Brisbane New median house price: $557,214 Change: Down 0.6 per cent New median unit price: $380,196 Change: Down 4.3 per cent House and unit prices have fallen again in Greater Brisbane as the pace of annual growth slows to a five-year low. Read the full news report

House and unit prices have fallen again in Greater Brisbane as the pace of annual growth slows to a five-year low.

Greater Brisbane’s sluggish performance, as revealed in the latest Domain Group’s quarterly house price report released on Thursday, shows median house prices have fallen by 0.6 percent across the five LGAs, which include Brisbane, Ipswich, Redland, Moreton Bay and Logan. Units have fallen across Greater Brisbane by 4.3 percent.

Brisbane as a city did not fare much better — over the past six months, the median house price fell 0.4 per cent, while unit prices were down 1.9 per cent.

House and unit prices have fallen again in Greater Brisbane.House and unit prices have fallen again in Greater Brisbane. Photo: Tammy Law

It’s a case of a broken record for the Brisbane market, which has been flatlining for a number of years, Place advisory director Lachlan Walker said.

“It’s very typical of Brisbane’s market to sit there for 10 to 15 years — and then seemingly overnight, within a two to three-year period, we play catch up,” he said.

“We look back through the last eight years and the 2011 floods was that point in time where it was a make or break for us. Unfortunately, it broke us … we haven’t quite recovered from that.”

The Brisbane market has been flatlining for a number of years.The Brisbane market has been flatlining for a number of years. 

Buyer activity had changed since the end of 2017 around Brisbane’s inner west.

“Late last year it got exciting; there as this incredible urgency, multiple offers and prices going beyond expectations,” he said.

“The first few months of this year though, there’s less urgency. We haven’t seen the same level of buyer activity and that’s had an impact.”

Luxury apartments and suburbs with desirable school catchments continue to outperform.Luxury apartments and suburbs with desirable school catchments continue to outperform. 

Mr Jordan said sectors of Brisbane’s market that continued to outperform were luxury apartments and suburbs with desirable school catchments.

“Downsizers are out buying luxury apartments, that market has some strength in it, plus those moving into school catchments — they still trend well,” he said.

“Overall though, I think the change to Sydney’s market is affecting our confidence. When Sydney is going up, we look at them as a leading indicator, so when they turn, confidence in our market also goes down.”

But it was not all doom and gloom for Brisbane.But it was not all doom and gloom for Brisbane. 

Median house prices

LGA MAR-18 SEPT-17 MAR-17 6-MO YOY
Brisbane $665,000 $668,000 $650,000 -0.4% 2.3%
Ipswich $380,000 $370,000 $364,400 2.7% 4.3%
Logan $419,000 $419,500 $400,000 -0.1% 4.8%
Moreton Bay $455,000 $458,000 $450,000 -0.7% 1.1%
Redland $545,000 $542,500 $520,000 0.5% 4.8%
Source: Domain State of the Market Report. Data is aggregated for six months to March 2018.

Brisbane is funny like that. Overall, the data might show not much is happening but in certain areas, there will be a real momentum and demand driving things along. We’re also a very seasonal city when it comes to property — traditionally things are quieter in the March quarter and September quarter.

Median unit prices

LGA MAR-18 SEPT-17 MAR-17 6-MO YOY
Brisbane $436,500 $445,000 $449,000 -1.9% -2.8%
Ipswich $303,500 $306,500 $329,900 -1.0% -8.0%
Logan $260,000 $297,000 $300,000 -12.5% -13.5%
Moreton Bay $345,000 $355,000 $359,900 -2.8% -4.1%
Redland $436,500 $448,500 $435,000 -2.7% 0.3%
Source: Domain State of the Market Report. Data is aggregated for six months to March 2018.

 

Domain Group data scientist Nicola Powell said Brisbane’s affordability would ultimately help drive prices forward in the coming years.

“If you look at the latest migration figures, Queensland now has the highest rate of internal flow,” Dr Powell said.

“Combine that with the uptick in overseas migration and you’ll find that Brisbane, with its relative affordability compared to other capital cities, will turn around and prices will move forward.”

Despite another decline in Brisbane’s apartment market, the fall over the past six months was minimal, Dr Powell said.

“Those declines have certainly slowed. I think we saw the worst of that in Brisbane in 2016 and 2017,” she said.

Apartment market is very flat and many people are only selling because they have to get out.

“It’s hugely weighted towards investors but after this year, that will be it — there will be no more supply delivered, stock will be used up and then we’ll be back into another part of the cycle.”

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