Home listings have jumped in Brisbane and Adelaide in the past four weeks, while Sydney and Melbourne listings are down compared to the same period last year.
The number of homes for sale in Brisbane has surged almost 44 per cent in four weeks – the biggest rise in the country – with Qld dwelling approvals also up by 20 per cent in latest data.
Latest CoreLogic data found Brisbane leading the upward trend in new listings over the past four weeks, with most markets improving apart compared to a year ago apart from Melbourne, Adelaide and Hobart.
“Brisbane stands out with the largest jump in new listings relative to last year, with a 43.8 per cent jump in freshly advertised stock, suggesting homeowners are taking advantage of the strong selling conditions across South East Queensland,” a CoreLogic statement said Monday.
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Brisbane buyers will notice fresh stock on the market though overall levels were still below the five-year average. Picture: NCA NewsWire/John Gass
CoreLogic said 2,486 new Brisbane listings were added over the four week period, taking total listings to 11,211. Conditions were still tight for buyers on the hunt though with that overall stock level almost 29 per cent below Brisbane’s five-year average, according to CoreLogic research director Tim Lawless.
Across the Australian capital cities, there are 67,883 homes for sale, with 9,525 added during the four week period to January 9.
“Housing market activity is typically very quiet through late December through to late January, however we are seeing some data flowing through that gives us an early view on activity,” he said.
“Based on the early readings so far, housing values are up across each of the capital cities over the past week, however similar to the monthly trend, Brisbane and Adelaide standout with the strongest conditions.”
“As market activity ramps up through the month we will get a better indication for how the housing trends are shaping up for the new year.”
Adelaide saw its listings decline in four weeks, but building approvals are up 6.4 per cent for private houses across South Australia.
The rise comes as latest Australian Bureau of Statistics data showed dwelling approvals also on the rise across Queensland, up 20 per cent in November – the second highest in the country behind Tasmania which saw a 40.8 per cent jump.
ABS construction statistics director Daniel Rossi said the rise in the total number of dwellings approved in November was driven by an increase in approvals for units and apartments, which rose 9.7 per cent.
“Private sector houses continue to level off, up 1.4 per cent in November, following a 3.5 per cent rise in October (nationally),” he said. “The series has been at historically elevated levels over the past year, largely driven by Government stimulus and record low interest rates.”
“While private house approvals are no longer at record highs, the November result remains 25.8 per cent higher than the pre-pandemic level in November 2019, indicating ongoing strength in the detached housing market.”
Queensland had the highest rise in approvals for private sector houses in November, up 7.4 per cent) followed by South Australia (6.4 per cent) and New South Wales (5.4 per cent), while Western Australia (-12.1 per cent) and Victoria (-0.8 per cent) fell, according to seasonally adjusted figures.
The value of total residential building rose 7.1 per cent in November nationally, ABS said, with the value of new residential building up 8.5 per cent while renovations were down 0.8 per cent. Total building approvals were up 14.8 per cent, led by a 28.3 per cent rise in the value of non-residential building, which was coming off a 20 per cent fall in October.
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