We clocked up a 1.5% increase in house values in a single month, and 1.1% in unit values. They might look like small numbers but it accounts for a big blip on the property growth radar when you consider our dwelling growth for the quarter was 1.8% overall, according to CoreLogic data.
So what accounts for the sudden growth spurt? In a word: FOMO.
“With very low inventory levels, combined with increasing demand, buyers who may have been looking for a while are starting to stretch,” reports Smart Property Investment. “Competition has been building for several months, and suddenly, the market conditions have turned once again.
“This mismatch between the number of properties available for sale and the number of buyers in the market is causing an element of fear of missing out (FOMO) to creep back in for some buyers.”
The stats tell the story. New listings in Brisbane jumped 22.1% in May according to PropTrack but this is still -21.3% below 2022 levels. This is giving sellers the confidence to increase asking prices, and good value properties are attracting strong buyer interest.
Check out which Brissie suburbs have seen the biggest spikes and dives in property listings.
Suburbs with the biggest increase in listings year-on-year:
- Ashgrove, 108%
- Wellington Point, 92%
- Ascot, 64%
- Auchenflower, 64%
- Sunnybank Hills, 62%
Suburbs with the biggest decrease in listings year-on-year:
- Marsden, -64%
- Yeronga, -59%
- Parkinson, -57%
- The Gap, -55%
- Crestmead, -54%
Want to sell while the market remains solid? Book a valuation or talk to us about selling.
Looking to snatch your dream home? View our current listings for sale.