Surge in property listings a bad sign for Brisbane and Perth property
Brisbane’s and Perth’s property corrections are in their infancy and are lagging well behind Sydney’s and Melbourne’s, according to Cotality. The outlook for both markets continues to sour, however, amid a surge in ‘for sale’ listings. As illustrated below by Cotality, Brisbane’s listings are tracking 44.1% higher than the same time last year, whereas Perth’s The post Surge in property listings a…
The property markets in Brisbane and Perth are experiencing a significant correction, according to market analysis firm Cotality. These markets are lagging behind Sydney and Melbourne, which have seen more pronounced price corrections. Cotality's data reveals that Brisbane's 'for sale' listings are 44.1% higher than this time last year, while Perth's listings are 40.9% higher. This surge in listings is well above the 23.8% increase observed across all capital cities.
However, despite the rising number of listings, the number of property sales has plummeted in both cities. In Perth, sales volumes fell by 14.8% over the past year, while Brisbane saw a 7.2% decline. In contrast, the combined capital cities' sales fell by only 3.5% over the same period. This stark contrast between the rise in listings and fall in sales suggests a problem of over-supply and dwindling buyer demand.
The situation in Brisbane and Perth reflects a shift in buyer sentiment, with the "fear of missing out" (FOMO) giving way to the "fear of overpaying" (FOOP). After years of unprecedented price growth, where buyer demand consistently outpaced supply, this change in market dynamics signals a potential fall in property prices.
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