Greater Brisbane Market Update - March 2021
After having reviewed the numbers for Brisbane, we will here go through the transactional figures that are explaining what is happening in Greater Brisbane.
Many of us, especially those based interstate or overseas don't necessarily understand the difference between the two definitions of Brisbane, yet it's very important when understanding data and what it is explaining. The most common mistake is people thinking "Greater Brisbane" is, and will perform the same as Brisbane, as defined by the local council.
So let us break down the data of a few of the regions that form Greater Brisbane.
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.
Similar to anyone who has been looking to buy in the Brisbane Market, people buying in Greater Brisbane 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 under 2400m2
The rising market is driven by Brisbane, Redland and Moreton Bay, with Logan and Ipswich remaining in recovery mode but with improving conditions and outlook.
LOGAN: Recovering market conditions with strong growth in sales activity over the quarter (+22%) and over the year (+16.9%), along with improving median prices, up 3.5% over the quarter. Listing numbers down 10.5% over the year, with less time on the market, down 9 days to 45 median days and median vendor discounting also improving 0.3% pts.
Outlook: Continued improving market conditions and likely to enter into a rising phase in the short to medium term.
IPSWICH: Recovering phase with sales numbers improving over the quarter (+5.5%) and median prices showing signs of improvement also (+2.4%). Listing numbers are down 9.6% and despite improved days on market (down 12 days), vendor discounting remains relatively unchanged (-0.1%pts).
Outlook: Likely to remain in recovery mode until vendor confidence returns to the market.
REDLAND: Rising phase with sales activity strengthening over the quarter (+30%) and year (+18.6%). Both quarterly and the annual median price up 3.8%. The greatest improvement in days on market for Greater Brisbane, down 17 days to 33 median days and vendor discounting down 0.7% pts.
Outlook: All indicators point to continued strengthening conditions.
MORETON BAY: Rising phase with sales activity strengthening over the quarter (+16.2%) and year (+14.2%). Median prices up 1.3% and 5.2% over the quarter and year respectively. Improvement in days on market, down 13 days to 32 median days and vendor discounting down 0.6% pts.
Outlook: All indicators point to continued strengthening conditions.
Unit Market
Recovering phase led by Brisbane and Moreton Bay.
LOGAN: Still in stabilising mode but nearing the bottom of the cycle. Improvement in quarterly sales numbers (+19% / 27 sales). Median price down over the quarter but unchanged over the year. Slight improvements in days on market and vendor discounting.
Outlook: Nearing the bottom of the cycle, likely in the short to medium term given improved metrics asides from movements in median price.
IPSWICH: Stabilising mode with a median price up 9.5% over the quarter, however, this is likely due to a shift in the volume of new stock and not a reflection of improving market conditions, evidenced by the median price down over the year. Sales activity remained relatively unchanged on the previous quarter. Days on market are down 13 days, however, at 90 days, the Ipswich unit listing market is the slowest-selling in SEQ. Subdued conditions further evidenced by vendor discounting increasing by 1.2% pts over the year. Listing numbers are down 14.7% over the year, however, this is likely due to a lack of vendor confidence impeding on new listings coming to market.
Outlook: Ipswich’s unit market makes up a small proportion of the region’s residential market and indicators point to continued stabilisation in the market.
REDLAND: Steady reaching bottom of the cycle with a slight improvement in quarterly sales numbers, however median price down 2.9%. Indications the market could be at the bottom is an improvement in the annual median (+5.2%). Listing numbers down somewhat over the year, whilst days on market and vendor discounting have improved.
Outlook: Further steadying of market conditions, with signs of recovery anticipated for 2021.
MORETON BAY: Entering recovery phase with improved conditions across the board – sales numbers up 23% over the quarter and an increase of 10.5% in the median price. This is however likely underpinned by a shift towards higher-end stock selling compared to the previous quarter, most notably in Redcliffe which posted an increase of 17% with sales numbers also up. Days on market and vendor discounting have shown strong improvement down 19 days and 1.1% pts respectively while listing numbers are down 4.1%.
Outlook: Continued improving market conditions.
*the above statistics and data have been provided by the REIQ and Corelogic
Whether you already own property or you’re looking at buying your next home or investment property here’s 4 ways, we can help you:
Strategic property advice – Allow us to build a Strategic Property Plan tailored for you and your family. Planning brings the future into the present so you can do something about it! This will give you clarity, direction, results and more certainty. Click here to find out more
Buyer’s agency –Our highly skilled and trained on the ground team in South East Queensland brings you years of experience and perspective. We’ll help you find your next home or investment property. Click here to find out more
Property Management – Our stress-free property management services help you maximise your property returns. As Qualified Property Investment Advisors, we will ensure you understand how your property is tracking from all aspects, value not matched in the market. Click here for your free rental appraisal and find out more.
Sellers Advocacy - A free service where we help identify the right agent to sell your property at any given point in time, based on a variety of agent checks. We will also help you understand what points are more negotiable with sales agents. On top of this, we will provide a free sales appraisal and $500 cash!
