Brisbane is one of two cities in Australia with record high real estate prices, rising by almost $167,000 for houses and $40,000 for units in a matter of months.
Domain’s House Price Report for the June quarter showed Brisbane median house prices hit a record high of $840,594 after rising 0.2 per cent over the quarter and 24.7 per cent over the year, while unit prices rose by 1.4 per cent over the quarter to reach a record $448,383.
Of the other major cities, Sydney and Melbourne had the weakest housing market growth while house and units prices in Adelaide remained high, like Brisbane.
Dr Nicola Powell, Domain’s chief of economics and research, said the increases continued despite the pace of price growth slowing as the strongest upswing in 18 years began to lose momentum.
“There is no doubt that demand for Queensland property remains stronger compared with other capital cities. However, buyer conditions are loosening,” she said.
“Unit prices rose 1.4 per cent over the quarter to reach another record high at $448,383.”
Powell said a demand for houses during the upswing had continued to rise more than twice as fast as for units annually.
“However, it is the first time in almost two years that unit prices have recorded a stronger rate of quarterly growth than houses,” she said.
“Units are being placed in the spotlight for a combination of reasons: affordability constraints, increased investment activity and reduced borrowing capacity.”
Powell said the changing market dynamics of supply and demand had made it the busiest June quarter on record for Brisbane’s auction market, with a high volume of new listings over the three months to June.
“The total number of advertised homes for sale remains 30 per cent below the five-year average and 13 per cent lower annually,” she said.
“The number of potential buyers per listing has eased from the peak in early 2022, although it still remains heightened.”
Meanwhile, the Sunshine Coast has seen the steepest house prices since 2003 come to an abrupt halt over the June quarter, with house prices declining for the first time in over three years – by 2.4 per cent.
Unit prices declined over the quarter to $655,000, the steepest quarterly decline in three years.
On the Gold Coast, house prices held the same record high achieved last quarter at $950,000 and unit prices inched up 0.1 per cent higher to a record high of $605,000.
Article source: www.watoday.com.au
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