Brisbane saw a 3.2 per cent rise in home listings in May and a drop in asking prices of 0.5 per cent for houses and 0.1 per cent for units during the month, according to consultancy SQM Research.
But the results found the inner Brisbane apartment glut is starting to weigh on prices in this market.
SQM Research managing director Louis Christopher said the Brisbane results represented a “mixed to somewhat patchy housing market”.
“Listings were up by 3.2 per cent for the month yet down 1 per cent for the year,” he said.
“Overall that result is neither strong nor weak for Brisbane.”
Mr Christopher said houses in Inner Brisbane were still recording relatively strong price rises.
But the same couldn’t be said for units in Inner Brisbane, where vendors had reduced their asking price by a further 1.2 per cent in the past quarter.
The average asking price for a house in Brisbane during the week ending June 6, 2017, was $605,800.
For units, it was $381,300.
Nationally, the figures show residential listings increased by just half a per cent in May, with Sydney, Brisbane and Darwin posting the highest monthly rise in listings.
Brisbane Housing Market Snapshot:
— Home listings up 3.2% in May
— House asking prices down 0.5% in May
— Unit asking prices down 0.1% in May
— Asking price for house is $605,800
— Asking price for unit is $381,300
— Inner Brisbane unit prices down 1.2% in 1st qtr
(Source: SQM Research)
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