Brisbane’s housing shortage is intensifying, with some properties drawing more than 30 written offers, creating a high-stakes environment for first-home buyers, property investors, and their mortgage brokers.
Buyer’s agent Jack Freestone (pictured) from Buyers Collective said competitive pressure is now the norm, rather than the exception.
“At minimum, I would say we’re seeing six to eight offers, but most commonly we're sitting around 12 to 15,” Freestone said.
In a more typical market, he would expect only a handful of offers on each property.
Data provider Cotality reports that the median days on market in Brisbane fell slightly in January, underlining how quickly well-priced homes are being snapped up. At the same time, total listings are reported to be more than a quarter lower than a year earlier, even as demand from local, interstate, and overseas buyers remains solid.
This scarcity is being compounded by a faltering apartment pipeline, with new research indicating it now costs about $1.7 million to deliver a new Brisbane unit and that more than a third of future projects may not proceed, limiting future supply just as demand is intensifying.
“There are still a lot of buyers. The February interest rate increase hasn't really put a dent in the market at all,” Freestone said.
The most intense competition is focused on more affordable stock under $1 million, where government incentives and relative value are drawing both first-home buyers and entry-level investors.
“The sub-$1 million space is by far the most competitive,” Freestone said, noting particularly strong demand for older, small-complex units within 5–10 kilometres of the CBD.
Those apartments have delivered standout gains, with unit values rising markedly faster than houses over the past year. That outperformance, together with lower body corporate fees and shared land value, is making units a favoured option for borrowers stretching their capacity.
On the ground, much of the buyer interest is coming from first-home buyers and young families priced out of standalone houses but still seeking proximity to the CBD, while investors now make up roughly half of inner-Brisbane apartment purchasers, up from closer to 45% a year earlier.
Freestone said successful buyers narrow their search to a few key suburbs, build relationships with local agents, and move quickly when a suitable property appears.
“It’s not a market that you're going to buy a bargain in," he said.
For brokers, guiding clients on realistic borrowing capacity, speed of decision-making, and tailored offers to suit vendor timelines may be the difference between repeated knockbacks and finally securing a contract.
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