VENDOR confidence is on the rise in Queensland with more homeowners putting their properties on the market in March, a new report reveals.
PropTrack’s listings report for March shows new listings on realestate.com.au are up nearly 10 per cent month-on-month in Brisbane, with the number of homeowners in Mitchelton putting their properties on the market up a whopping 90 per cent compared to a year ago.
The coastal suburb of Newport has also recorded a big jump in new listings, followed by the rural town of Beaudesert, southwest of Brisbane.
There are still 16 per cent fewer new for sale signs than this time last year, but the total number of properties available for sale in Brisbane is 12 per cent higher than a year ago.
In regional Queensland, new listings are also up — rising 13.4 per cent in March compared to February, and the overall number of homes listed for sale is nearly five per cent higher than March 2022.
“The good news for buyers is that choice has improved compared to a year ago,” PropTrack economist Angus Moore said.
But, he said that may be shortlived.
“With the peak of the autumn selling season now behind us, we expect market activity will ease over the next few months, as it usually does after Easter and into the quieter winter period,” Mr Moore said.
The report found all capital cities saw an increase in new listings, led by Adelaide.
“While selling conditions are softer than a year ago, and market activity has slowed, conditions have improved from late 2022 and the fundamental long-term drivers of demand for housing remain solid,” Mr Moore said.
“We’ve seen home prices increase slightly in recent months — a change from the consistent
price falls seen throughout much of 2022. Auction clearance rates have firmed up a bit through the first quarter of 2023 compared to last year.
“The unemployment rate has remained close to multi-decade lows for the majority of 2022 and into early 2023. Wages growth, while running slower than inflation, has started to pick up. “International migration has also resumed, which will further add to housing demand.”
SQM Research figures show asking prices for houses in Brisbane increased slightly in March, in another display of vendor confidence rising.
The asking price for a house in the city is now $947,000 — 5.6 per cent higher than a year ago.
The unit asking price in Brisbane stayed steady in March, but is still up 15 per cent compared to March 2022 at $503,000.
The number of properties available for rent in Brisbane has also risen slightly, according to SQM Research figures.
The rental vacancy rate in March rose from 0.8 per cent in February to 0.9 per cent — still incredibly tight.
Asking rents for houses in Brisbane are nearly 14 per cent higher than they were a year ago at an average $672 a week, while asking rents for units are even more — jumping 26 per cent to $524 a week.
But SQM Research managing director Louis Christopher said the rental crisis in the regions had peaked.
The Gold Coast’s rental vacancy rate increased to 1.1 per cent in March — the highest level recorded since October 2021.
“The rental crisis in Australia’s regions has peaked with an easing in rental vacancy rates and
rents across many smaller townships and coastal locations,” Mr Christopher said.
QLD SUBURBS WITH THE BIGGEST INCREASE IN NEW LISTINGS
Suburb Year-on-year change
East Brisbane 69%
Park Ridge 61%
Article source: www.realestate.com.au