes it to market at all!

I’ve been involved in a number of off-market transactions over the past 12 months and these types of transactions are growing in popularity. The appeal to the seller is that they save money on marketing and styling, and don’t have to go through the stress of open homes – while still getting the price they want. For the buyer, buying off market means they don’t have to wait as long as they might have otherwise, and many consider it less stressful.

In a climate like this, engaging a buyer’s advocate makes so much sense. This is our time to shine because we already have the relationships with top real estate agents and are the first to know when a place is about to hit the market.

If you’ve been looking for a while during COVID-19 with no luck, I encourage you to either get in touch with myself or another trusted buyer’s advocate to increase your chances of success.

– Joanna