With buyer demand elevated, homes are selling faster nationwide compared to a year ago. In various Brisbane suburbs, properties are being snapped up in less than two weeks.

New data from PropTrack revealed that the national median days on market, the number of days a property is listed on realestate.com.au before it is sold, was 42 days for both houses and units in August 2024. This was lower than a year ago, when the median was 44 days and 46 days, respectively.

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Brisbane is seeing homes sell at half the time taken nationally.

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In Brisbane, houses were selling at a quicker rate compared to the national median at 25 days, and units also saw a quicker turnover of 28 days.

However, homes in certain areas in Brisbane transacted in an even shorter time frame. Houses in Crestmead, Regents Park and Alexandra Hills were sold the quickest among all Brisbane suburbs. Their median days on market were 11 days, 12 days and 12 days respectively, more than twice as quick as a typical house in the capital.

For units, Brendale, Richlands and Clayfield had the shortest days on market in Brisbane. They were sold in 10 days, 12 days and 12 days, respectively, marking the popularity of these areas with buyers.

PropTrack economic analyst Megan Lieu.

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Not only were homes snapped up rapidly in several Brisbane suburbs, but there were many that saw a significant annual decrease in the time taken to change hands as well.

Boonah, Zillmere and Doolandella were among these suburbs where houses sold a respective 42 days, 31 days and 31 days faster than a year prior.

Units in Eagleby, Spring Hill and Albion saw some of the largest falls in days on market in Brisbane over the past year, selling over 3 weeks faster compared to August 2023.

Homes in many of these suburbs cost less than what is typically seen in Brisbane.

Expensive suburbs were not on the list, instead it was dominated by buyer demand for affordable homes – not just from locals but interstate buyers as well.

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With housing affordability at a historical low, according to PropTrack’s recent Housing Affordability Report, it is no surprise that more affordable areas are in high demand.

However, it is important to note that overall demand for housing is currently strong. This is evident when looking at national home prices, which have risen for 20 consecutive months.

With interest rates highly likely to fall by early next year, buyer confidence is expected to increase even further. Consequently, competition for housing is likely to intensify, which will result in faster sales in sought-after suburbs.

**Megan Lieu is an economic analyst with PropTrack.

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