If you’ve spent any time around Brisbane’s bayside property market, chances are you’ve heard of Gaby McEwan. As Principal of McGrath Wynnum | Manly, Gaby has built a reputation for delivering outstanding results and helping homeowners navigate every type of market. With more than 20 years of experience and countless successful sales behind her, she understands what buyers are looking for and what sellers need to do to achieve the best possible outcome.
This month, we caught up with Gaby to talk about the current Brisbane market, the biggest mistakes sellers are making and the simple things that can make a real difference when it’s time to sell.
What is the biggest mistake homeowners are making when preparing to sell in today’s market?
Homeowners need to understand that every point in time is unique. In the 1830s, during the French Revolution, Klemens von Metternich famously said, “When France sneezes, Europe catches cold.” Right now, sellers need to be acutely aware of the impacts of world events, interest rates, the economy, the drivers of the economy, the demand for different types of houses, which is area specific and people’s perception of value. The biggest mistake I see is choosing an agent based on the price they promise, their commission rate or their marketing package. Now that the market is more challenging, it requires a higher level of skill. Experience is key now, more than ever. The best and hardest-working agent isn’t necessarily the highest-volume agent. In fact, the higher the volume of sales, the less time that agent is likely to have to work on your biggest asset. Is that really what you want? Agents should never promise a price. Instead, they should provide a realistic range and explain the process they’ll follow. Can they offer both auction and private treaty? Do they have a strategy to maximise competition? The more confident an agent is, the more likely they are to back their ability rather than becoming discount kings or queens. Finally, if their marketing consists of realestate.com.au and not much else, run a mile. They haven’t given you anything extra. You need a layered approach. The more you invest in your marketing, the better the outcome.
What features are buyers placing the most value on in Brisbane properties right now?
Buyers today are looking for new or renovated homes where they won’t need to spend significant time or money after moving in. They’re also looking for a quiet street, close proximity to facilities such as train stations, a functional floorplan, more bedrooms than we’ve seen previously, as more adult children are staying at home into their 30s due to the cost of living, dedicated spaces to work from home, often two workspaces, good car accommodation and somewhere to entertain. They really want it all. A home where they and their extended family who may be staying at home for longer, can relax, work and enjoy spending time together.
Are well-presented homes still achieving premium prices compared to the rest of the market?
Well-presented homes and new homes are outperforming almost every other type of property. New homes seem to speak their own language and are bucking the trend across Brisbane, regardless of what the media is saying. For example, we recently sold 7 Bride Street, Wynnum for $3.3 million at auction. It was the third-highest sale ever recorded in Wynnum and the highest sale on a 405m² block. It proves that when you have a desirable product in an excellent location, prestige buyers recognise that value against replacement costs, particularly with holding and construction costs increasing so significantly. All properties need to be impeccably presented and well maintained to compete in today’s market, where buyer expectations are higher than we’ve seen before. Buyers want as much value as possible because their money is precious, leaving little room for renovations or repairs. Styling is also crucial. Many millennials and Gen Z buyers struggle to visualise the potential of an empty or poorly presented home. They want to picture their home, not yours. Unlike previous generations, who might simply make the beds and put flowers on the table before selling, many buyers today need to see a professionally styled home before they can imagine themselves living there.
If you could give every seller one piece of advice before listing their home, what would it be?
Choose an agent you trust and then listen to them. Trust is everything. Is the agent readily available, or do they pass you on to someone else? If they rely heavily on “the team”, chances are your negotiation will also be handled by “the team”. If you have an uneasy feeling, there’s usually a reason for it. When you trust your agent and know they’ve done every last thing possible to achieve the best result and left nothing on the table, then accept the market. Make sure you have a marketing plan that offers a layered approach, get your home beautifully presented, fix every squeak and maintenance issue and organise a pre-purchase pest and building inspection before launching your campaign. If possible, I don’t recommend selling a property with tenants in place. If you do, consider offering a meaningful incentive, such as $1,000 off the rent, to encourage them to present the property well, cooperate throughout the campaign and treat the sale as though it were their own.
A big thank you to Gaby for sharing her experience and insights with the Madd community. Every property journey is different, but understanding the market and surrounding yourself with the right professionals can make all the difference. We appreciate Gaby taking the time to share her knowledge and look forward to seeing what the Brisbane property market has in store over the months ahead.
