The buying crowds were back out in force this weekend in Brisbane, our team inspected 12 properties on Saturday and there were an average of 30-40+ groups at the properties that were open for the first time.
A typical line outside a Brisbane open home for 2021, first time we have seen in 2023!
Houses that had been sitting on the market for 4+ weeks without any great enthusiasm or urgency from buyers were also competed for well, usually with multiple offers. It was a busy weekend for putting properties under contract.
A lot can change in a few weeks….
What happened? It seems like a few factors are at play.
Firstly… There have been a group of buyers who have been sitting on the fence and waiting to see how far the market downturn would go. Some of these buyers are now jumping in.
Buyers Jumping off the Fence to buy property in Brisbane – Midjourney
Secondly… We have a supply/demand environment that is supportive of prices rising at the same time as interest rates are topping out (my ‘Ringing The Bell’ newsletter was on point here).
Thirdly… There will also be sellers who have been sitting on the fence and may use this opportunity to make their move and list their property, this scenario would likely put a brake on any exuberance in price movement but would also create an excellent buying environment for people who are looking to accumulate high quality property for the long term.. We are certainly looking forward to this happening even though the bargaining power we have enjoyed as buyers over the past 12 months may be less.
Micah outside a recent high quality off market secure
We have enjoyed the off market buying opportunities over the past 12 months and think these conditions and opportunities are likely to remain favourable.
If you have been actively sitting on the fence and would like the latest intel on the market for your price point then contact us for the details.
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