Has COVID-19 impacted Brisbane’s inner-western property market?
Were you considering selling in 2020 but are now feeling unsure if this year is the right time?
It’s a question on many homeowner’s minds in our inner-western community.
While no-one can predict the future, we can look at the current state of our local property market to help decide what’s best for you.
Property market strengthened from January to March
Our 2020 market report revealed that market conditions were strengthening throughout Toowong, Taringa, Indooroopilly and St Lucia.
As the extent of the pandemic became more visible towards the latter half of March, we all adjusted to the ‘new normal’. Most Brisbane households began working from home and effective social distancing measures changed the way we interact with our friends and family.
However, despite these drastic changes to our day to day lives, enquiry for property in Brisbane’s inner-western suburbs has remained strong.
Buyers continue their search
Realestate.com.au Chief Economist Nerida Conisbee said in a recent article “There has been an increase in search activity across the board on the Buy section of realestate.com.au compared to the same period last year, despite the virus chaos. However, it is still down from its peak in February.”
These properties which we recently sold throughout the month of March, demonstrate the strength of Brisbane’s inner-western market. Buyers who were ready to purchase and have confidence in their job security are continuing their search.
132 buyer enquiries | 5,204 online views
22 inspections | 2 offers
11 days on market | Sold $400,000
80 buyer enquiries | 4,508 online views
40 inspections | 1 offer
7 days on market | Sold $870,000
29 enquiries | 4,359 online views
18 inspections | 1 offer
15 days on market | Sold $1,121,000
87 enquiries | 8,081 online vies
69 inspections | 4 offers
45 days on market | Sold price undisclosed
Even though these homes have now sold, we are still receiving enquiry from buyers looking for similar properties and off-market opportunities.
Solid foundations support Brisbane west during COVID-19
Financial assistance from the federal government as well as deferred mortgage repayments and record low interest rates, are all helping to support the Australian property market during COVID-19.
At a local level, Brisbane’s inner-western suburbs have been built off the back of a strong labour force. According to the BCC 2020 Community Profiles, these are the top five occupation groups for the Walter Taylor Ward:
- Business, Human Resources & Marketing Professionals 8.4%
- Education Professionals 8.1%
- Design, Engineering, Science and Transport Professionals 7.3%
- Health Professionals 7.2%
- Specialist Managers 7.1%
Whilst no area will be immune to the effects of the pandemic, these solid employment foundations, coupled with ongoing demand for the area and a healthy owner occupier / investor ratio, certainly place Brisbane’s inner-western suburbs in a strong position.
What does this mean for sellers? Is this an opportunity?
At the moment the supply of homes is low. Toowong, Taringa, Indooroopilly and St Lucia were already tightly held suburbs and understandably, fewer homes have come on the market in the last month.
Whilst we have all been watching the news, in our current market place the reality is, enquiry is still strong across most property types. Offers are still being presented to our sellers and we are achieving good sale prices in Brisbane’s inner-western suburbs.
Right now, everyone is at home and everyone is online.
There is an opportunity for sellers to take advantage of those buyers who are ready and willing to purchase, but now have very little to choose from.
Want to talk to us about your property?