Will the Election Slow the Property Market?

Mention of an election tends to quieten the property market a little, perhaps because of uncertainty and possibly because there are other things on people’s minds. But now is actually a very good time to be a seller in Brisbane. Why is this?

Although listings overall in Brisbane are up from last year (due to slower sales), on the Bayside the number of listings is lower than usual for this time of year because we are still experiencing good buyer demand. Once the election is over, we’ll see more listings and more competition among properties. But at the moment, competition is low and so those properties on the market are selling quite quickly, if they are priced appropriately for the market. Housing prices in Brisbane have remained relatively stable, with a small recorded decline of 0.2% over the past year (compared with -9.9% for Sydney, for example).

So what are buyers looking for? Well, just as every home is different, buyers also have varied requirements and preferences. But there are a few key determinants that influence buyers:

  • Lifestage factors – eg children’s ages impact the size and style of house/yard needed.
  • Locational factors – proximity to workplaces, schools, shops, recreation vary on people’s needs/wants. Cul-de-sac versus busy roads. Neighbourhood characteristics.
  • Budget – this will impact on location, size of house, quality of fitout etc
  • Market environment – people respond to what others are doing, what the media reports, and what they experience in their lives. Making a decision will depend on what’s available in the area they are wanting to live, and how confident they feel about the future.

All of which points to the fact that there are things home owners cannot influence, and things that owners can do that will make their home more appealing to the market that will achieve a better price, for example:

  • Garden – presentation begins with a tidy front garden, lawns and fence (including your letterbox).
  • Maintenance – ensure everything works as it should. Get things that you’ve “put up with for years” fixed. Repair cracks and surfaces. Clean or paint walls.
  • Find the house plans – your buyers will want to see a plan.
  • Paperwork – Get paperwork up to date, like termite inspections, pool safety certificates, insurance, completion certificates for additions/extensions.
  • Ask your agent for advice well in advance of listing, so you don’t have the stress of getting things done at the last minute. A local agent will know your market better and achieve a better result.
  • Declutter, declutter and declutter. Hire a storage shed if necessary.

Happy buying and selling!