In this month’s episode, Scott and Melinda Jennison unpack everything you need to know about Brisbane’s property market performance in June 2025. From the second interest rate cut and its impact on buyer behaviour to the ongoing strength in the unit market and booming prestige sales, they cover what’s moving the market and what it means for buyers, sellers, and investors.
You’ll hear expert insights on:
- Why median dwelling values are climbing
- How the new government grants are influencing first home buyers
- The return of FOMO and unconditional offers
- Which market segments are leading the growth (and why)
- Updated data on days on market, rental yields, and vacancy rates
Whether you’re a local or interstate buyer, this episode offers actionable knowledge grounded in real-time market activity.
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Transcript
[00:00:00] Melinda: In this week’s episode of the Brisbane Property Podcast, we are providing a full and comprehensive breakdown once again on what’s been happening across various segments of the Brisbane market, including houses and units throughout June 2025. We hope you enjoy this episode.
[00:15:00] Announcer: Welcome to the Brisbane Property Podcast with your hosts Melinda and Scott Jennison.
[00:20:00] Scott: Hi everyone and welcome back to another episode of the Brisbane Property Podcast with Scott and Melinda Jennison. I will start by saying in this episode, we do apologise if the audio is not quite as good a quality as normal, and we don’t have any visual as Melinda and I are currently on holidays, and we thought we would better… we had better jump in and do a market update for everyone because our listeners obviously need to know what’s happening in the Brisbane market.
[00:43:00] Melinda: Yes, thanks for joining us once again. We’ve got all of the usual statistics and updates to share with you on what’s been happening across the city of Brisbane over the last month, and boy, it’s certainly been heating up. We’ve seen the change really come into effect off the back of that second rate cut that was back in May. We had three long weekends where we had public holidays, we had that rate cut, and then all of a sudden buyers came back into the market, and we saw this escalating demand come back into the Brisbane market. Please remember when we’re reporting on our market update, we’re using settled sales data. This is coming through from CoreLogic, which is formerly CoreLogic, and also PropTrack. But these sales reflect what was happening at least 30 days ago because anything that settled in June, for example, which is the data we’re going to be reporting on today, these are properties that would have transacted in May. We’ve definitely seen that jump yet again in June compared to what we saw in May, and we’re going to unpack all of that in today’s episode.
[01:46:00] Scott: Obviously, as you mentioned CoreLogic, CoreLogic, I still struggle with that. I still call it CoreLogic.
[01:52:00] Melinda: We both do.
[01:53:00] Scott: Brisbane recorded, and we’ll jump into the numbers a little bit further on and break them down, but a 0.7% increase on median dwelling values. That’s a slight acceleration from May, which was 0.6 of a gain.
[02:08:00] Melinda: And that’s the point that I was making before. We definitely saw May’s figures jump up again, but in June, we’ve seen a further escalation. We’re going to break down the unit market and the house market so you can understand in which segments we’re seeing that stronger demand and that stronger price growth once again. But it still places Brisbane amongst the top-performing capital city markets alongside Perth and Darwin. Darwin’s actually been jumping ahead more recently, especially in relation to quarterly growth, but Brisbane has shown that consistent upward trend, and it really does underscore the attractiveness of Brisbane to a wide range of property buyers. We’re seeing first home buyers, we’re seeing property investors, and we’re seeing those that are upsizing family homes all working in the market at a time where there’s very limited supply. These are… this is one of the reasons that Brisbane’s market continues to escalate in value. We’ve seen this heightened buyer demand at a time where we’re seeing really constrained supply. And what we mean by supply is they’re those listing volumes, the number of properties that are becoming available for sale, and it’s still extremely low across all of Greater Brisbane compared to our long-term average.
[03:18:00] Scott: Over the past quarter, dwelling values in Brisbane rose by 2%, with an annual growth, which is quite impressive, at 7%. Obviously, strong growth there and obviously Brisbane being the leader, as you mentioned Melinda, with Perth and Darwin, Brisbane is right up there, obviously compared to Sydney and Melbourne and other capitals.
[03:37:00] Melinda: Yes, Brisbane is definitely outperforming the other major east coast capitals of Sydney and Melbourne, and again, we’ll break that down in a little bit more detail later in the podcast. But I think one of the key features of Brisbane’s ongoing growth is the shift towards more affordable housing segments, and we are seeing that in the breakdown of dwelling values. Again, we’re going to break that price segmentation down as we work through this podcast, but the other interesting thing that’s definitely shining through still in the data is that the unit market continues to outperform housing. Units are still showing stronger growth on a monthly basis, a quarterly basis and an annual basis. And there’s real reasons for that and especially those units that are located in and amongst character housing where they can’t create any more units. We’re not seeing cranes in the sky in Brisbane like we were 10 years ago. We’re not building enough units to satisfy the demand, and this is continuing to put that escalation on prices and that upward pressure is coming from the heightened demand in this sector. A lot of that is driven by affordability because there’s been such a price gap between houses and units, we’ve seen a lot of people shift their housing preference into that unit space.
[04:54:00] Scott: I think people like that lifestyle too, into that unit space, closer to the facilities, closer to the city, and there’s less maintenance obviously when you come into a unit compared to a house. An interesting one which I thought was quite interesting is the days on market. That’s slightly increased from 22 days in May to 25 days in June. It sort of indicates there’s a bit of a modest slowdown in the transaction speed, but don’t forget we’re reporting on Greater Brisbane here. When we talk about different areas of Brisbane, areas that we’re looking at, we just recently went to an offer… there was, I think there was… an auction, sorry, there was 11 people registered. We’re still seeing really, really high demand on properties.
[05:37:00] Melinda: We’re still seeing a lot of properties transact extremely fast as well. They might be listed on a Wednesday or a Thursday, they open for the first inspection on a Saturday, and offers are closing that afternoon. Again, we always stress in this podcast the reliability of real estate data. Some people, and I know through talking to agents that some people will report days on market as the time to unconditional, others will report it as the time to contract. These sort of variances in the way the data is reported will really influence the numbers that come through. The best bet is to actually see what’s happening on the ground, and that’s what our team get to see every single day for our clients when we see properties listed on a Thursday or a Friday, open on a Saturday, and offers close Saturday afternoon or Sunday morning. Days on market in that instance is literally two or three. It’s not the time to unconditional. And here in Queensland, remember a lot of contracts are entered conditionally. I will go on to say though, we are seeing more and more contracts being entered unconditionally. That is, buyers are becoming desperate. We’re seeing that fear of missing out come into the market in certain segments, and buyers are willing to take risks by dropping building and pest conditions or removing that finance clause. Now, for some people, there’s much less risk associated with removing a finance clause than others. That very much depends on the financial setup, but of course, if you’re borrowing at the maximum borrowing capacity and you’ve got a minimum deposit, removing a finance clause can expose you to risk in the event that a valuation does not come in at purchase price. So, we always recommend seeking advice and guidance from your mortgage broker or your bank before you actually make any unconditional offers, otherwise a finance condition is there to protect you as a buyer. It’s really important that you understand your circumstances. We’re also seeing agents actually say to buyers, you’re going to have to be unconditional to be competitive, and please sign this waiver to remove the cooling-off period. So, effectively, we’re seeing agents ask buyers to remove all conditions and enter contracts under auction conditions even through private treaty sales. Now, one of the properties that we put forward an offer in had in excess of 18 buyers putting forward offers just in the last month. Now, this is extreme demand, and in those instances, we do see some buyers remove all clauses and conditions and so they are entering contracts that are completely unconditional. Again, seek professional advice from your advisory team, your solicitors, your mortgage brokers, your buyers’ agent if you’re working with one around the risks associated with entering unconditional contracts. If you’re shopping in that segment of the market that has that level of demand.
[08:31:00] Scott: I think there’s some tips there for the listeners and that is, if you understand what you’re looking at… when you’re talking about conditions, and if I look at it from our point of view with Streamline Property Buyers, obviously I’m a licensed builder. I can look at building things, I can give you a bit more reassurance on those types of things. We can then help you and talk to your mortgage broker. We can work together to understand your finance position and see where you sit. So, making sure you’re not putting yourself in a very high-risk situation to tighten up your conditions and those types of things. The other thing I’ll mention, when we talk about days on market, when we talk about opportunities, and when you just mentioned then Melinda, 18 people offering on properties. If you’re looking investment-wise, for a home, different story because you’re purchasing where you want and what you want, but if you’re looking for investment-wise, I would probably say in the current market, if it’s not a multi-offer situation or going to auction with multiple people bidding on it, what’s wrong with the property?
[09:30:00] Melinda: Absolutely.
[09:31:00] Scott: Because it’s actually a positive and I do say this to people, that’s a really good thing because when you’re looking to buy a property that has 18 people putting offers on it, that’s desirable. You know that people want to buy that property, and if you ever have to sell it, that is again, that’s a positive thing because there’s more people that like that area and like that type of property in those locations.
[09:52:00] Melinda: It is a positive thing even though sometimes… A lot of people say they don’t want to be… they don’t want to fight against others, they don’t want to compete in a market where there’s lots of competition, they’d rather buy something with low competition. That’s fine, but when you become a seller, you want that competition. We always say it’s a risk mitigation strategy to buy something that everyone else wants to buy because when you do become a seller, obviously that’s going to put you in a position where you’re going to have a desirable product, something that there’s a lot of demand in the market for. Always think about that. When you become a seller, you do want the desirable property that people will fight for.
[10:26:00] Scott: I would actually say if it was going to auction, for me that’s even more favourable. I would much prefer to go to auction because you know what the next person’s going to pay for that property and obviously you’ve just got to be a little bit better than that as well.
[10:42:00] Melinda: That said, I will say that we have seen some auctions just in the last month run well beyond where the objective value sits. You still have to be cautious, you still have to understand market value where there’s one or two, usually two, buyers and we’ve had two instances of this on properties that we’ve been bidding on for buyers just in the last month. Both properties in price points in the mid-one million dollar range sold in excess of $250,000 above where the objective value sat based on the most recent comparable sales. And they’re instances where you see two buyers fighting it out, two emotional buyers typically that want that particular property for its scarcity and they’ll pay whatever it takes. Now, of course, you do have to hold back in that instance, especially if you’re not that emotional buyer that’s wanting to buy that property for its unique features. If you’re a property investor, for example, there’s always going to be an objective limit where you literally walk away, and that’s what happened in the instances for both of the clients that we were representing in those two circumstances.
[11:46:00] Scott: An interesting number here, and this this one sort of blows me away a little bit. Over the past five years, Brisbane’s values have grown by 75.1% with a 92.5% increase recorded over the past decade.
[12:01:00] Melinda: 92.5% increase. 10 years, 92.5% change in property values. In five years, 75.1%. Off the back of COVID, we’ve seen extraordinary growth across the Brisbane property market. I think this is why there’s so many people that are really confused about values because that growth has happened very, very quickly. There were only a few months where we saw that growth really flatten out and in some instances there was some great buying, and that’s when interest rates started to increase. But that all turned around very quickly as soon as we saw interest rates start to stabilise again because the underlying fundamentals were such that we had low supply and high demand. And when interest rates did start to increase a couple of years ago now, we did see some buyers get spooked because of some of the market commentary at that time. But for some of our clients that got into the market when others were fearful, they’ve really locked in some great equity in that that particular time period.
[12:59:00] Scott: That’s the power of property and capital growth. When people talk to us about purchasing a property with the yield compared to capital growth, that just there, those numbers, that says it all for me. Capital growth over yield any day for me, I’d say. Depending where you are in your situation obviously, in investing as well. Economic side of things.
[13:19:00] Melinda: We saw the CPI, the consumer price index, show that inflation eased slightly again to 2.1% annually. This is the lowest level it’s been since October 2024. It suggests that cost of living pressures are easing, but it also has strengthened market expectations that the Reserve Bank of Australia may lower the cash rate once again by 25 basis points in July. If that happens, obviously that could potentially provide further stimulus to the market and increase demand further. It enables buyers to borrow more, but it also gives buyers more confidence to get into the market once again.
[11:58:00] Melinda: In Queensland itself, we saw the labour market data come out. It was quite encouraging in that the job vacancy rates increased by 6% year-on-year. This is the highest growth among all Australian states, and it suggests continued employment demand and economic stability within the state. Both of these underpin buyer confidence and the property market of course. This is a really good thing for the Queensland economy as a whole, and certainly here in southeast Queensland. It makes Brisbane quite an attractive investment destination.
[14:32:00] Scott: I think there’s plenty of jobs out there for people and more and more coming as well. We’re seeing all this infrastructure now that the build-up towards the Olympics, housing side of things, the boost from the state government, we’ll touch on that shortly. But when you look at all those sort of factors in behind it, I think that labour market is still looking really, really strong and it’s got a long way to go as well.
[14:55:00] Melinda: Of course, in more news throughout June, the Queensland state government released its first state budget, and that delivered some more positive news, if you can say, for housing markets. First home buyers were the big winners in the state budget, and the government released a ‘Booster Buy’ scheme. It offers equity contributions of up to 30% for new homes or 25% for existing homes, up to a $1 million price point. So, this is going to… we’re going to see some more demand shift into property up to that $1 million price point with first home buyers, whether they’re… an income of up to $150,000 for singles or 1 million price point, a lot of investors are in that space, although we’re starting to see through our own inquiry a lot of investors moving into the one to $1.5 million price point or beyond because they’re looking for quality. And of course with the median values in Brisbane now above $1 million for a house, we’re starting to see investors look for more quality assets and put forward a budget that is more aligned with inner-city blue-chip locations as well.
[16:48:00] Scott: It’d be nice to see the first home buyers get into the market. It’s an area that I encourage and I’d like to see those first home buyers get into the market and make the most of property as well. Moving a little bit out of the first home buyers I guess, is the prestige market, and this is something we’ve seen a real emergence of Brisbane into this prestige market. According to Westpac’s prestige property report, Brisbane recorded 139 sales over the $5 million mark in the past year. That’s a new record, a 25% increase year-on-year.
[17:24:00] Melinda: Yes, some of the high-value transactions were concentrated in elite suburbs, inner-city suburbs. These included Hamilton, New Farm, Ascot. These are the sort of suburbs that attracted the highest volume of $5 million-plus sales. They’re also known for riverfront locations and/or elevation with views. These are the things that do or are attractive to those prestige buyers. I think this surge in prestigious sales in Brisbane is on par with more established luxury markets around Australia, but it does also signal growing recognition that Brisbane is a location or a city that has premium lifestyle features, and people are seeing value to park money into that high-end housing space here in Brisbane. And of course, still the top sale in Brisbane is just over that $20 million price point, whereas we know in Sydney and Melbourne, for anything similar, you’d be looking at a lot more money. Again, from an affordability perspective, and I know it seems very strange to be talking about $20 million houses as an affordability, but for those people in that end of the market, you still get a lot more bang for your buck effectively by buying a prestige home in Brisbane compared to what you would buy at a similar price point in Sydney and/or Melbourne.
[18:47:00] Scott: You took the words out of my mouth there. I was about to say exactly the same thing. I’ll just run through really quickly the top 10 suburbs, so the highest number of $5 million sales in 2024. I won’t go into depth, I’ll just run through the locations. Hamilton, New Farm, Ascot, Paddington, Teneriffe, Hawthorne, Bridgeman Downs, Newstead, Bardon and Bulimba.
[19:10:00] Melinda: And Bridgeman Downs are likely to be those larger acreage that are being purchased by developers to be subdivided up into residential housing because that’s been happening a lot in those areas.
[19:22:00] Scott: Let’s sort of run through some of the data in terms of dwelling values.
[19:26:00] Melinda: Dwelling values.
[19:26:00] Scott: Brisbane median dwelling values reached $926,243 in June. That’s a 0.7 monthly rise and a 2% quarterly increase, 7% year-on-year growth. PropTrack echoed obviously the same strength, reporting a 0.3 monthly increase, slightly higher than May’s 0.24%.
[19:48:00] Melinda: When we look at Brisbane’s performance at 0.7% for the month, slightly ahead of Sydney at 0.6, Melbourne at 0.5, Adelaide also at 0.5. Perth ahead at 0.8% growth and Darwin jumps right ahead 1.5% growth across the month. I spoke earlier about that market segmentation and that more affordable end of the market that’s really driving the growth. Here in Brisbane, the bottom 25% of property transactions, or value… the bottom 25% of the value of transactions in Brisbane, they shifted 2.5% in the three months up to the end of May, whereas the most expensive segment of the market only shifted 1% across the same time period. Now, this is quite unique here in Brisbane. We are starting to see now in Sydney, for example, it’s the top end of the market driving their growth when you look at the price segment. It really does tell a story about this drive to more affordable options which does include units and townhouses here in Brisbane because this is dwellings data that’s been segmented, so it does incorporate a lot of those units and townhouses will fall into the lowest 25% of property values. And of course, we’ve seen that huge surge in buyer demand and price growth in the unit and townhouse market space, and that would be contributing to these numbers.
[21:14:00] Scott: Housing, let’s break it up now, we’ll go through the housing and then the units. So, housing market, we’ve seen an increase there of 0.7%. Median house values, $1,010,566. This represents 1.9% quarterly gain and 6.3% annual rise. The growth in June was stronger than May, which was 0.5%.
[21:37:00] Melinda: We’re definitely seeing renewed momentum once again in the housing market in Brisbane. You’ll recall back, I think in February, we saw no change in house price growth and we’ve slowly seen this momentum re-emerge in this segment of the market. With Brisbane at 0.7%, slightly ahead of Sydney’s house price growth at 0.6%, Melbourne also at 0.6%, Adelaide at 0.5%, so we’ve seen a bit of a slowdown. Perth slightly ahead of Brisbane, it’s at 0.8%, and Darwin 1.8%. You can see what’s happening in the top end of the market, really strong up there. I did omit Hobart, it’s the only capital city that saw negative growth in the housing market, -0.2%. Canberra also up 1.1%, so it performed fairly strongly throughout the month.
[22:24:00] Scott: PropTrack obviously supported that with an increase of 0.2% for the month of June.
[22:31:00] Melinda: Let’s look at unit data now.
[22:33:00] Scott: The median value for units…
[22:35:00] Melinda: Yes, so unit markets, obviously as we’ve said, it seems like a bit of a scratched record here, we repeat this all the time, recorded a 1% increase. Median unit values then go to $718,196. Quarterly growth held steady at 2.4% while annual growth stands at 10.9%.
[22:57:00] Melinda: Interestingly, in May, we saw 1.1% growth in Brisbane in the unit market. Obviously now in June it’s 1%. Slightly lower, but I will say that compared to every other capital city market across Australia, Brisbane has outperformed. It is the strongest unit segment of the market across all other capital cities. The only others that have sort of come close is Darwin at 0.8% growth over the month and Perth at 0.7% growth over the month. Adelaide 0.9% growth, but when you compare Brisbane with Melbourne for example, the Melbourne unit market only shifted 0.3%, Sydney 0.6%. You can see Brisbane’s unit market really outperforming. And there’s definitely some unique characteristics about what’s happening in Brisbane in the unit market segment, which we’ve touched on in previous podcast episodes, and I think that a lot of people think, “Oh, you definitely shouldn’t be buying a unit, there’s little capital growth in units.” But remember, Brisbane has so many character housing areas where they can’t build more units, and if you’re buying in and amongst some of those areas where you’re surrounded by character housing, and in desirable locations, there’s a scarcity of supply, and it’s something that you need to consider from an affordability perspective if your budget is more aligned with unit buying rather than house buying.
[24:11:00] Scott: PropTrack then, unit values, we also saw that rise 0.6%. It’s an uptick from the 0.18% reported in May.
[24:22:00] Melinda: The main thing that we’re looking for there is that PropTrack and CoreLogic are showing similar market trends. They’re different data houses recording price growth. We always cover CoreLogic in detail in the market update, but we’ll always mention PropTrack just to see whether it’s tracking in the same way or not.
[24:40:00] Scott: Rental market. Again, really, really tight, and we’ve seen it even tighten up a little bit more. We know there’s a shortage of properties. Vacancy rates fell to 0.9% in May from 1% in April. Obviously it really shows that consistent shortage of supply. Annual rent growth for houses rose 3.4%, up from 3.2% in May, while unit rents increased 5.1% year-on-year, up from 4.5% the previous month.
[25:10:00] Melinda: We’re going to start to see the yields in that unit market increase again with that rate of growth. And again, a lot of people are looking for lifestyle, and that’s why there’s more demand in that segment of the market from tenants, not just from buyers as well. Affordability, obviously to rent a three-bedroom, two-bathroom unit as opposed to a similar house, you’re going to be in a much more convenient location in some of those desirable suburbs for the same budget. That’s something that tenants are now looking at as well. In terms of the gross rental yields, they’ve remained stable for the month of June compared to the month of May. For houses, 3.5% is the gross rental yield for houses across all of Greater Brisbane. For units, it’s 4.5% gross yield across all of Greater Brisbane. A lot of people say to us when, especially clients when we’re looking for homes or leads that might be inquiring about our services, what sort of rent can I expect to achieve? The rent that you achieve on a property is typically going to be determined by the number of bedrooms, bathrooms, garages and quality of the dwelling itself, not so much the backyard space. That’s why we typically see a higher rental yield in the unit market. Something such as a unit or a townhouse has less land, so you’re not spending as much of the purchase price on the land component, whereas for a tenant, they’re really paying for the amenity, not the backyard, and that’s why we see that heightened demand in that space as well. Anyone that’s looking for a house with 4 or 5% yields, you’re really going to locations where land value is a lot cheaper, where you’re not spending as much money on that backyard as part of the purchase price. And it all comes back to land-to-asset ratio. And these are some of the things that we teach our clients when we’re helping them to understand what makes a good investment when it comes to selecting the location and property type, and it’s all part of the service that we provide to our investors.
[27:10:00] Scott: I think a good investment, if I went back, and I haven’t got the figures in front of me, but if I was to invest for a 10-year hold and I was getting 92.5%, I think the number was, I’d be pretty happy with that sort of result.
[27:22:00] Melinda: That was all dwellings, by the way.
[27:24:00] Scott: Investors, the investors are still participating really high in the market. We’ve got 38.8% of Queensland housing finance for investors. First home buyers, really active, making up 26.4%, and that’s likely to grow obviously with those incentives that we talked about with the state government as well.
[27:43:00] Melinda: Pretty strong market all around. Let’s not forget the massive global uncertainty that we had throughout the month of June. To still see these sorts of results at a time where we had a 12-day war, was it? 12 days? Obviously there was a lot of uncertainty in that time. Everybody was really watching and bracing ourselves for what could have been, and thankfully, at this time, it does appear that things have settled down in the Middle East. But that can impact on buyer confidence to some extent. We haven’t seen that reflect through in the data throughout June, and we certainly didn’t see that on the ground throughout the month of June either. It seems to have passed, and it really hasn’t had a big impact at all on the Brisbane property market. Buyers are definitely still confident. Obviously, we’ve talked today in the podcast about the stability, the economic stability that we have in Queensland and southeast Queensland specifically. Inflation has been falling, which is more than likely going to result in further interest rate cuts, and they are talking as early as July. Obviously that’s going to provide a stimulatory effect on the market, it’s going to heighten demand, it’s going to improve buyer confidence once again. At a time that we still have a shortage of properties available for sale, that can only result in further price pressures. Buyers, if you are in the market to buy in Brisbane, be prepared for more competition if we do see those interest rates come through again. I just can’t see, Scott, how we’re going to find more properties, how we’re going to see more property listings become available because at the moment it’s just so tight.
[29:25:00] Scott: I think for the people looking to get in the market, as we’ve always sort of said, the best time to get into the market is when you can afford to. We’re seeing quality properties, especially the inner-city units and townhouses, as we’ve talked about, a really strong market continues to perform really well. We’re still seeing properties sell quickly and obviously the demand on those sort of segments are going to keep pressure on that side of the market. Looking ahead, I think Brisbane is positioned really, really well for some strong growth, very tight rental market, strong investors coming into the market, as we talked about the first home buyers side of things, I think we’ll see an uptick on that, and I think there’s a lot of pressure on the market. I can’t see things really slowing down. It might… it’ll be interesting to see next month when we report in because don’t forget school holidays kicked in. Once you’ve got the school holidays, sometimes people won’t want to sell, as we’ve talked about that, or go to auction. That could change the data in the next month. But from what we’re seeing on the ground here at Streamline Property Buyers, the Brisbane market looks still pretty hot, even though it is winter, and I can’t see things a lot changing.
[30:34:00] Melinda: A lot of people sort of say, “Oh, you you’re hyping up Brisbane and all the rest of it,” but the reality is you can check back on any previous podcast episode from last month, last year, five years ago. Our commentary is always realistic, it’s what we are seeing on the ground, it’s ahead of the data, we’re trying to help people understand what’s really going on. Data is great, and we always talk about providing a summary of the data, but what we see on the ground when we turn up and see shoes at the door, when we turn up and have to line up at certain properties, we know those segments of the market are going to outperform other segments of the market. These are the real facts that we’re trying to share with you. And yes, it has been the case that since we’ve started this podcast, we have talked about the fact that there’s been strong demand in Brisbane at a time of tight supply, but that’s been the fundamental reality of the supply and demand imbalance, and it hasn’t changed, and it’s why we continue to suggest that we will see further modest price growth throughout Brisbane. There’s no way we can see prices fall because we simply have too many buyers and not enough sellers, and the fundamentals are displaced, if you like.
[31:44:00] Scott: I think one thing we do talk about, and when you say we talk up Brisbane, we will tell the truth to our listeners on what we see and what we’re seeing out and about. One thing I do probably see… we went to an auction just recently, it was a knock-down. It was a site you could split into two in the inner north. Three developers had a fair fight over this at an auction, and they pushed this knock-down property… the property wasn’t too bad, but it was a splitter, and they pushed that up to $2.2 million for the purchase price on it. That’s a different sector of the market. Now, one part of the market we are probably seeing a little bit slower, if you want to put it that way, is renovations. People are still scared of renovations. If there’s anyone out there looking for a property that needs a little bit of work and has the ability to do that or has the risk appetite to do some work on a property, I still think there’s opportunities there to buy into something where you can actually do some work on it as opposed to what we’re seeing. That one I talked about at auction that there was 11 registered, that property had been done up. They’d gone in, they’d painted it, they’d cleaned it up, new flooring through, new kitchen, they’d actually done the work. People want to buy that because they’re a bit scared of doing renovations. I still think there’s opportunity and that’s probably a sector of the market that I see a little bit possibly, a little bit slower selling or less competition, maybe.
[33:05:00] Melinda: Just finally, I will say that another reason that we’re seeing days on market escalate a little bit in some cases is where sellers’ expectations are actually moving ahead of the market. A real example of this in one of the properties we looked at for a client just recently in the northern suburb of Brisbane, price point circa $1.4 million, but there was a deadline for offers that was about two weeks after the property was first listed. The property received multiple offers and the seller decided not to accept any of the offers because he wanted to achieve a price that was ahead of where those offers came in. So, again, some sellers feel that buyers should meet them on price. When buyers don’t meet them on price, properties sit on the market and they become a little stale in terms of their listing. But that’s what we’re seeing a little bit of as well, sellers’ expectations moving ahead of the market. And quite often we see that also in auction clearance rates because there’s not many auctions that we turn up to to view where there’s not a number of registered bidders. So, if they’re passing in and there’s a number of people that are registered to bid and actively bidding, there’s a difference between what the buyers are willing to pay and what the seller’s willing to accept. It’s not necessarily a lack of demand for the product, it’s actually that the seller’s expectations have slipped ahead of the market or they’re moving at a faster rate than the market.
[34:30:00] Scott: Okay, that’s our market update. We’re going to go back to our holiday. I do want to do a quick shout out to our team at Streamline Property Buyers. We do work as a team, we’re not individual buyers’ agents, but we work as a team and our team enable us to have a little bit of a break and get away, which we really appreciate. So, I just want to thank our team back at home for allowing Melinda and I to have a little bit of a break, even though we do sort of keep in contact every day with them anyway.
[34:58:00] Melinda: And record a podcast for our listeners.
[35:01:00] Scott: And record a podcast for our listeners. Hopefully the audio’s been okay. We will be back normal for you again next week. Take care. I’ll let Melinda wrap it up and bye for now.
[35:09:00] Melinda: Thanks again for joining us once again on the Brisbane Property Podcast. As always, if you have enjoyed this episode, please share with friends and family, and we would love for you to leave us a review so that others can also find the podcast episodes. Hit the subscribe button so you don’t miss any future episodes as well. Until next week, we look forward to speaking with you again then. Bye for now.