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Buyer Behaviour is Changing

The pandemic changed so many of our habits and it has affected the way people buy and sell property as well.

This is about more than viewing homes via video call; people’s preferences and priorities have evolved.  

These are the new buyers trends we are witnessing as we head towards 2023: 

Beyond borders

These days, buyers are far less geographically bound to the place they know, live or work. Many people are joining the Great Resignation and looking for a better lifestyle, or they are realising they don’t need to be physically close to their employer’s head office to do their job. As a result, they are looking for homes further afield. 

Instead of looking in the same suburb or a few suburbs over, many buyers are relocating interstate. This has been evident from the population drops in Sydney and Melbourne, and the jump in resident numbers in Brisbane over the last two years. The call of the ‘Sunshine State’ is strong for so many reasons.  

Because Sydney and Melbourne are traditionally more expensive than Brisbane, buyers have healthy budgets. They’re able to swap an ageing apartment or cottage for a quality family home and they are excited to do so.

There is evidence saying one in three buyers who are eyeing-off property in Queensland come from interstate. As shared by the Brisbane Times, Paddington, Red Hill, Ashgrove, Bardon, Indooroopilly, Taringa and St Lucia are some of the most popular suburbs for people who are keen on Brisbane’s laid back and affordable lifestyle. 

Rightsizing is more popular than ever

There are currently incentives for people over the age of 60 to sell the family home: ‘rightsize’ and put the money left over into their superannuation without being penalised. 

This has created another buyer evolution, with retirees and pre-retirees seeking apartments in convenient areas. These people aren’t looking for tiny abodes; they still want space to entertain and have guests stay overnight. The ideal rightsizer home is all on one level, has lift/elevator access (if it is an apartment), excellent security and undercover parking. Bonus points if it is walking distance from the local cafe and shops. 

Having often owned a larger family home for many years and often paid off their mortgage in full, rightsizers also have the benefit of healthy budgets. The challenge for them is the number of buyers in this market. Demand is creating competition for the best rightsizer properties, which is pushing the prices up. 

Upgrading for convenience and location

When the market is perceived to be slowing, savvy buyers see it as an excellent time to make a move. Interestingly, buyers are looking to either transfer to a larger property – often in a traditionally less sought after suburb, or right-sizing into a more preferable suburb. 

As a result, excellent quality homes in good locations are very much sought after – and top shelf suburbs remain in demand. 

Convenience is still king – if prospective properties are close to shops, parks, public transport stops and cafe culture, all the better. 

Tax fears cancelled

The Queensland Government announced a new land tax proposal a few weeks ago which threatened to drastically increase land tax for investors who own property across multiple Australian states. Some investors claimed the change would increase their tax bill by more than $25,000

However, after backlash from other state leaders and property industry advocates, the tax changes have been scrapped. This gives investors the flexibility to make strategic purchases in the hottest parts of Brisbane and the Gold Coast. 

The popularity of Queensland’s metropolitan areas continues to rise, with population projection data forecasting more than 220,000 interstate migrants over the next five years. This means homeowners will reap the rewards and home sellers will benefit from a smooth and quick transaction when they are ready to make a move of their own. 

I hope you enjoy the read,

Matt Lancashire.