After Brisbane’s short sharp lockdown last week, businesses across the city are back in the swing of things and ready to get the ball rolling in 2021.
What will this year bring for the city’s property market and what patterns will emerge as we continue to deal with the ever-changing environment?
McGrath’s Brett Greensill says the impact of COVID has led Aussies to become more “hyper local” and prompted many to improve or upgrade their homes but stay close to their current home.
“We’re in for an interesting ride,” Brett says. “I’d say there are clouds on the horizon that are unpredictable. The only certainty is that it’s going to be a highly dynamic market.”
“We’ve become hyper local,” he explains. “People aren’t driving their cars as much and they’re spending more time at home, so it makes sense to upgrade where you live.”
This very scenario can be exemplified by the vendors of one of Brett’s listings, a waterfront apartment in Brisbane, whose circumstances changed and led to an inviting oppurtunity.
“Their decision was consolidated by COVID. They normally travel to Europe every year but now that they’re stuck at home, they took the opportunity to upgrade their home and get more space,” he says.
The vendor of the three-bedroom property told Brett: “I wouldn’t have contemplated leaving the building, but another one that I have always had my eye on unexpectedly came up.”
For those who have been considering upgrading where they live, it seems many are seizing the opportunity, though plenty are deciding to stay put, resulting in low levels of stock and keeping prices stable.
“The premium suburbs like New Farm and Newstead have a lot less listings compared to this time last year, and anything that does come up for sale that is well priced will continue to have strong demand,” Brett says.
“It’s more important than ever to make sure you get the price right. If you do, then people will be all over you, but if you deal with the buyers like they’re mugs then you’ll be left languishing.
“The locals in our market here really know the value of our property so when one comes up, they leap at it because circumstances have changed,” he says.
There’s certainly set to be no shortage of buyers for the Newstead Terrace apartment listed for sale, with the Brisbane riverfront property expected to attract interest close to $3 million.
“It’ll be desirable for a very long time because materials are of a really high quality, the design is classic and the building is highly regarded,” Brett says.
541/1 Newstead Terrace, Newstead, Qld 4006
Brett Greensill – 0410 506 695
Andrea Crossan – 0437 498 213
McGrath Estate Agents