It has been found that two-dimensional materials, such as graphene, can be used as remarkable gas detection platforms as even minimal chemical interactions can lead to distinct changes in electrical conductivity. In this work, epitaxially grown graphene was decorated with iron oxide nanoparticles for sensor performance tuning. This hybrid surface was used as a sensing layer to detect formaldehyde and benzene at concentrations of relevance in air quality monitoring (low parts per billion). Moreover, the time constants could be drastically reduced using a derivative sensor signal readout, allowing detection at the sampling rates desired for air quality monitoring applications.