The Brisbane real estate market is looking set to spring into action as the weather warms up and property listings are on the rise. These are positive signs for vendors and buyers, who can both take advantage of what is traditionally an extremely busy season in real estate. If you’re looking to move onto the next stage of your life with seamless success, Spring is definitely a good time to do it!
It’s not just the warmer weather luring people out of their homes to buy properties – there are a couple more factors why this spring is seeing an upturn in our real estate market. We’ve been chatting about them a lot here at The Henry Wong Team®, and we’d like to present them to you today.
Record Low Rental Rates
It’s pretty tough being a tenant anywhere across Australia at the moment, and Brisbane is no exception. In fact, Queensland’s rental vacancy rate has hit its lowest level ever recorded, falling below 1%, with some Brisbane suburbs edging towards the .5% mark. Some properties are reporting over 100 applicants vying to secure it as their rental home. Only one will secure it, so over 100 will be missing out.
There isn’t going to be any relief in sight, thanks to a surging population and the relentlessly increasing costs of building houses making it hard for homebuyers to break into the market. There are simply too many people and not enough rentals.
This increases homebuyer interest, as people realise the benefits of buying over renting. Thanks to the difficulties of building, vendors of existing homes have a distinct advantage in marketing to these buyers.
It also increases investor interest. Investors all across Australia are drawn to the tight vacancy rates and high yields of the Brisbane market. Those two factors improve their borrowing power, so we can expect to see more investors from Sydney and Melbourne buying investment properties in Brisbane.
RBA Maintains Interest Rate
For the second straight month in a row the RBA has kept the cash rate on hold, bucking the trend of the last year when we have seen record hikes to combat rampant inflation. Recent data has shown inflation has now eased for a second quarter in a row, and consumer spending was softening. So the RBA’s response was to leave the cash rate unchanged at 4.1%.
What this stability in rates does is give people some assurance of the future, an idea of knowing what to expect in the coming months. This helps in planning and decision making, boosting both buyer and seller confidence as we move into the spring months. A likely outcome of this is a continued lifting of property prices in the months ahead.
Selling in Spring? Do This.
If you are thinking of selling your home this Spring and capitalising on the increased buyer interest, here are a couple of things we do to make your home really stand out.
Spruce Up Your Exterior
It is springtime, so people are going to be drawn to well-maintained gardens with green lawns and bright flowers. Make sure your front yard is looking good, as this helps not only draw people in but gives buyers a good feeling when they arrive at your home to give it a look.
Street appeal is extremely important, so also fix up anything that might have broken on the front of your home. Make sure there are no cracked windows or loose gutters. A lick of paint can do wonders in improving the aesthetics and giving a fresh, new look. When buyers arrive you want them to get the impression that this is a well cared for and maintained property.
Stage Your Home
While the exterior of your home helps draw buyers in, you need an interior that’s going to continue to impress them. At The Henry Wong Team® we often recommend professional staging to accomplish this, particularly if your home is standing empty of furniture.
With staging, a professional will furnish your home to a high standard, using their skills to highlight the positive attributes that a buyer will love. They make it homely and give it life, helping buyers imagine what the home would look like if they were to live in it. Stagers also match the right kind of furniture to a home, so you don’t end up with pieces that look like they don’t belong.
Choose an Agent with a Large Network
Any agent can sell a home – they just get you to sign on the dotted line, then they list it on the main property portals. The truth is though, if they don’t have a large network, they’re not going to get you the price you want for your property. They’re not going to be able to get your home in front of interstate and international buyers who aren’t necessarily looking for a home in that area. They’re limited to local buyers.
Henry has spent many years amassing a vast network of contacts. It includes strong links with overseas, wealthy Asian communities, as well as many professional and personable relationships with people all around Australia. These include succession lawyers, finance experts, immigration agents and many other accomplished people.
This network helps him and his team get traction with every listing they sell, often meaning it sells before going to market. It helps him put his listings in front of buyers around the world, and often he’ll sell a home to a buyer who wasn’t even looking in the area.
Leveraging an agent’s network such as Henry’s will help you get your property sold this spring.
Contact the Brisbane Real Estate Experts
By putting into place the three above points of advice, you’re well on your way to helping your home stand out above other similar properties. If you are thinking of selling this spring and you have any questions, we would love to answer them. Henry is always here to take your call.