I’m a sucker for a special at the supermarket. What about you?
Show me a bright yellow sticker announcing “30% Off” or “Buy One, Get One Free” and there’s a very good chance that item is finding its way into my trolley. Most of us are the same. We love a bargain. We actively look for discounts and feel good when we find them.
What’s fascinating is how differently we behave when it comes to property.
Imagine walking into the supermarket, seeing your favourite product discounted, and then saying, “No, I think I’ll wait until they put the price back up before I buy it.” Sounds ridiculous, doesn’t it?
Yet that is exactly the mindset I’m seeing emerge in property markets across Australia, including right here in South East Queensland.
Over the past few years, property values have experienced extraordinary growth. In South East Queensland, we became accustomed to what could only be described as “insane growth,” around 1 per cent per month in many areas. Today, that growth has moderated to roughly half a per cent per month. That’s still growth.
Unlike Sydney and Melbourne, where some markets have experienced periods of negative growth, South East Queensland has simply shifted from extraordinary growth to more sustainable growth. However, as soon as the pace slowed, the doomsayers emerged.
The problem is that these predictions often ignore the single most important factor that drives property prices over the long term: supply and demand.
The fundamentals across South East Queensland remain incredibly strong. Our population continues to grow at a faster rate than we can build new housing. Demand for homes keeps increasing while supply struggles to keep pace. That imbalance alone places ongoing upward pressure on values.
Add to that one of the biggest unemployment rates in the country, a diverse and healthy economy, and a lifestyle that continues to attract interstate migration. Let’s be honest, our winter days would be mistaken for summer by many Melbourne residents.
People want to live here. Businesses want to operate here. Families want to relocate here. And that demand isn’t disappearing. This is why I remain confident that there is no significant correction looming on the horizon for South East Queensland.
Could growth slow further? Absolutely. Could different suburbs perform differently? Of course. Markets are never uniform. But a widespread collapse simply isn’t supported by the fundamentals.
That brings us back to the supermarket analogy. If you’re able to buy today, whether it’s your first home, your next family home, a downsizer, or the start of an investment portfolio, I would be viewing current market conditions as the equivalent of finding a discount docket on a supermarket shelf.
The frantic competition of recent years has eased. Buyers have a little more time to make decisions. In some cases, there is greater negotiating power. Opportunities still exist for those prepared to act.
So, the next time you find yourself happily tossing a discounted item into your supermarket trolley, remember this: bargains are rarely obvious in hindsight. The best opportunities are usually the ones that make people just a little uncomfortable at the time.
