While the number of houses for sale in Brisbane is slowly starting to decline, there are still substantially more on the market now than at the same time last year, according to RP Data figures.
Analyst Cameron Kusher said Brisbane’s total listings were 27.9 per cent higher than they were at this time last year.
But he said the number of newly listed properties was only 0.3 per cent higher, which suggested many sellers were getting the message that buyers were not very active and now might not be a good time to sell.
Statewide there are 32.5 per cent more properties listed for sale now comparedwith this time last year, with 23.2 per cent more new listings.
“Maybe outside of Brisbane people still are not getting the message,” Mr Kusher said.
He said many of the suburbs with a high number of properties listed were outer suburbs.
“You look at Forest Lake, Kallangur and some of those outer suburbs, probably suburbs where first-home buyers have gone into over the last couple of years, maybe some of them are getting into a little stress (and selling),” he said.
“Most of them are areas where you are seeing quite a lot of new housing supply in recent years; maybe developers and builders have speculatively built these homes and now there is not the buyer activity.”
As of this week, Caboolture is topping the list for properties for sale in the Brisbane statistical division, with RP Data finding 443 properties for sale and realestate.com.au listing 755 properties.
Other suburbs featuring prominently include North Lakes, Forest Lake and Redbank Plains.
Mr Kusher said it was taking longer to sell properties and vendor discounting was increasing.
At this time last year in Brisbane it took on average 50 days to sell a house and 41 to sell a unit. It is now taking 66 days for houses and 63 for units.
“There is not a lot of buyers and people are finding it harder to sell,” Mr Kusher said
He said things would not turn around until people became more inclined to spend their money.
“Everyone thinks debt is a bad word at the moment, everyone is paying down their debt,” he said.
Brisbane suburbs with the greatest number of listings
- Deception Bay 295
- Morayfield 279
- North Lakes 259
- Forest Lake 252
- Ormeau 251
- Kallangur 242
- Burpengary 225
- Wynnum 223
- Redbank Plains 214
Source: Courier Mail, RP Data