New data shows the real estate market is shifting, with stock levels rising in key markets.
An analysis of Australia’s property market has shown a significant shift in dynamics, with increasing listings giving buyers a stronger position.
MCG Quantity Surveyors’ Managing Director Mike Mortlock said their report, which covered the 50 regions across Australia experiencing the largest increases in for-sale property listings, showed rising stock levels in key markets, marking a notable change from the competitive landscape of recent years.
“For first-home buyers, downsizers and investors alike, the growing supply presents new opportunities to enter or expand in these markets,” Mr Mortlock said.
In Queensland, Ipswich had experienced a 42 percent increase in listings, while Ormeau-Oxenford on the Gold Coast had seen a 26 percent jump.
The report showed the inner Ipswich region currently had 592 houses listed, compared to the 12-month average of 416 listings.
It stated the median sale price for houses in inner-Ipswich over the past 12 months has been $621,000, with properties typically spending 28 days on the market.
“Prices have been steadily increasing, with the median price six months ago at $553,000 and a year ago at $512,000. Meanwhile, Days on Market (DoM0 has decreased, indicating continued buyer interest in this region, as homes sold more quickly than they did a year ago when the DoM was 37 days,” the report stated.
Download the full report: September 2024 Data Analysis
