Australian Residential – Value in Brisbane Property Market
Value in Brisbane Property Market
The Domain Group September House Price report has shown that Brisbane houses and units have become cheaper.
In the same period, Melbourne house prices grew 3.1 per cent, Sydney by 2.7 per cent and Hobart’s prices rose 2.3 per cent.
According to Domain Group chief economist Andrew Wilson “The September quarter is always a soft time for Brisbane’s house prices, and the end of the year is expected to be a lot stronger,”
However, Dr Wilson said apartment prices painted a more ominous picture, which are now the lowest since December 2012.
“While the drop in house prices is seasonal, there’s no hiding unit prices are a longer-term issue,” Dr Wilson said.
“Unit prices have been falling now for three years, and in the short-term, I can’t see it changing,” he said.
“Houses between $500,000 to $1,000,000 are seeing the most buyer activity – I wouldn’t say it’s booming, but it’s strong and solid,” he said.
Real Estate Institute of Queensland spokeswoman Felicity Moore said the outlook for the apartment market is positive over the medium to long term.
“For the past five years, a significant level of supply has come onto the market – more than ever before in Brisbane’s history in such a short time-frame, and this will have the inevitable impact of softening apartment prices and rents,” Mrs Moore said.
“However, as with all things, this too shall pass and we expect that our continued population growth will eventually absorb this excess supply and apartment owners will realise real capital growth.”