Rental Vacancy Rates
SQM Research reported that the national vacancy rate rose slightly to 1.1% in November.
Brisbane saw marginal increase in rental vacancy rate to 1.0% in November, while Brisbane CBD also increased to 2.2%.
Asking Rents
Over the 30 days to 12 December, 2023, although asking rent for houses in Brisbane experienced a slight 0.2% decrease, it reached a significant annual increase of 10.8%. Meanwhile, unit rents rose by 1.2%. Asking rents for combined dwellings increased by 12.3% over the past 12 months, similar to previous period.
Harry Bawa, Head of Property and Business Analytics said: “At this time of year, we usually see more properties become available for rent, spearheaded by inner city apartments. This year was no exception as international student departures put more rentals on the market in the CBD areas.
Market conditions for renters remain tight and competitive, and we see no signs of that changing without more housing supply.”
Property Value
The CoreLogic Home Value Index indicates that Brisbane housing values are rising consistently with a 1.3% increase in November, up by a significant 10.7% this year. Low levels of supply coupled with high buyer activities continue to put upward pressure on housing values.
Median days on market
It is taking slightly longer to sell properties across Australia than in previous months. The median selling time has reduced across the combined capitals market year-on-year, but the trend looks to be turning as market conditions
soften slightly. Brisbane saw the median days on market shortened further to 22 days.
Listings
New listings have begun a seasonal slowdown, however it is clear that the flow of new listings got much closer to the historic five-year average during the second half of 2023
Total listings are gradually lifting off the back of a substantial rise in new listings, but remain -17.7% below the historic five-year average. Total listings appear to have seen a slight seasonal drop in the past four-week period.
Total listings in Brisbane are 18.3% lower than same period last year.
Cash rate
The RBA held the cash rate in December which is a relieve to home owners before Christmas.
Suburb highlights – Eight Mile Plains (Houses-All Bedrooms)
Sources:
SQM Research. (2023). November Vacancy Rates Rise to 1.1%. Available from: https://sqmresearch.com.au/uploads/12_12_23_National_Vacancy_Rate_November_2023_Final.pdf
CoreLogic. (2023). Hedonic Home Value Index. Available from: https://www.corelogic.com.au/__data/assets/pdf_file/0029/19955/CoreLogic-HVI-Dec-2023-UPDATED.pdf
CoreLogic. (2023). Monthly Housing Chart Pack. Available from: content.corelogic.com.au/l/994732/2023-12-10/zvkpn/994732/1702243058JLtbjaVo/202312_monthly_chart_pack.pdf
realestate.com.au.(2023) Explore Suburb Profiles – Eight Mile Plains. Available from: https://www.realestate.com.au/qld/eight-mile-plains-4113/
