We know prices have softened across Australia. Here in Brisbane we’ve seen dwelling values drop 10.7% from their peak in June 2022.
The latest CoreLogic Monthly Housing Chart Pack has a bunch of other stats that make interesting reading and help set your expectations if you’re planning to list your property for sale.
Firstly, sales volumes. The number of sales has slowed as buyer demand has softened. Nationally, sales volumes are down -19.1% compared to the previous year, but that is still 4.6% above the decade average in sales volumes. In Brisbane sales volumes are comparable, down -22.3% compared to last year.
New Brissie listings are down -22.5% from the same time last year, which shows sellers, like buyers, have dropped down a gear as our property market finds its new equilibrium.
Properties are taking longer to sell. Median days on market for Brisbane is 34, compared to 13 days this time last year as we were still in the grips of a boom. This is in line with the combined capital city median days of market.
And vendor discounting has increased to -4.2% from -2.9% this time last year. That’s also in line with the combined capital city median days on market.
So, what does this all mean if you’re thinking of putting your house on the market?
The good news is that properties are still selling and buyers are still buying. The pace of the market has moderated so buyers and sellers can catch their breath between open home and offer.
Some negotiation on price is likely, however, sellers who have been in the market since before the pandemic are still likely to enjoy a healthy capital gain.
Planning to make a move? Book a valuation or talk to us about selling.
