Brisbane real estate selling faster and fetching higher prices due to lower supply Meet the Press, Ep 32, Seg4 BRISBANE properties are selling faster and vendors are getting closer to their original asking price, as fewer listings help drive increased demand. The latest figures from RP Data reveal it now takes an ­average of 66 days to sell a house in Brisbane, compared with 88 days in March. Spike in post-election listings Queensland's worst street names Queensland's best homes Vendors have to reduce their original asking price on average by 5.9 per cent to get a deal, compared to 7.9 per cent earlier in the year. That means a house with an initial asking price of $500,000 would potentially sell for $470,500, compared with $460,500 if it had sold in March. While Brisbane house ­values have increased by only about 2 per cent since the start of the year, predictions are that interstate investors will begin to return as other capital city values grow higher. According to RP Data figures, Sydney's median is up 11 per cent since the start of the year while Melbourne's rose by 7.3 per cent and Perth's increased by 6.1 per cent. Prue Miller discovers a real estate gem hidden in the most unexpected of places. Find out where on Hot Homes this week. RP Data research director Tim Lawless said Brisbane prices ­prices were about 30 per cent less than those of Sydney. He said this would make Brisbane a much more appealing prospect to interstate investors. "We are already seeing a pick-up in sales in Queensland," Mr Lawless said. Auction clearance rates have also remained strong in Brisbane. Preliminary figures revealed a clearance rate of 52.5 per cent last week ­compared with 44.4 per cent three weeks ago. The number of properties being newly listed for sale in Brisbane in the past 28 days was also 14.2 per cent lower than this time last year.