Hi there it’s Karen Young from Property Zest Buyers Agents and property managers in Brisbane with one minute mark and update for March 2024.

Now supply and demand wise, our listings are down, they have been down for some time. If we’re looking at it from last year to this year, we are down 13.6%.  We’re up from the last month though, up by 4.8%. Now that may be attributed to the fact that we were over that Christmas period.  So this month’s figures are from February last year. Last month’s were from January where the listing numbers were down. However we’ll take it as a win for the minute!

We are still feeling like out there on the ground though, stock is very much tight. That ‘days on market’ number you can see is at 23.  Very low days on market. Even like last year at the time we thought that was low days on market at 29!  So good stuff is coming and going super fast. You have to be really fast moving to get something at the moment.

Dwelling values over the last month have gone up by 0.9% and over the quarter 3%. Over the year 15.6%. So that’s a big price increase over the last year and we’re telling clients as we’re looking at the moment that you know you can count on the fact that we’re going up by about

a percent a month at the moment (each month).  When we’re we’re looking at numbing and arguing over properties or considering over paying that extra one or five thousand dollars or something like that.  Prices are going up by a percent at the moment. 

Rental yield wise we’re about the same as we were last month 3.9% in Brisbane.

That’s about right. Vacancy rates have come down a little bit just tipped under that 1% mark 2.9% still a very tight rental market.

In terms of houses versus units, houses up 1.9% units up 1% so very much the same sort of thing. And looking at those year on year figures.  There’s really good growth over the last year in both the housing and unit markets which is great news for Brisbane property.  Hard going though if you’re sort of umming and ahhing whether to buy a property, whether to wait, those prices are still moving.

And there’s an example of a property that we purchased really recently. So this was a little investment property we bought for a client of ours.  They were asking offers over $799k, it was a  very popular property and had a number of offers including from multiple buyers agents. We purchased that one for $841k and it’s going to rent out at $600 per week. 

If you would like assistance buying property or even with property management in Brisbane, please do reach out.

We cover Brisbane and the surrounding suburbs and suburb council areas and we also cover the Sunshine Coast even up to North Queensland.  We have someone on the ground up in North Queensland now as well. So yell out if you need a hand and take care.

See you next time.