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Brisbane real estate gets a spring in its step as asking prices on the increase

Real Estate

The annual Spring surge in real estate was delayed, not cancelled, according to a report from SQM Research.

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The report coincides with Ray White announcing that its Queensland network had also just booked $1 billion in total unconditional sales in October, up 24 per cent year on year.

The SQM report showed there had been a surge in the number of dwellings hitting the market in the past month. The number of new listings jumped by 6.5 per cent in October to 308,413. While this was a big improvement, the numbers were still down on last year.

Brisbane’s market increased by more than 2000 properties between September and October, a 4 per cent increase. And the asking price has also jumped 4.1 per cent for the year and 1.6 per cent for the month. The asking price in Brisbane is now $657,958.

Ten years ago the asking price in Brisbane was $546,ooo, according to SQM data.

Capital city asking prices have also moved up and the average price nationally is now almost $1 million for a house and $564,000 for a unit.

“Compared to a year ago, the capital city asking prices posted an increase of 5.2 per cent for houses by declined by 1 per cent for units,” SQM said.

All capital cities recorded a jump and the end of lock downs in Melbourne brought life back to the market. It had a 26 per cent increase in listing.

For new properties, the number of properties on the market nationally jumped 27 per cent.

SQM managing director Louis Christopher said it seemed like Australia was heading back into its typical Spring selling season.

“Melbourne, in particular, has bounced back in a big way after relaxing stage four restrictions. In fact we are expecting another big rise in listings during the month of November for Melbourne,” he said.

The largest group in the state, Ray White, saw an 11 per cent jump in total listings to 6446 in October (from September) for the network.

Ray White Queensland chief executive Jason Andrew said there was “energy in this market as the speed of sale is increasing”.

“It actually feels like stock is still tight because of the speed of the deals. Now with the state election now behind us, it’s full steam ahead for the property market,” he said.

“Stock at hand is still trading at below the 10 year average.

“Money is cheap, and potentially set to get cheaper later today, than it’s ever been in our lifetimes.”

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