Brisbane remains one of the nation’s hottest housing markets, with housing values rising a further 1.7% in April, taking the three-month growth rate to 5.7% which is the fastest quarterly growth rate in housing values amongst the capital cities.
Despite the strong capital gain conditions, our estimates of home sales have reduced by 15% compared with the same period a year ago, which may be a reflection of both slowing demands, but also diminished supply following the widespread floods in late February.
Although sales activity has reduced, the number of sales over the past three months was still 21% above the five-year average while listings remain about 40% below average.
This ongoing imbalance between supply and demand is likely to keep some upwards pressure on housing prices, even in the face of higher interest rates, at least until advertised supply levels start to normalise.
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