Brisbane is the third most populous city in Australia with a population of over 2.3 million people. Brisbane City is approximately 3 square kilometres in size with parks covering 8% of the total area. The predominant age group in Brisbane is 25-34 years with most households being made up of childless couples working in a professional occupation.
Agent commissions in Brisbane
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 2.6% - 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
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 only experienced an annual growth rate of 0.2% over the last 12 months (which is much lower in comparison to the peak annual growth rate in Brisbane between 2016-2017) but still an improvement over other capital cities, such as Sydney, which experienced a decrease. House values have grown again over the last 12 months with houses being 1.2% higher in value, compared with a 0.3% fall in unit values (although interestingly, every other capital city has seen units outperforming house values.)
As of June 2018, the median dwelling price in Brisbane is $492,000 with median house values at $535,000 and median unit values of $384,000. This is higher than previous years with an annual growth of 0.9% over the past decade.
Housing demand is holding fairly firm with rental yields higher than most other capitals. Weekly rent is sitting at $420 for houses and $380 for units. The gross rental yields currently are still climbing from previous years, up 4.2% for houses and 5.4% for units since July 2017.
The average number of days on the market for sale properties is nearly two months, with 53 days on the market being the average for June 2018 (slightly longer than the average of 43 days on the market in June 2017.) Units are sitting at 112 days on market.
Auction clearance rates have dropped to 39% as of early June 2018 (compared with 50% at the same time last year).
Selling property in Brisbane without an agent
We've had excellent feedback from owners using our service to sell Brisbane based 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, putting you at 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 instead of being in the dark as to what's going on. If you're not sure of how to price your property, we can even 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.
Testimonials from clients in Brisbane
PropertyNow market properties and support 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 property now. 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 Property Now. Highly recommend!"
*Authored June 2018. Please contact us if you require more recent information or advice about leasing or selling a property in Brisbane yourself.