Weekly Real Estate Market Update with Leigh Martinuzzi + Auction Results
Property prices continue to rise despite the pandemic-stricken housing markets across the country. For the first 28 days in August Brisbane and Adelaide seem to be the star performers with property price increases recorded at 1.8%. Brisbane’s year-to-date growth now sitting just above 15% with the Sunshine Coast prices have risen on average by 25%.
Auction clearance rates in Victoria and NSW remain relatively firm however for obvious reasons, limited property available to purchase and buyer demand still strong. On top of this, the number of homes brought to auction has been significantly reduced with state restrictions limiting how buyers and sellers do things.
The number of new listings coming to the market continues to climb with a 21.6% increase in the past 12 months. However, total property listings for sale is down 18.5% in the last 12 months. To put this into perspective total listings in Brisbane in the last 12 months are down almost 30%.
There is a good correlation here between availability, buyer demand, and price increases. The REA buyer demand index last week fell by 2.5% however this figure is heavily skewed by demand in NSW and Victoria which has naturally declined due to the continued lockdowns. If you look at Queensland and South Australia over August, where price growth remains strong, the buyer demand index highlights a continuing climb. The continued restrictions in NSW and Victoria are certainly slowing things locally however, the question is, will this have a lag effect where we will see a slowing housing market here in Queensland?
Preliminary Auction Results State by State. (Auctions/Private Sales)
- Queensland – =72% (119/1493)
- NSW – 92% (341/1549)
- Victoria – 93% (149/1132)
- ACT – 100% (35/73)
- South Australia – 91% (98/338)
- Tasmania – 50 (2/181)
- Western Australia – 67% (3/680)
- Northern Territory – 75 (4/25)
