Brisbane, house prices actually grew by 2.2 per cent over the year to $567,376.

Brisbane, house prices actually grew by 2.2 per cent over the year to $567,376.

“Brisbane hasn’t had the property boom that Melbourne and Sydney have had. It has been plodding along for many years … so they didn’t really have a bubble to burst, so to speak. In Sydney, prices rose by more than 70 per cent over the last five years,” AMP Capital chief economist Dr Shane Oliver told 9Finance.

“Also, Brisbane has also benefited from population growth with interstate migration that is supporting the property market.”

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Property prices continue to drop, but it may still not be the right time to buy

After years of runaway prices, property values across the country have dipped, especially in our biggest cities.

But bucking the downward trend is Brisbane, where the median house price has increased to $668,000, according to the latest Domain House Price Report, released today.

“This is new territory for the housing market,” Domain senior research analyst Dr Nicola Powell told 9Finance.

“Sydney has seen the steepest fall in more than 20 years, with prices down at late-2016 levels. But it’s important to put it in the context that it followed the steepest upswing in Sydney house price history. … Now what we’re seeing is a move back to a more normalised market.”

(Nine)

According to the report, Sydney house prices fell 6.5 per cent over the year to $1,101,532. While in Melbourne, houses declined by 3.2 per cent to $852,980.
But up north in Brisbane, house prices actually grew by 2.2 per cent over the year to $567,376.

“Brisbane hasn’t had the property boom that Melbourne and Sydney have had. It has been plodding along for many years … so they didn’t really have a bubble to burst, so to speak. In Sydney, prices rose by more than 70 per cent over the last five years,” AMP Capital chief economist Dr Shane Oliver told 9Finance.

“Also, Brisbane has also benefited from population growth with interstate migration that is supporting the property market.”

Deloitte Access Economics’ latest business outlook, released earlier this week, said Australia was officially experiencing the “house price fall we had to have”.

Over the last five years, prices have surged across the country as low interest rates encouraged households and investors to take on more debt.

But now, says Domain’s Dr Powell, the tightening of credit by the banks following regulatory intervention and a bruising royal commission, rising mortgage rates, tighter credit conditions and reduced borrowing power, have seen a decline in house prices.

(Nine)

The price plummet is a boon for buyers – especially Aussies looking to invest in their first home.

But AMP’s Dr Oliver says, with house prices expected to fall even further over the next year, home-seekers can afford to wait.

“Now is a better time to buy, but buyers can afford to take their time because there will be further downturn,” he told 9Finance.

“If you see a property you want and the price if affordable for you, go for it. But if you can afford to wait, you can get prices in the next year or two, at least in Sydney and Melbourne.”

It comes as data released by QBE Insurance today reveals the fallout from the banking royal commission and tightening lending regulations will extend the housing market slowdown in Melbourne and Sydney over the next three years, but Brisbane and Adelaide are primed for growth.

According to that report, median house prices in Melbourne and Sydney are forecast to fall 2.5 and 1.2 per cent respectively by June 2021.

And the value of units is forecast to fall by 2.1 per cent in the Victorian capital and 3.1 per cent in NSW’s biggest city.

Houses in all other capital cities are forecast to increase in value, with the strongest growth expected in Adelaide and Brisbane, which are tipped to climb 12.4 and 11.3 per cent respectively.

(AAP)

But QBE Lenders’ Mortgage Insurance chief executive Paul White said he expected a widespread downturn in fortunes for apartment owners, driven by weaker demand from investors and an increased supply of units.

“We anticipate foreign investment will further dampen in coming years owing to a number of factors such as increased approval fees, stamp duty and land tax surcharges,” Mr White said.

“As well as tighter capital controls from foreign governments, most notably China, which have impacted how much money they can take out of their country.”
But strong population growth boosted by high overseas migration will limit the drop in prices, Mr White said.

The gloomy projections for Australia’s two largest cities is a snap back to reality following extreme growth between 2012 and 2017.

Sydney house prices soared 84 per cent over the period before falling 7.6 per cent in 2018.

The report, commissioned by BIS Oxford Economics, says the prices will fall 4.2 per cent in 2019 and bottom out the year after that.

The housing market in Sydney will then begin its climb back, with a predicted rise in 2021 by 2.3 per cent.

And in the nation’s capital, house prices will rise 10.4 per cent over the next three years, the report says.  https://finance.nine.com.au/2018/10/25/12/03/property-prices-continue-to-drop

With AAP

 

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