A combination of rising property values, interest rate cuts, and first homebuyer incentives have supercharged the market, swamping banks and lenders with buyers seeking loan pre-approvals.
Desperate homebuyers trying to crack into the Queensland market are removing key conditions from their offers as mortgage pre-approvals surge to record highs across the state.
A combination of rising property values, interest rate cuts, and first homebuyer incentives have supercharged the market, swamping banks and lenders with buyers seeking loan pre-approvals.
The intense competition is forcing buyers to take extreme measures to make their bids more attractive to sellers — removing finance, subject-to-sale, and building and pest clauses just to make their offers unconditional.
2315/179 Alfred Street, Fortitude Valley is for sale at offers over $650,000.
“It’s such a competitive market in Brisbane that a lot of properties are getting 10 to 15 offers,” said buyers’ agent Lauren Jones. “I’m seeing agents ask whether or not the buyer is pre-approved.
“I’m even starting to see agents remove clauses entirely as well, telling buyers to remove their building and pest clause and remove their finance clause, just to make it rock solid.”
Exclusive Loan Market Group data released today reveals the inner Brisbane suburb of Fortitude Valley recorded the biggest jump in pre-approvals in the state, up a huge 373 per cent when comparing the third quarter of 2025 to the same period last year.
It’s the second biggest jump in the country, behind Victorian suburb Ringwood, which recorded a 500 per cent increase.
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107/30-32 Paradise Island, Surfers Paradise is on the market at offers over $750,000.
Surfers Paradise, on the Gold Coast, was second in Queensland, up 320 per cent, while Eight Mile Plains on Brisbane’s southside came in third, up 150 per cent.
Outer Brisbane suburbs Aspley and Rochedale rounded out the top five, while the Gold Coast’s Varsity Lakes and Southport, as well as East Toowoomba made the top 10.
Loan Market CEO David McQueen said buyers had been experiencing a different landscape compared to last year’s spring season, thanks to the RBA cutting the cash rate by 75 percentage points this year.
Loan Market CEO David McQueen said buyers had been experiencing a different landscape compared to last year’s spring season.
“There’s a definite shift in sentiment and competition, with more people attending open homes and more properties selling under the hammer at auction,” Ms McQueen said.
“Since July, Loan Market has recorded a surge in people reaching out to brokers, securing a pre-approval before starting their property hunt – they’re looking for that crucial edge in a competitive market.”
“In some markets, the number of people with pre approvals has more than doubled, year-on-year.
“Knowing exactly how much you can borrow and repay helps you pinpoint the suburbs within your price range and confidently decide if that extra bedroom or bathroom is within your budget.”
Buyers’ agent Lauren Jones
Ms Jones said having pre-approval in Brisbane was now a gamechanger when it came to locking in a sale.
“Agents want to move on to the next property and if a buyers’ finance falls over, they’re wasting their time,” Ms Jones said.
“It’s a lot more work to reopen the home, deal with more buyers and collect more offers.”
12 Totten Close, Eight Mile Plains is going to auction on November 1.
Place – New Farm agent Michael Kafantaris shared a similar view and said buyers were opting for pre-approvals to avoid missing out.
“It comes down to competition and demand,” said Mr Kafantaris.
“Buyers are trying to get organised and get their paperwork beforehand.
“We used to have buyers come through and get an idea of what’s available and then work out their finance but now they are getting their finance first and coming in ready to buy.
“It’s wise to know what price range you have and not get too carried away and have to be humbled after as you’re not in that right price rage.”
1012/3018 Surfers Paradise Boulevard, Surfers Paradise is for sale at offers over $899,000.
Coastal agent Katrina Keegan, who sells property in Surfers Paradise, said the Glitter Strip hotspot was a renowned investor market.
“An investor will usually seek out pre-approval before they even start looking online because they want to be able to make unconditional offers,” Ms Keegan said.
“It’s a very numbers-based decision and investors need to know their numbers.
“On the other side of that you’ve got first home buyers and we, as agents, advise them to get pre-approval as there’s so many different styles of properties in Surfers Paradise and banks are particular about lending based on the age of the building and even the density.”
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