Will Brisbane Ever Return to a Property Buyer's Market
- Written by Times Media
Brisbane real estate has been a seller’s market for a long time with buyers feeling more and more pressure to make higher offers and even forgo important building inspections that could protect them from buying a money pit.
"The Brisbane property market has been brutal for buyers these past few years. The competition has been so great for properties that agents are making unrealistic, and potentially illegal demands on buyers. I've been in this industry for 30 years and I've never seen buyers treated so poorly." said Andrew Mackintosh, Building Inspector, Brisbane.
What would need to change for it to swing back to a buyer's market?
The peak of the housing boom is long gone, but why does it feel like some sellers still have the upper hand? Many homeowners are holding back from listing their properties given the more recent falling prices. Basic economics tells us that with significantly fewer properties listed for sale, it puts pressure on buyers if they are expecting to negotiate and get a bargain because they are competing for a much smaller pool of homes.
Buyers need to be realistic. One way to grab an opportunity could very well be to peruse properties in suburbs where the competition is not so strong. Buying conditions could then be more in their favour.
However, with interest rates on hold for the last two months, buyers are now easing back into the market with renewed confidence. Additionally, homeowners who are struggling with the pinch of over 11 interest rate rises are preparing for an inevitable sale.
With spring around the corner, supply is expected to increase, and this could very well bring about the perfect conditions for a buyer’s market to resurface.
Why a pre-purchase inspection is still vital
Regardless of the speed at which a prospective buyer is being coerced or encouraged to lock in a purchase, it is essential that a pre-purchase inspection is carried out. If homeowners are under duress to sell fast, much-needed repairs, potential safety hazards, and even structural concerns could all very well be sneakily hidden to expedite a sale.
Brisbane home inspections are highly recommended before any property purchase as they provide a thorough assessment provided by an independent building inspector. The detailed pre-purchase report gives you the full and unbiased picture so that you know everything about the property before you commit to buying. Without this crucial information, nasty and expensive surprises could be waiting on the other side of your huge financial investment.
Put yourself in the driver’s seat as you navigate the conditions that could soon become the buyers’ market you have been waiting for.
