Meet James Austin from Ray White Real Estate, a seasoned professional whose real estate journey began in sales assistance before advancing through various roles in property management. Now, thriving as a sales agent, James operates in the very community where he was raised and resides.

In this interview, James shares invaluable insights into navigating the competitive Queensland property market, offering advice on everything from managing interest rate impacts to maximizing returns on property sales. Stay tuned as we explore the dynamics of buyer behaviour, the resurgence of the knock-down rebuild market and strategies for both sellers and buyers to thrive in today’s market.

How are interest rates affecting buyer behaviour and affordability in the Queensland property market and what advice do you have for clients considering purchasing in this climate?

“The first few interest rate hikes created a wave of uncertainty (with the knowledge of many more to come) which created a dip in the market. Buyers pulled away from purchasing and properties sat on the market for longer which created a bit of a stalemate. Since that stock cleared and we saw the light at the end of the tunnel/eventual end of the hikes, buyers re-entered the market with more confidence on what their repayments would be (within ~1%). Now with low supply, the fuel of the market is competition and the rise of interest rates has had less impact than predicted.“

What advice do you have for homeowners looking to sell their properties in Queensland, in terms of preparing their homes for sale and maximizing their returns in the current market conditions?

“Ensure you are choosing a local expert – someone that is tried and tested in the area and has a track record of achieving results. Depending on the area your home is in, I would provide advice on what is worth doing pre-market. For example, most 20-year-old homes would require more updates like paint, landscaping etc, as opposed to what a post-war home on a flat block would require – as it would more than likely be sold to be knocked down and rebuilt. Every property is different and getting an agent to provide concise advice and a plan going forward is essential.”

How has the demand for properties in Southeast Queensland, including Brisbane, evolved in recent months and what are the key drivers behind this trend?

“Demand has increased significantly since the second half of 2023 – low stock levels are fuelling competition and fear of missing out. But real estate is a supply and demand industry, so it makes sense that with less stock available and more buyers around, that competition and prices increase. The knock-down rebuild market is also back, which took a bit of a back seat when building costs skyrocketed. My team sold a knock down in Upper Mount Gravatt last week for $1,234,000 with 34 registered bidders – when this would have sold for under $1,000,000 this time last year.”

What strategies do you recommend for buyers in SEQ and Brisbane to navigate competitive market conditions and secure their desired properties?

“1. Choose a good broker and 2. Speak to your broker about being in a position to make unconditional offers or be as close to unconditional as possible. Whether the house you are wanting to purchase is going to auction or a private sale, being financially ready to jump is the most important thing, as conditions slow you down in a fast-paced market. Being the most desirable buyer (unconditional buyer) should be the goal.”

Can you provide insights into the typical auction process in Queensland, including any recent trends or changes in buyer behaviour during auctions?

“The Brisbane market has become much more accustomed to auctions within the last few years. There is a strategy to bid at auction and that is by knocking your competition out to secure the property and we are seeing that happening more and more each week. The more auctions that happen each week, the more the market is exposed to it and the more comfortable buyers become with the entire process.”

In wrapping up our conversation with James, his forward-looking perspective and hands-on approach have highlighted key aspects of the current property market. His advice not only serves as a roadmap for buyers and sellers in Queensland but also underscores the value of working with experienced professionals in achieving real estate goals. Stay connected with us for more invaluable tips and real estate wisdom in our upcoming editions.