December 2021 Quarter
- Posted By David Brown
This market doesn't favour the slow buyer
It’s no secret that the housing market is on the rise. The Domain Report has shown just how drastically the market has shifted. The national median house price has surpassed the million-dollar mark for the first time, now at $1,066,133 in the December quarter. Increasing an impressive 6.5% from September 2021. December 2020 median house price was only $851K, that’s a 25.2% increase in just 12 months.
One of the ongoing struggles of the market is the lack of supply to feed the high demand of the current market. Brisbane being one of the leading markets to suffer the dilemma. Brisbane house prices increasing 10.7% in the December quarter alone. Pushing it to the second fastest growing market this quarter while still remaining under the $800K average.
Greater Brisbane has seen the largest price rise in 18 years
House and unit prices are at a record high in the Brisbane area. Median house prices reaching $792,065, increasing by 10.7% this quarter and 25.7% annually. House prices have risen seven times faster than units for the year. Making this the largest divergence the market has ever seen. As for Greater Brisbane has seen the largest price rise in 18 years. It is expected that during this quarter the median house price for Brisbane will surpass the $800K mark. House prices are edging closer to double the price of units. Making it even more difficult to make the upgrade from unit to house, which is hindered by low wages. Queensland investor loans have been on the rise, achieving the highest on record, with many after capital growth and improved rental conditions.
Most stock selling before it is advertised
The demand from buyers and the lack of supply in the region will ultimately drive the prices of units up to a new record since mid-2016, given recent developments in the area this is a significant milestone. Demand is still ahead of supply causing a multi-year low and depleting advertised stock, with most stock selling before it is advertised. December is 41% below the 5 year average for supply, which is the lowest of all the capital cities. While Greater Brisbane remains affordable for most buyers, the lack of supply to the market continues to make the market extremely competitive for buyers. Compared to December 2020 inquiries from prospective buyers have doubled this quarter with interstate buyers making up 26%. Current internal migration into Greater Brisbane will continue to push demand upwards. The market continues to favor the seller but with supply at an all-time low it is making it challenging for homeowners to upgrade, especially with the pressure 
With clear evidence that the Brisbane and South East Queensland markets are still on the rise, now is the perfect time to invest. However, this market does not favour the slow buyer. Buyers have to be quick and ready to buy as properties are only lasting days even hours on the market, this is if they haven’t been purchased before being advertised. Therefore, Find properties quick and buy quicker as there are many, many buyers behind you that are ready to purchase.
