Competition key in Moreton Bay market

Strong competition among house buyers is continuing to drive the City of Moreton Bay market higher, according to new figures from CoreLogic.

The property data and analytics company's Home Value Index report says Moreton Bay's dwelling market rose 1.3 per cent “across the board” last month.

This was far stronger than Greater Brisbane where the monthly increase in homes on the market slowed to 0.7 per cent.

“Broadly speaking, more affordable dwelling markets within Brisbane have seen a slightly higher capital growth trend, which may account for the elevated growth across Moreton Bay,” Head of Research at CoreLogic Eliza Owen said.

“This was particularly evident in the unit sector, where values rose 4.3 per cent in the three months to October compared to a 2.7 per cent uplift in house values.

“As of October, the median house value across Moreton Bay was $867,000 compared to a median unit value of $595,000.”

Popular with buyers

While Moreton Bay may be popular with buyers, in the context of limited borrowing capacity and a loss of affordability in more central parts of Brisbane, this market too has seen some slowdown in momentum.

“A year ago, dwelling value increases were 4.1 per cent in the three months to October, with the growth rate now slowing to 2.8 per cent,” Eliza Owen said.

"Nonetheless, selling activity across the region remains fairly strong, with new listing added to the market for sale sitting at 2544 in the past three months, which is fairly steady on 2428 in the same period of 2023.

“Twelve-month sales volumes, which are measured at a slight lag, were 10,736 in the year to July 2024, up from about 9700 in the year to October 2023.

“Overall, this is still quite a strong selling market, with strong buyer competition continuing to drive values higher across the region.”