New real estate listings in Brisbane are up 1.2 per cent on last year, but down slightly for the month-on-month total. Asking prices were up 8.2 per cent in Brisbane compared with last year.

Units were driving the rise in asking prices. They were up 13.2 per cent in Brisbane with houses up 7.5 per cent.

SQM Research director Louis Christopher said the fears about the “mortgage cliff” appeared to be overblown.

This was a reference to concerns about the huge number of people who would coming off fixed rate mortgages that were struck when interest rates were at record lows.

“It appears likely there will be no forced selling on mass over the coming months,” he said.

Byron Bay and northern NSW, however, continues to suffer a hangover from its post-Covid property boom which was linked to its famous resident Chris Hemsworth and the multitude of a influencers who moved into the region.

According to SQM Research, the number of listings for northern NSW (including Byron) was down 12 per cent compared with August 2022.

SQM said regional Australia was weaker across the board and was “dead” while confidence was returning to the capital city markets.

Population outflows from the regions was behind the poor regional market.

Total listings, which includes properties that have been on the market for more than 30 days, shows Brisbane and the other capitals still well behind 2022 levels. Distressed property listings were also in decline and the national asking prices rose 2.1 per cent.

“The increase was driven by surges in new listings for most capital cities as the spring selling season gets underway,” SQM said.

The fall in distressed sales was particularly evident in Queensland where the total was down 3.4 per cent in August.

“Property sellers were more confident over the month of August in the capital cities with asking prices rising 0.9 per cent (nationally) to stand 7.2 per cent higher compared to August 2022,” SQM said.