diff --git a/Makefile.pre.in b/Makefile.pre.in
index ae428ebb9a2..a9c53bae4bf 100644
--- a/Makefile.pre.in
+++ b/Makefile.pre.in
@@ -2017,7 +2017,11 @@ altbininstall: $(BUILDPYTHON) @FRAMEWORKPYTHONW@
 	fi
 
 .PHONY: bininstall
-bininstall: altbininstall
+# We depend on commoninstall here to make sure the installation is already usable
+# before we possibly overwrite the global 'python3' symlink to avoid causing
+# problems for anything else trying to run 'python3' while we install, particularly
+# if we're installing in parallel with -j.
+bininstall: commoninstall altbininstall
 	if test ! -d $(DESTDIR)$(LIBPC); then \
 		echo "Creating directory $(LIBPC)"; \
 		$(INSTALL) -d -m $(DIRMODE) $(DESTDIR)$(LIBPC); \
diff --git a/Misc/NEWS.d/next/Build/2023-05-20-23-49-30.gh-issue-104692.s5UIu5.rst b/Misc/NEWS.d/next/Build/2023-05-20-23-49-30.gh-issue-104692.s5UIu5.rst
new file mode 100644
index 00000000000..2936990999e
--- /dev/null
+++ b/Misc/NEWS.d/next/Build/2023-05-20-23-49-30.gh-issue-104692.s5UIu5.rst
@@ -0,0 +1,6 @@
+Include ``commoninstall`` as a prerequisite for ``bininstall``
+
+This ensures that ``commoninstall`` is completed before ``bininstall``
+is started when parallel builds are used (``make -j install``), and so
+the ``python3`` symlink is only installed after all standard library
+modules are installed.