Brisbane unit supply well ahead of demand: Domain

Brisbane unit supply well ahead of demand: Domain
Brisbane unit supply well ahead of demand: Domain
Brisbane unit prices dropped by 3.5 per cent over the September quarter to $376,685. 
"The median unit price is sitting at the lowest in three years, and it’s expected that unit prices will only continue to decrease. ,” said Domain Chief Economist, Dr Andrew Wilson.
Median house prices in Brisbane declined marginally over the quarter, dropping by just 0.2 per cent to $551,840.
Dr Wilson noted despite the drop and a relatively subdued year for the local market, house prices are up 3.8 per cent year-on-year.

Domain quarterly stratified median house prices

HOUSE SEP 2017 JUN 2017 SEP 2016 QOQ % YOY %
Sydney $1,167,516 $1,190,677 $1,079,309 -1.9% 8.2%
Melbourne $880,902 $869,598 $773,399 1.3% 13.9%
Brisbane $551,840 $552,874 $531,767 -0.2% 3.8%
Adelaide $519,517 $520,846 $498,971 -0.3% 4.1%
Perth $554,095 $561,391 $567,314 -1.3% -2.3%
Canberra $723,980 $693,962 $655,468 4.3% 10.5%
Hobart $409,592 $392,170 $356,916 4.4% 14.8%
Darwin $593,329 $615,670 $610,510 -3.6% -2.8%
National $819,455 $823,381 $758,367 -0.5% 10.8%
The median house rental price in Brisbane remained steady at $400 per week both over the September quarter and over the last 12 months.
Unit rents were also steady over the quarter, sitting at $370 per week. The result is 1.3 per cent lower than the same time last year.
“The slight drop in house prices is in line with Brisbane’s subdued housing market over the last 12 months, while the drop in unit prices is evidence that unit supply in the local market has officially outstripped demand,” said Dr Wilson.
Unit prices being 6.5 per cent year-on-year was reflective of the record levels of new apartment development, which has pushed supply well ahead of demand, he concluded.
Domain Brisbane Market

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