- 2021 Brisbane luxury property sales more than tripled 2019, with local buyers outshining interstate and international markets
- Exclusive luxury market can be difficult to break into, due to low stock levels and fierce local competition
- Prospective buyers advised to create networks, and understand state laws and attributes of the area
Brisbane’s prestige property market has been firing on all cylinders as of late, with sales activity tripling during Covid.
Scott McGeever, senior buyers’ agent at PS Property Advisory, said 38 sales between $5 and $20 million have already been recorded in Brisbane this year, more than tripling the 2019 figures.
Mr McGeever says local business is booming, a surprising consequence of Covid which dampened the typically dominant interstate and international market.
Securing prestige property in the Queensland capital has become challenging with the influx of local potential buyers, as stock levels have begun to dwindle.
The market is only set to become more exclusive too, with the curtain soon to fall on international borders and the anticipated 2032 Olympics putting the city in the spotlight more than ever.
“This is a market sector where buyers are often not price sensitive. If they find a property that meets their wants and needs, then they’ll do what it takes to secure it.”
Scott McGeever, PS Property Advisory
Mr McGeever said the Brisbane property market is unlike any other Australian city, and shared her top three tips for breaking into the exclusive Brisbane luxury property market.
1. Connections are key
The community of prospective buyers within the luxury Brisbane market is rather small and tight-knit, so extraordinary homes can sometimes fly under the radar without ever making it to the public market.
“We are still a ‘small town’ in terms of industry players at these price points. Unless you
know the right agents and have an established history of successful dealings with them, you can be left out of the loop,” said Mr McGeever.
Mr McGeever emphasised that connections with agents are key, and a know-how of how each agents conducts business is preferential to ensure you can seal the deal.
“Homes at these price points can come onto the market quietly. You must be among the first called by these agents to ensure you have a foot in the door from the very beginning.”
Scott McGeever, PS Property Advisory
“There are very few agents who operate at this level. We know how they approach
marketing and negotiations and have a healthy respect for their professionalism,” he said.
Agent connections can even make or break a deal, with a lack of agent knowledge causing some prospective buyers to miss out on opportunities.
“With the Indooroopilly property for example, we knew the agent. When he called for best and final offers, we understood he was serious.
“After we secured the property, he told us one of the buyers was holding back on their offer and could have had more to spend. They simply didn’t have the experience to understand how this agent operated in the way we do.”
2. Stay in the know of local laws
Mr McGeever noted that every state and territory has a unique set of laws governing the listing and marketing of properties, with luxury Brisbane properties no exception.
“From the open listing, private treaty and auction processes, through to going unconditional and eventual settlement protocols.
“Then there are town planning rules on what works you can do to a home, and guidelines about building with respect to flood lines that can be a real trick for out of towners,” he said.
A lack of education on the local laws, or even trying to skirt them, can have disastrous consequences for buyers.
“Unless you, as a buyer, are familiar with the processes and legislation you can, at best, miss out on a property. At worse, you could be left out of pocket tens thousands for noncompliance,” said Mr McGeever.
3. Get the lay of the land
Mr McGeever emphasised the importance of understanding Brisbane’s physical layout to ensure you choose the right property.
Many factors will influence a property’s capital growth potential, so it is essential to know which factors are relevant and most important to the area.
“The pros and cons of location, school zones, flood lines, heritage rules, accessibility to
coastlines and the city, plus existing and planned infrastructure – all of these things impact property appeal in Brisbane.
“For example, the Indooroopilly property we bought for a client was flood free in 1974 and 2011. This was a key requirement for our buyer,” Mr McGeever concluded.
