Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter
Brisbane property market begins to slide

Brisbane property market begins to slide

New research has found that the quarterly median house price and median unit price in Brisbane declined slightly in the September quarter, following strong supply to the unit market and easing demand in the housing market.

According to fresh figures from the Real Estate Institute of Queensland, in September the median house price of $635,000 was 1.6 per cent below the June quarter result. The unit price of $430,000 was 2.7 per cent down on the previous quarter.

However, the results also showed that Brisbane’s annual median house price of $635,000 is 4.1 per cent higher than the same time last year and 22.7 per cent higher than five years ago.

Advertisement
Advertisement

Similarly, the annual median unit price of $440,000 may have dropped 1.1 per cent since 12 months ago, it remains 8.5 per cent higher than five years ago.

Commenting on the results, REIQ CEO Antonia Mercorella remarked that particularly with the news that the Adani Carmichael coal mine is close to completion, she is optimistic that it will boost the state’s real estate market.

“Our regions have been suffering enormously since the mining downturn, with rising vacancy rates and falling median house prices, so with the news that the Adani mine will create up to 4,000 jobs in the first year, the outlook in these areas is brighter,” Ms Mercorella said.

She added: “Jobs mean growth and the regional communities of Townsville, Mackay and Rockhampton have been declared as hubs for the Adani workforce, which is great news for those real estate markets.

“Workers need housing, both rental and owner-occupied, and for every base job created by the mine, another six indirect jobs are created in related industries.”

[Related: Housing growth cycle moderates]

Brisbane property market begins to slide
mortgagebusiness

 

Latest News

The prudential regulator has launched a consultation on a proposal that would expand its collection remit for home lending data.   ...

The balance sheets of the big four banks are increasingly exposed to residential mortgages, as other forms of revenue generation become less...

Equipment finance lender Axsesstoday has completed a $260-million sale of most of its business and subsidiaries to an affiliate of Cerberus...

FROM THE WEB
podcast

LATEST PODCAST: The economics of mortgage broking

Do you think the mortgage market will see more consolidation this year?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.