There has been a surge in the number of new properties listed for sale and they are 18.9% higher than they were at the same time a year ago. With 24,362 new listings and 100,064 total listings.
Although new listings have surged, total properties advertised for sale are -3.8% lower than they were a year ago which is reflective of the rapid rate of sale we are seeing nationally.
Although new listings are way up on a year ago, the rate of sale is much faster and total listings are falling.
On average houses in Brisbane are on the market for 52days and units 54 days. Sydney houses spend 27 days on the markets and units only 24 days. With Melbourne units spending 36 days and houses 33 days on the market.
We have also seen growth in median house values across the country according to RP Data’s April Property Snapshot.
With the median house values in Brisbane $435,000 a 4.8% growth compared to this time last year. Sydney has seen a 15.6% growth with median values sitting at $630,000 and Melbourne $515,000 with a 11.6% growth. Smaller growths were seen in Hobart and Canberra with a median house price of $339,000 and a 0.9% growth for Hobart and a $526,000 median and 1.7% growth for Canberra.