Brisbane is the third most populous city in Australia with a population of over 2.3 million. Brisbane is approximately 15,826 square kilometres in size. The predominant age group in Brisbane is 25-34 years with most households consisting of childless couples working in a professional occupation.
Agent commissions in Queensland are currently the second-highest in Australia, to sell a property in Brisbane with a traditional agent you can expect to pay around 2.5% – 2.70% plus GST on average. On top of a commission, if you sell with a traditional agent, you would also generally pay additional advertising fees which can increase your total cost significantly. For example, in a competitive suburb like Newstead, the top upgrade available on realestate.com.au may be a few thousand dollars. All up, your total cost is likely to be $14,000 – $20,000+ if you decide to sell with a traditional agent as opposed to as low as $694 if you sell your home yourself with the help of PropertyNow.
The real estate market in Brisbane has been slowing down and although there has still been an increase, boosted by population growth, low-interest rates, and level of affordability compared to other cities – it is far lesser than the growth seen in previous years.
Dwelling values in Brisbane are up by 0.3%. House values have grown within the past three months with dwelling values up 1.8%. This shows an annual growth rate of 0.8% over the past decade.
As of January 2020, the median dwelling price in Brisbane is $497,491 with median house values at $543,992 and median unit values of $385,133. Overall, the Australian housing market, in general, is into a strong recovery period of six months coming into a new decade.
Housing demand is holding fairly firm with rental yields higher than most other capitals. Weekly rent is sitting at $400 for houses and $410 for units, higher than the previous year. The gross rental yields currently are still climbing from previous years, up 4.3% for houses and 5.3% for units.
The average number of days on the market for sale properties is nearly two months, with 52 days on the market being the average for as of January 2020 (much longer than the average of 37 days on the market in 2018.)
Auction clearance rates have risen to 43% as of early January 2020 (compared with 32% at the same time last year).
The Coronavirus pandemic swept across the nation in the first quarter of 2020, and brought with it some tricky property market conditions. In the face of this, Brisbane property prices during coronavirus still experienced growth especially in April, when the pandemic was at its greatest.
The trend for property prices in the capital city of Brisbane remain in the positives, with .3% growth for April, 1.5% growth across the quarter and an annual growth of 3.8%. The fact that Brisbane prices held strong during COVID-19 gives further confidence to the already popular sunny city, and as conditions improve, it’s on track to continue on this good trajectory.
We’ve had excellent feedback from owners using our service to sell Brisbane properties, in fact, it’s one of our most successful locations for both sales and rentals. We do tend to notice that whilst not moving quite as fast as most Sydney properties, Brisbane-based properties experience much higher enquiry rates and faster sale times than owners in regional areas where demand is lower.
By not paying an agent a hefty commission you give yourself more room to move on the sale price, giving yourself an advantage against similar properties in the market. You can also know for sure that enquiries are being responded to as quickly as possible and are properly followed up. If you’re not sure how to price your property, we can provide you with a detailed breakdown of sale statistics for Brisbane (or a specific suburb of Brisbane), as well as an estimated value of your property itself.
PropertyNow markets properties and supports owners to sell privately nationwide.
Mr Crozier, who sold his Aspley property with the help of PropertyNow said, “We have been very pleased with the process of selling our house through PropertyNow. It was simple, and we had a great experience. If you are thinking about selling your home privately, then you should definitely give it a go. It’s much easier than you think.”
Shannon who leased his Fortitude Valley property with the help of PropertyNow said, “I’ve rented out my apartment effortlessly through PropertyNow. Highly recommend!”
*Authored in January 2020. Please contact us if you require more recent information or advice about leasing or selling a property in Brisbane yourself.