Brisbane property market shifts as buyers return to the driver's seat

Buyers in Brisbane are regaining leverage as the city's property market cools after a prolonged boom. Nicole Pengilly, who had previously seen home prices outpace her borrowing capacity, found the market more accommodating after recent federal budget changes and interest rate hikes. "The real estate agents were more pursuing you this time around," she noted. "It just felt like you had more time to think about whether you want to make offers."

Experts like Tim Lawless from Cotality Research observe a significant shift. "Most buyers are now back in the driver's seat and really trying to find good value for money," Lawless stated. He attributes this change to a combination of tax reforms, including adjustments to negative gearing and capital gains tax discounts, and rising interest rates, which have collectively reduced buyer urgency and enhanced their negotiating positions.

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The real estate agents were more pursuing you this time around. It just felt like you had more time to think about whether you want to make offers.

The market data supports this trend. The number of properties listed for sale in Brisbane has risen by nearly 25 percent compared to the same period last year. While new listings have seen only a marginal increase, properties are taking longer to sell. Brisbane's auction clearance rate stood at 43 percent last week, a notable increase from the previous week but still substantially lower than the nearly 63 percent recorded a year ago. This indicates a market where sellers are increasingly needing to negotiate, and buyers have more choice and time to make decisions.

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Most buyers are now back in the driver's seat and really trying to find good value for money.