Something a bit weird is happening in property markets across Australia.
Normally as we head into the peak autumn selling season momentum and prices tend to step up. But so far sellers are racing to beat the competition into a falling market already padded by properties that failed to sell in spring last year and this has pushed up the volume of residential listings in parts of Sydney and Melbourne more than 50 per cent on last year according to CoreLogic data. And now its spreading to Brisbane and Perth too.
“Brisbane looks to me like a really soggy market and I wouldn’t be surprised if house prices go negative in the next couple of months,” said AMP chief economist Shane Oliver. Brisbane could be the next capital to enter a downturn after Sydney. “It’s often the case that once the momentum turns negative, you go further negative for a while, so when prices are falling, history tells us that can go on for a little bit. I think momentum is starting to work against Brisbane, and it is now weakening at a similar pace as Sydney was six months ago.”
So for now, perhaps Brisbane is the one to watch…
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