What will the Brisbane property market do in 2020?
Since the start of the recovery cycle in mid-2019, we’ve seen improved market sentiment throughout Brisbane’s inner-western suburbs.
There has been an increase in buyer activity, with stronger numbers through open homes and greater enquiry across most property types.
Property prices in Brisbane have recovered since the hiccup in early 2019, recording 2.4% growth in the December 2019 quarter. Brisbane is now just -0.1% shy of the city’s median from April 2018. Although this growth may seem modest, by comparison Sydney is still -6.4% below its peak and Melbourne is -2.3% below its peak.
January 2020 has added another layer of confidence into the market, with house hunters continuing their search throughout the holidays and some strong sales kicking off the New Year. This year, buyers appear to be more willing to make offers and engage with properties, where as last year, they were more inclined to hold back before making a commitment.
First Home Buyers Bounce Back
First home buyers have returned to the market in force, particularly now that APRA has relaxed some of its home loan lending rules. These buyers are purchasing apartments and townhouses, as they desire to be in our western suburbs but cannot afford the price tag of a house. First home buyers are therefore absorbing Brisbane’s lingering apartment supply and strengthening the lower end of the market. Investors are mostly remaining on the sidelines, and this has been the case for some time now.
Fewer Homes For Sale
Even though buyer confidence has returned, the number of properties coming on the market for sale in 2020 is still lower than the previous year. The total number of properties being advertised for sale in Brisbane is down -4.8%. The first quarter of 2020 will be a good test as to whether more Sellers will choose to sell this year.
For those who have made the decision to move, we are seeing some excellent results throughout Toowong and Indooroopilly, particularly when Sellers are taking the time to prepare their home for sale. Those who are strategically enhancing key areas of their property, are being rewarded with multiple offers, appealing contract conditions and low days on market.
With buyers ready to make their move yet limited homes available, 2020 is shaping up to offer favourable conditions for Sellers. The most important step for owners who are deciding to sell, is to make sure they are presenting their home with maximum appeal.
Refreshing key areas where buyers will see the most value and seeking property styling advice, goes a long way towards preparing your home for sale. The better a property presents in this market; the higher price prospective buyers will often pay.
Researching the market?
Find out exactly what’s happening in your suburb with our 2020 Local Market Report.
- Suburb spotlight on Toowong, Taringa, Indooroopilly and St Lucia
- Explore the change in property values for all four suburbs
- Investigate the trends currently affecting our inner-western suburbs
- 2020 Brisbane property market predictions
- Where are buyers for your suburb coming from?
- Tips for achieving the highest sale price