Brisbane remains one of Australia’s strongest property markets, with home values almost 15 per cent higher than a year ago despite the city beginning to move into more balanced conditions.
Cotality’s August Monthly Housing Chart Pack showed Brisbane values remained only 0.7 per cent below the record high reached in May.
Values fell 0.6 per cent over the three months to July, signalling a slowdown after five years of extraordinary growth.
But property experts say the figures point to a normalising market rather than a collapse.
Brisbane recorded annual growth of 14.8 per cent, the second-highest result among the capital cities and well ahead of the national increase of 5.3 per cent.
The more affordable end of Brisbane’s market is also continuing to perform.
Values across the lowest quarter of properties increased over the three months to July, while the middle and upper ends of the market declined.
The biggest change is the number of homes now available.
Total Brisbane listings are almost 40 per cent higher than they were a year ago, giving buyers more choice and increasing competition between sellers.
Homes are also taking longer to sell, with the median time on market increasing from 19 days to 28 days.
Recent interest rate announcements and the Federal Budget have given many buyers greater certainty around their finances and borrowing position.
For buyers, the increase in available properties provides more time to compare homes and make considered decisions.
For sellers, the market remains strong, but the rapid growth of recent years can no longer be relied on to deliver a premium result.
Presentation, pricing and campaign strategy are becoming increasingly important as buyers gain more choice.
The latest figures show Brisbane’s property boom hasn’t suddenly come to an end.
The market is returning to more normal conditions, while holding on to most of the gains recorded over the past five years.
