Greater Brisbane’s house prices rose at their fastest pace in almost 18 years last year and the 2022 market is showing no signs of slowing down.
Last Saturday’s preliminary clearance rate hit 86 per cent, one of Brisbane’s highest Saturday clearance rates on record and the highest of any capital city across Australia that day.
Overall, the volume of new property listings for sale has risen by 3 per cent compared to the same time last year but that small lift in supply is not nearly enough to fill buyer demand – views per listing in Greater Brisbane have skyrocketed by 43 per cent.
“What we’re seeing is that, ultimately, conditions are becoming more heated,” Dr Powell said. “We’ve got high levels of views per listing but the number of new listings isn’t appeasing the demand. We’re seeing that play out in auctions; it’s frantic, people are bidding furiously and properties are selling for well over reserve.
“It’s reminiscent of Sydney auctions.”
Dr Powell said interest in Brisbane property had accelerated with the addition of interstate buyers to the mix, particularly investors who were showing strong interest in units.
“All of the statistics are pointing to the one thing: Brisbane is running hot.”
Brisbane areas with the biggest annual lift in new listings:
- Forest Lake – Oxley
- Springfield – Redbank
- North Lakes
Much like Brisbane, Adelaide’s property market is charging out of the blocks in 2022 and fast shedding its reputation for being a slow and steady mover.
The supply of new property listings in Greater Adelaide is lower than it was this time last year, down 1 per cent, while views per listing have increased by a whopping 58 per cent.
That’s a big discrepancy between supply and demand, Dr Powell said.
“When we’ve got two key stats that speak around supply and demand moving in opposite directions, that points to greater competition between buyers,” she said.
“Adelaide has always been the quiet achiever but with stats like these … well, it’s smashed it out of the blocks.”
Adelaide also recorded the second-strongest preliminary auction clearance rate in the country last Saturday, hitting 79 per cent.
Dr Powell said activity was strong, with sellers likely being enticed to list by the strong selling conditions and record prices being achieved.
“Unley and Burnside are the most expensive SA3 areas in Greater Adelaide; this reflects the upsize buyer who has been the driving force of this price upswing. Tea Tree Gully offers the other side of the price spectrum – one of the more affordable locations.”
Adelaide areas with the biggest annual increase in new listings:
- Tea Tree Gully
- Adelaide City
- Holdfast Bay
Perth is presenting a more balanced market than other cities, however buyer interest is still rising faster than the supply of new listings to the market.
The Western Australian capital has seen a 9 per cent increase in the supply of new listings compared to the same time last year and a 6 per cent increase in views per listing overall.
“What that means is the supply of listings still isn’t easing demand,” Dr Powell said.
There are areas where buyers are focusing their attention the most: Serpentine-Jarrahdale, Kwinana and Cockburn all recorded the highest annual increase in views per listing.
“These are outer-city locations that offer buyers affordable, family heartlands where that quarter-acre dream is more achievable,” Dr Powell said.
She said Perth’s property market was in full swing but likely not operating at its full potential.
“Extended state border closures will be hampering an element of housing demand, disrupting the flow of new residents into the state,” she said.
“Once borders reopen, this could provide another wave of new demand, freely allowing an easier relocation from overseas and interstate. This could also mean a boost in new properties for sale.”
Outside of Perth, the areas with the biggest lift have been in resource-related areas. The Kimberley has experienced an 18 per cent annual increase in its house price, showcasing the resurgence of these regions.
Perth areas with the biggest annual lift in new listings:
- Perth City