The number of new listings in Brisbane has surged year on year, with strong demand for all properties including a renovator at 71 Latrobe Street, East Brisbane, that sold for $828,000 on Sept 10, 2021.
The number of properties hitting the market in Brisbane and across regional Qld has hit its highest level in three years as owners capitalise on real estate peak values never seen before.
The latest PropTrack Listing Report, released Thursday, found new real estate listings of properties for sale in Brisbane were up a massive 14.4 per cent month-on-month in November – hitting their highest level since October 2018. Regional Queensland was not too far behind, with new listings rising 9.5 per cent during the month setting up this December to be one of the busiest on record.
All parts of Brisbane saw new listings pick up in November with the West (up 29.2 per cent month-on-month) and Moreton Bay – South (up 32.7 per cent MoM) seeing the strongest boost.
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Queensland’s lifestyle is a big drawcard for southern buyers who have endured months of lockdown.
The Brisbane suburbs where buyers saw the biggest surge in new listings year-on-year were Yarrabilba (up 229 per cent), Runcorn (182 per cent), Eight Mile Plains (175 per cent), West End (165 per cent) and Warner (164 per cent).
Supply of new listings shrank dramatically year-on-year in Mcdowall (-48 per cent), Yeronga (-44 per cent), Banksia Beach (-41 per cent), Park Ridge (-39 per cent) and New Farm (-33 per cent).
Year on year, Brisbane new listings were up 28.2 per cent and up 19.1 per cent in the Qld regions, but even those strong figures have failed to keep up with the massive demand that’s seeing property being snapped up at record pace.
ProprTrack economist and report author Angus Moore said the overall number of properties listed as being on the market – including both new and older listings – has fallen, dropping more than a quarter from pre-pandemic levels in Brisbane and down more than a third in regional Qld.
Short commutes for work and school plus good value compared to other capitals is part of the Brisbane charm working in favour of sellers at the moment.
“We’ve seen more new listings hit the market than at any time in the last three years. We’ve seen very strong price growth over the last couple of years and so many owners are taking the opportunity to sell in this environment of very strong demand particularly in South East Qld,” he said.
“Stock is selling really quickly at the moment, we have record short days on market at just 30 days median sale time nationally. Even though a lot of new listings are coming on, they’re being snapped up quickly so total stock is not picking up as quickly..”
He said typically October was the peak of the Spring selling season, but this year it’s been November.
“Part of that is lockdown in Sydney and Melbourne and border closures with Qld. We’ve just seen the spring selling season start a bit later, November has been busier than usual and we’ll probably see the market strong through December.”
Mr Moore said Queensland real estate was “a big beneficiary of Covid”.
“There has been a lot of demand for the sort of lifestyle Qld can offer. That’s meant available stock has been snapped up by buyers looking for that lifestyle and there’s not enough new property being built.”
He expected 2022 to continue to see strong demand with the easing of restrictions to support confidence.
The median property price in Brisbane (houses and units) is $555k, while the median for just houses is $630k. In the rest of Queensland, the median property price is $475k, and $496k for just houses. All those medians make Queensland one of the most attractive places to buy into in the country, especially with massive demand and tight vacancy rates post-Covid.
The PropTrack Listings Report looks at changes in the number of properties listed for sale on realestate.com.au, with new listings classified as those freshly listed within the reported month, while total listings is the total of all properties on the market that month including those listed in earlier months but still for sale.
Brisbane is classified as the Greater Capital City Statistical Area as defined by the Australian Bureau of Statistics encompassing a wide area covering Brisbane, Ipswich, Logan., Moreton Bay and Redlands.
Suburb Spotlight: Change in new listings on realestate.com.au
Biggest Increase YoY%
Yarrabilba 229%
Runcorn 182%
Eight Mile Plains 175%
West End 165%
Warner 164%
Biggest Decrease YoY%
Mcdowall -48%
Yeronga -44%
Banksia Beach -41%
Park Ridge -39%
New Farm -33%
(Source: PropTrack)
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