When it’s Time to Sell? 3 Factors to Watch for in the Property Market
Within the last two years, we’ve seen some very compelling changes within the Brisbane property market. When the tides can change in an instant, it’s difficult to predict whether your luxury property will reach its fullest potential on the market. Although the local real estate market is constantly changing, there are certain things to look for to predict what might happen next.
Here are three key factors to look for when considering the sale of your home…
High Demand + Low Supply = High Prices
Scarcity has been the driving force behind skyrocketing sale prices for luxury homes in the past year, with demand remaining in higher levels across the Ascot, Hamilton, and Kangaroo Point areas, in particular.
Interstate migration has been steadily increasing since 2020, and this expectation continues as we approach the upcoming 2032 Brisbane Olympics. We’re also seeing a rapid uptake of local buyers, more so than ever before – which is causing the market to become incredibly exclusive and competitive.
Therefore, it is expected that prestige property will continue to remain in high demand as affluent buyers continue to snap up the limited luxury homes in the capital. This is a great sign for sellers!
Seasonal Factors
Historically, Spring has been an optimal time to sell a property in Australia. Recent research shows that the number of properties going to market jumps by over 14% in the Springtime! This isn’t to say that prestige properties don’t sell year-round, or that it’s a bad idea to sell in the off-peak season – but it is something to consider!
Economic Stability
Sometimes, the best reasons to sell your property during an economic downturn, are also some of the worst.
Selling as we enter a recession may result in you not receiving the highest value. Our advice – get in touch with an agent early so they can best advise on when to pull the trigger. Your agent may recommend riding out the dip and selling during a period of low market volatility; or if they have hungry buyers at the ready, still proceed with selling your property with an aggressive campaign.
Generally speaking, we recommend staying in touch with a Real Estate Agent who knows the ropes of your local area. Receiving frequent property appraisals is a fantastic way to stay in the loop of your property’s value. Luckily, we know just the team to help you with this!
Where to From Here?
Although these are just a few indicators to look out for, if you’re interested in selling your home in the future, it’s best to consult an agent that wants the best possible outcome for you.
The Oliver Jonker team are not only well-versed in the ins and outs of the Northside property market, but we possess the strategy, industry insight, and commitment to achieving great results.
For expert advice about selling prestige property in Brisbane, get in touch today.