With Easter here, the first quarter of 2021 is now in the bag (or easter basket), allowing us to go through the numbers and explain what is happening in the market right now.
Sales data often lags behind the market by around 90 days as this is the time it takes most property transactions to settle. As such a clear analysis of the data cannot be conducted until the data is complete. With Q1 of 2021 now behind us we can clearly analyse the December Quarter Data, to help to explain what is currently happening in the market.
Anyone who has been looking to buy in the Brisbane Market will know how competitive it currently is, and how quickly prices are creeping up. The evidence below will help to explain why based on the transactional and listing data.
House Market below 2400m2
There is continued evidence of strengthening market conditions based on the following key
Sales activity is up 22.5% over the quarter and 1.9% over the year
Median house prices are up 4.5% over the quarter and up 5.8% over the year
Days on market and vendor discounting continuing to fall, with houses taking just 28 days to sell (38 a year ago) and vendors discounting by 3% (3.6% a year ago)
All indicators continue to point to a sellers’ market with listing numbers being absorbed quickly, down 13.2% over the year
Cycle Status: Brisbane remains in a rising market.
Outlook: Continued healthy market conditions, driving prices up and improving vendor confidence likely to entice more listings to the market.
The Brisbane unit market has started showing signs of recovery with an improvement in its median sale price over the quarter (4.3%) and steady over the year.
Sales numbers have lifted over the quarter (16%) indicating the market is past the bottom of the cycle.
Signs of recovery is further evident in an improvement in days on market figures, reduced by 11 days to a median of 40 days, coupled with a slight improvement in vendor discounting down 0.5% pts compared to a year ago.
Unit listing numbers are down 9.9% over the year and is reflective of subdued vendor confidence in the unit market in recent years.
Cycle status: Recovering – with all key metrics levelling out with early signs of improvement. Buyers still hold the upper hand.
Outlook: Early signs of improvement in ‘on the market’ metrics and sales activity numbers indicate continued recovery mode for the short to medium term.
*the above statistics and data have been provided by the REIQ and Corelogic
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