Theresa Worrell: Brisbane Housing Market Update [video]

The Brisbane housing market has continued to rise in value, with CoreLogic’s all dwellings index recording a 1.5% rise over the month to be 5.0% higher over the past year.

Similar to other cities, growth in values has been skewed towards houses, which have risen 5.9% compared with a 1.1% lift in unit values over the 12 months to February.

House values reached a new record high in February, however, units remain 10.3% below their 2010 peak in value and roughly in line with where they were in 2007.

As market conditions improve, buyer demand has been rising.

Our estimate for home sales over the past three months is tracking 25% higher than a year ago.

This rise in demand is occurring while listing numbers remain 28% below last year’s level, demonstrating a mismatch between supply and demand.

With market conditions favoring sellers, the median vendor discounting rate has fallen to a new record low of 2.8%, demonstrating a tough negotiation environment for buyers amidst such tight supply levels.

Brisbane