What will Brisbane’s inner-western property market do in 2021?
Brisbane Housing Market Analysis
We expect that heightened levels of demand from buyers will continue to be a driving force for the Brisbane property market in 2021, particularly if the number of homes coming to the market for sale remains low. Throughout Toowong, Taringa, Indooroopilly and St Lucia, buyers have increased their search for properties in these suburbs by 45%.
This surge in online buyer activity is boosting numbers through open homes and in some cases, generating multiple offers on properties. In this market, we are seeing many active buyers seriously looking to purchase a home in Brisbane’s inner-western suburbs. Property prices have remained strong and we anticipate this to be the case throughout the Brisbane market in 2021.
Brisbane buyers seek value for money
Even though this is quite an active market, Brisbane buyers are doing their research and are very well informed when comparing property values. In 2021, if they really like the feel of a home, they are jumping in with an offer. But if they are unsure about a property or feel the price is too high, they are hesitant to start the negotiation process.
Sold | 14 Annerley Street, Toowong $1,150,000
In order for a property to attract high levels of interest and multiple offers, the home still needs to represent value to a buyer. Sellers in Brisbane can demonstrate value by fixing any maintenance around the home, pricing the property appropriately and styling the home for sale.
Demand increases for home office space in 2021
Purpose-built studies and home offices are now high on many buyer’s 2021 checklist, as they search for homes in Brisbane which are equipped for both work and lifestyle.
Realestate.com.au recently revealed “study” is now the most searched property feature on their site. An outdoor area and pool round out the top 3 most searched keywords, which are features found in many homes throughout Brisbane’s inner-western suburbs.
Sold | 69 Gladstone Street, Indooroopilly $1,650,000
Apartments and townhouses with a third bedroom, granny flats and houses with a dedicated office space are highly desirable. If a property doesn’t offer this, buyers are prepared to convert an area of the home into an office, provided the renovations are reasonably low cost and straight forward.
First Home Buyers cash in on property grants
A multitude of government incentives and record low interest rates has brought First Home Buyers flooding back to the Brisbane property market in 2021.
With the rollout of the 5% First Home Loan Deposit Scheme and HomeBuilder Scheme, as well as existing stamp duty concessions and first home owner grants, eligible buyers have been well positioned to get their foot into the Brisbane’s property market.
First Home Buyers are cashing in on tens of thousands of dollars in savings and buying their first home in 2021, particularly in the absence of investor competition.
Property market sees few investors in 2021
For the past 5 years, property investors have been sitting on the sidelines. In 2021, investors make up just 20% of the sales in Queensland, compared with almost 40% in 2015.
Sold | 6 Devon Street, Toowong $920,000
In Brisbane’s inner-western suburbs, we are no longer seeing the ‘Mum and Dad’ investors coming through open homes looking for an investment property. The main driver is now coming from foreign investors, particularly Australian based internationals, looking to expand their property portfolio.
What has been holding Sellers back?
Despite the Brisbane property market favouring Sellers in 2021, homeowners have still been cautious about bringing their property to the market for sale. The uncertainty of 2020 left many families feeling this was not a good time to move home or make any big life changes.
Sold | 11 Tyne Street, Taringa $1,135,000
However, the last 12 months have shown that despite everything, selling conditions have been very encouraging for homeowners. With the right strategy in place, properties in Toowong, Indooroopilly, Taringa and St Lucia are achieving excellent sales prices in a short period of time.
Researching the market?
Find out exactly what’s happening in your suburb with our free 2021 Local Market Report.
- Suburb spotlight on Toowong, Taringa, Indooroopilly and St Lucia
- Explore the change in property values over the past 4 years
- Investigate the trends affecting our inner-western suburbs in 2021
Get Your Free Report
[contact-form-7 id=”12053″ title=”Local Market Report Hoppys”]