Should I Accept the First Offer or Hold Out for More in New Farm?
Should I Accept the First Offer or Hold Out for More in New Farm?
New Farm is not a “normal” Brisbane market. It’s prestige, tightly held, and heavily driven by lifestyle — river walks, café culture, parks, and proximity to the CBD. That mix creates a very particular buyer pool: people who often know what they want, know what they can pay, and don’t always behave like buyers in outer suburbs.
So when the first offer lands, the big question hits:
Should I accept the first offer, or hold out for more?
In New Farm, the best decision is usually the one that matches your property type (house vs unit), your buyer type, and how much real competition you actually have.
📊 New Farm Property Market Snapshot (Why This Matters)
To judge the first offer properly, you need context.
Median house price (approx.): $3,375,000
Median unit price (approx.): $960,000
That price gap matters because New Farm behaves like two markets:
Houses: ultra-limited supply, owner-occupier prestige buyers, bigger emotional component
Units: more volume, more comparison shopping, body corporate and layout factors matter a lot
🤔 What the First Offer Usually Means in New Farm
A first offer in New Farm is often one of these:
1) “We’ve been waiting for this one”
This is common for houses and premium units. The buyer has missed out before and is acting early because they know quality stock is scarce.
2) “We’ve done the maths”
This is common for units. The buyer has reviewed comparable sales, body corporate costs, and building history, and they’re placing an offer based on value.
3) “We’ll try our luck”
It still happens, but in New Farm it’s usually obvious: low confidence language, unrealistic numbers, or heavy conditions.
Your job isn’t to guess. It’s to identify which buyer you’ve got.
✅ When Accepting the First Offer Can Make Sense (Especially in New Farm)
Accepting early can be smart when:
The offer is within striking distance of recent comparable sales
The terms are clean (deposit, settlement, fewer conditions)
Buyer intent is strong (they move quickly, communicate clearly, show flexibility)
Your property is highly specific (rare layout, premium position, hard to replace)
In New Farm, great buyers often move early because they don’t want competition later.
⚠️ When Holding Out Can Pay Off
Holding out can work when:
You’ve had multiple parties through and real follow-up (not just “nice place”)
There’s a second buyer hovering (asking for contracts, pest/building access, finance confirmation)
The offer is clearly below market reality and the buyer expects you to “meet them in the middle”
But holding out only works if it’s structured, not hopeful. New Farm buyers can be patient — and if they sense a seller is unrealistic, they’ll wait for the next listing.
🧠 The New Farm Rule: Houses and Units Need Different Strategy
If you’re selling a New Farm house:
Houses are scarce. The main leverage usually comes from scarcity and lifestyle value. If your home is presented well and positioned correctly, the first offer may be strong — but there can also be upside if you create competitive tension.
If you’re selling a New Farm unit:
Buyers compare hard. Your result is often determined by:
Body corporate fees and sinking fund strength
Building reputation and maintenance history
Aspect, floor level, parking, layout
Comparable sales in the same building or street
If a unit offer is strong and clean, it’s often worth serious consideration because the next buyer may simply be “more conditions, not more money.
📉 The Risk of Waiting Too Long in New Farm
Waiting without a plan can:
Increase days on market (which sophisticated buyers notice)
Invite “what’s wrong with it?” assumptions
Reduce urgency — especially for units, where buyers can jump between similar options
New Farm doesn’t always reward time. It rewards positioning.
🏠 A Simple Decision Checklist (Plain English)
Before you decide, ask:
Is the offer close to what comparable sales support?
Are the terms strong and realistic?
Do we have real competition, or just lookers?
Is this property scarce (rare house / rare unit features) or easily replaced?
Is the buyer confident, prepared, and moving with purpose?
If the offer ticks most boxes, the smart move is often negotiation — not delay.
📞 Selling in New Farm?
At Nortons Real Estate, we focus on clear pricing, smart positioning, and calm negotiation — so you don’t leave money on the table or lose momentum.
If you’re planning to sell, let’s talk first.
⚠️ Disclaimer
This article is general information only and does not constitute legal, financial, or real estate advice. Property values and market conditions can change. Always seek independent professional advice tailored to your circumstances before making any property decisions.