Brighter Buying

Market update: New stats show price uptick as buyers hungry for more listings

by Tiana Toledo, Sales Associate 27 July 2023

Brisbane property prices have risen 3% in the three months to June and the growth has been consistent across all price points in the market.

While the higher end of the market is leading the growth in Sydney and Melbourne, here in Brisbane we’ve seen 3% growth across all market quartiles – the cheap end, the pricey end and in between.

This growth spurt brings Brisbane prices to within 8.2% of their previous peak in June 2022, according to the latest CoreLogic Monthly Housing Chart Pack.

In other stats news, sales volumes are down -23.4% from a year ago and it’s taking an average of 27 days to sell a home, compared to just 17 days a year ago.

But there are continued signs of market stabilisation.

Brisbane vendor discounting – that’s the difference between the asking price and the sale price – has remained steady at -3.6%, below the national average of -4.0%.

A lack of new stock to market is contributing to the property price bounce back.

Brisbane’s new listings are down -25% from a year ago, says CoreLogic.

According to Proptrack, total listings (that’s new listings plus those already on the market) are a whopping 40% below typical volumes.

“Choice for buyers was largely unchanged in June compared to May, with the total number of properties listed for sale on increasing 0.1% month-on-month,” writes PropTrack.

“However, the pick-up wasn’t enough to match last year, and so it was 10% lower compared to a year ago. That means the total number of properties listed for sale across Brisbane is around 40% lower than what has been typical over the past decade.”

Want your home to stand out from the crowd? Now’s a good time to think about listing. Find out how much your property is worth or talk to us about selling.