The cold weather is fading away, and all the joys of spring are just around the corner. In real estate, this is a time that sees a marked increase in activity from both buyers and sellers. It’s traditionally regarded as the busiest season of the year, as people shake off winter and many try to fit in their purchases or sales before the summer bits and then the holiday season kicks in.
Of course, the uplift in selling and buying is not guaranteed, depending on other factors like the current market outlook, interest rates and consumer sentiment. What can we expect in Brisbane 2024 then in the Spring of 2024? Before we get to that, let’s look at the stats illustrating what normally happens here in spring.
Spring Sales and Listings Uplift For the Last Decade
I’ll get straight to the Brisbane stats. Over the last ten years, our city has seen an average of 10.6% increase in new listings between summer and spring. This is complemented by 7.6% increase in sales for the same period.
This is a pretty significant rise, and it’s also nice to see that the increase in listings isn’t much higher than the increase in sales. This shows equality between the increased activity of buyers and sellers when spring rolls around. Compare it to Adelaide, for example. The last decade has seen an increase in listings of 26.8%, whereas sales have stayed very stable, actually recording a slight average decrease of 0.1%.
We all know how statistics can be turned on their heads though, so what will happen in Brisbane this year?
Spring Into Brisbane Sales
At The Henry Wong Team®, we’re not expecting to see a spring in Brisbane this year that buckle the trend. We’re expecting a preparing for a similar uplift, just as we do every year. There are a few reasons for this.
For a start, interest rates have remained stable, with the cash rate sitting at 4.35%, since November 2023. Although a near-term rate cut has been ruled out, we are most likely looking at interest rate cuts beginning in 2025. This stability and optimism for the coming months have improved confidence in the real estate market, and we think this will seep into an uplift in liftings and sales.
Another thing to remember is there is still massive housing pressure on the rental market. It’s very difficult to secure a rental anywhere in Brisbane, causing many prospective tenants to consider buying a home instead. There are more and more buyers out there, so we feel if the listings come in spring so too will the sales.
There doesn’t seem to be any reason why this Spring won’t be a golden time to sell real estate. Interstate migration to Queensland is still exceptionally high, adding 120,000 new residents in the year leading up to September 2023. This is in addition to the enduring high rates of international migration to Australia too, which saw a net gain of 518,000 people to our shores in 2023. Many of these migrants choose to come to Queensland and Brisbane because of the attractive climate and way of life.
How to Leverage the Spring Golden Season
Our advice to sellers is that they should always sell their home at a time that suits them best, and fits in with their life plans. Don’t try to time or predict the market – instead, get a good real estate agent on your side and move on with those big life decisions.
That being said, if this spring is shaping up to the the right time for you to sell, there are a few choices you can make now that will have a positive impact on your decision. The first and most important lies in choosing the right real estate agent:
Choose Experience
You want an agent experienced in the Brisbane market, with a solid track record of successful sales and auction results over many years. The Henry Wong Team® can offer you that, as we’ve been selling real estate all around Brisbane for many years now, and have the sales history to back it up.
Choose a Large Network
During that time we have built up a massive referral network of colleagues, professionals, buyers and investors. This extends all across Queensland, as well as interstate and overseas, particularly into wealthy Asian communities. We communicate with our network regularly, they trust us and always forward our listings to their own networks if the property doesn’t tick their boxes. In this way, our listings get early traction and often sell before being listed on the main real estate portals.
Choose a Big Digital Footprint
The Henry Wong Team® is active on all the big social media channels. We have over 11,000 Facebook followers, and over 3,000 highly engaged LinkedIn followers, we can get exponential exposure for our property listings that other agents simply can’t get.
Choose the Auction Experts
We’ve built a reputation as being Brisbane’s auction experts. We’ve developed an auction strategy that simply works – it draws in buyers, places them in a highly competitive environment and leads to auction results that regularly smash records. We’d love to put this to work for you too!
Contact the Expert Brisbane Real Estate Agents
Whether you’re looking to sell your home in Spring or have real estate questions you’d like answered, we’re here for you. You can contact me, Henry, directly on 0412 471 588, or if you’d rather drop us a line you can do that here. We look forward to chatting all things Brisbane real estate!
