And it is good news for home owners and those looking to enter the market with historically low interest rates combining with low stock, keeping the Brisbane housing market healthy while southern Australian states have fared less well.
While Brisbane property prices did stall at the start of the COVID-19 pandemic, they have bounced back with strong interest from local buyers and those considering an interstate move from Victoria and New South Wales.
And the experts are not readying themselves for any impending Armageddon, expecting the market to remain buoyant for the remainder of this year.
Scott explains that while there were initially fears that COVID-19 would mean the property market sustained “a hit with prices dropping”, it was evident the relative affordability of Brisbane would insulate it somewhat from serious damage.
“The Brisbane property market has been very resilient following the onset of COVID-19 and the initial lock-down,” he said.
“Apart from several weeks of uncertainty in early April and a dramatic reduction of new supply coming to market, prices remained solid initially and have increased in the last few months.
“We have definitely seen a reduction in the number of investor buyers, but on the flip side owner occupier buyers have been out in force across all price brackets.
“While investors may be sitting on the sidelines waiting for the price drops, the owners are still scoping out the market for that all-important family home. In addition to price, the low interest rate environment has also been a contributing factor.
“The combination of a low interest rate environment, Brisbane being significantly more affordable than Sydney and Melbourne, low supply and high demand has underpinned our market. Even when COVID-19 is thrown in the mix.”
Scott added that buying interest across the Brisbane Local Government Area had remained solid this year and expects this will continue.
“The lack of available good quality stock has played a part in prices achieved rising,” he continued.
“Good quality, well-priced property is selling in a matter of days in the current market environment, and initial price sensitivity has diminished for these type of properties.
“Generally, in the areas of the Brisbane City Council we buy in, if the product and price are right, average selling times are 20 to 30 days and less in many cases.”
Scott said that while the Brisbane market had remained in a healthy condition, there were still uncertainties around the pandemic which could change the market quickly, but as things stand, Brisbane remains resilient and healthy.
There is no doubt the COVID pandemic did have an initial impact on property values across the Brisbane LGA as buyers and sellers held their breath to see what would happen.
But the strong handling of the pandemic in Queensland, the timely lifting of lockdown and a market buoyant with existing Queensland buyers now competing with an increase from those considering a northern migration, sees the Brisbane property market positioned for a period of strong growth.
The information in this blog is intended only to provide a general overview and has not been prepared with a view to any particular situation or set of circumstances. It is not intended to be comprehensive nor does it constitute legal advice. While we attempt to ensure the information is current and accurate we do not guarantee its currency and accuracy. You should seek legal or other professional advice before acting or relying on any of the information in this blog as it may not be appropriate for your individual circumstances.