A combination of rising property values, interest rate cuts and incentives for first home buyers have boosted the market, flooding banks and lenders with buyers seeking pre-approval for loans.
Desperate homebuyers trying to enter the Queensland market are removing key conditions from their offers as mortgage pre-approvals across the state soar to record highs.
A combination of rising property values, interest rate cuts and incentives for first home buyers have boosted the market, flooding banks and lenders with buyers seeking pre-approval for loans.
The intense competition is forcing buyers to take extreme measures to make their bids more attractive to sellers – removing financing, sale and construction and tease clauses just to make their bids unconditional.
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2315/179 Alfred Street, Fortitude Valley is for sale with offers over $650,000.
“It’s such a competitive market in Brisbane that a lot of properties are getting 10 to 15 offers,” says buyer’s agent Lauren Jones. “I see agents asking if the buyer has been pre-approved.
“I’m even seeing agents removing the clauses completely, telling buyers to remove their construction and pest clause and their financing clause, just to make it ironclad.”
Exclusive data from Loan Market Group released today shows that Brisbane suburb Fortitude Valley recorded the biggest increase in pre-approval rates in the state, up a whopping 373 per cent compared to the third quarter of 2025 with the same period last year.
It is the second biggest jump in the country, behind the Victorian suburb of Ringwood, which recorded a 500 per cent increase.
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107/30-32 Paradise Island, Surfers Paradise is for sale with offers over $750,000.
Surfers Paradise, on the Gold Coast, came second in Queensland, with a 320 per cent increase, while Eight Mile Plains on Brisbane’s south side came third, with a 150 per cent increase.
The Brisbane suburbs of Aspley and Rochedale completed the top five, while Varsity Lakes and Southport on the Gold Coast, as well as East Toowoomba, made the top 10.
Loan Market CEO David McQueen said buyers had experienced a different landscape compared to last year’s spring season, thanks to the RBA cutting cash rates by 75 percentage points this year.
Loan Market CEO David McQueen said buyers had experienced a different landscape compared to last year’s spring season.
“There is a clear shift in sentiment and competition, with more people attending open houses and more properties being sold under the hammer at auction,” Ms McQueen said.
“Since July, Loan Market has recorded a surge in people contacting agents and obtaining pre-approval before starting their property hunt – they are looking for that crucial edge in a competitive market.”
“In some markets, the number of people with pre-approval has more than doubled year over year.
“Knowing exactly how much you can borrow and repay will help you identify the suburbs within your price range and decide with confidence whether that extra bedroom or bathroom is within your budget.”
Buyer’s Agent Lauren Jones
Ms Jones said having pre-approval in Brisbane is now a game changer when it comes to securing a sale.
“Agents want to move on to the next property and if a buyer’s financing falls through they are wasting their time,” Ms Jones said.
“It’s a lot more work to reopen the house, deal with more buyers and collect more offers.”
12 Totten Close, Eight Mile Plains will be auctioned on November 1.
Place – New Farm agent Michael Kafantaris shared a similar view, saying buyers opted for pre-approvals to avoid missing out.
“It comes down to competition and demand,” says Kafantaris.
“Buyers are trying to get organized and get their paperwork in order in advance.
“We used to have buyers come in to get an idea of what was available and then work out their financing, but now they get their financing first and come ready to buy.
“It’s wise to know what price range you’re in and not get too carried away and then be humiliated because you’re not in that right price frenzy.”
1012/3018 Surfers Paradise Boulevard, Surfers Paradise is for sale with offers over $899,000.
Coastal agent Katrina Keegan, who sells property in Surfers Paradise, said the Glitter Strip hotspot was a well-established investor market.
“An investor will typically ask for pre-approval before even searching online because they want to be able to make unconditional offers,” Keegan said.
“It’s a very numbers-based decision and investors need to know their numbers.
“On the other hand you have first home buyers and we, as agents, advise them to get pre-approved because there are so many different types of properties in Surfers Paradise and banks are particularly particular about lending based on the age of the building and even the density.”
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