Weekly Market Wrap with Leigh Martinuzzi
Markets are still performing strongly across Australia with all signs showing predicted growth targets well on track. Nationally, capital city prices are up 1.7% this month almost aligned with last month’s growth of 1.8%. We’ve seen the Brisbane/Gold Coast markets grow 1.5% this month so far.
This week many homeowners continue to list their homes for sale to capitalize on the competitive market and inflated prices. Buyer demand is down on its February peak and in Queensland, the REA buyer engagement is down approximately 10% since February. While demand still well outweighs supply, locally we’ve seen reduced inquiries and buyer inspections. However, it appears that those who are looking are highly qualified, active buyers who are ready to purchase.
The average time on the market is still sitting around 30 days with properties that are priced and presented well usually selling within the first week or even before hitting the market. Due to higher demand, most properties are selling with minimal discounting. In Brisbane for example it sits around 2.6% below initial asking prices.
What’s next? Property prices will remain heightened with a likely steady climb for the rest of 2021 and perhaps a little less heat from buyer competition.