Brisbane property market split as half rise and half fall in price
The riverside suburb of New Farm is one of six Brisbane suburbs to record house price increases in excess of 10% over the year to June, according to the Real Estate Institute of Queensland.
It was also one of 66 Brisbane suburbs to record an increase in house prices over the year.
New Farm, located on the north-eastern shore of the Brisbane River, two kilometres from the CBD, was one of the hardest hit by the January floods.
The New Farm median house price increased by 14.6% to $1.1 million over the year to June 2011. The figures do not show sales volume, which may have contributed to the higher-than-expected change in median price.
An indication of how quickly the suburb has recovered was reflected in New Farm Park, just metres from the river’s edge, receiving Brisbane City Council's Pride Award as part of its Spotless suburb awards in July.
Earlier in August RP Data reported that New Farm had the highest number of properties for sale in flood-affected regions – 287 properties compared with 257 at the same time last year.
The biggest median house price increase (18.3%) was recorded in Seventeen Mile Rocks, located 11 kilometres southwest of the Brisbane CBD and also on the Brisbane River.
Not all Brisbane riverside suburbs demonstrated similar house price growth, with the inner-city suburbs of Hawthorne and West End both recording price declines in excess of 11%.
Overall, the median house price in Brisbane decreased 1% to $510,000 over the June quarter and is unchanged over the year ending June.
Region | Median Sale 12mths Jun11 | Median Sale 12mths Jun10 | 1yr change |
$685,000 | $600,500 | 14.1% | |
$429,500 | $377,000 | 13.9% | |
NEW FARM | $1,100,000 | $960,000 | 14.6% |
PULLENVALE | $1,080,000 | $970,000 | 11.3% |
SEVENTEEN MILE ROCKS | $ 620,000 | $524,000 | 18.3% |
$749,350 | $672,500 | 11.4% | |
Region | Median Sale 12mths Jun11 | Median Sale 12mths Jun10 | 1yr change |
ASCOT | $1,080,000 | $1,202,500 | -10.2% |
HAWTHORNE | $750,875 | $882,444 | -14.9% |
MANLY | $576,000 | $675,000 | -14.7% |
STRETTON | $597,500 | $670,000 | -10.8% |
$665,000 | $800,000 | -16.9% | |
WEST END | $725,000 | $817,500 | -11.3% |
“The Queensland property market continues to be impacted by lower consumer confidence and the uncertain nature of the global economic situation, including the recent pronounced stock market jitters around the globe,” says REIQ managing director Dan Molloy.
“The number of buyers active in the Queensland marketplace is still well below long-term averages and until there is more certainty surrounding interest rates and the global financial landscape generally this circumstance is unlikely to turnaround before next year.”