Brisbane house prices fall 10% over past year as Canberra only mainland city with rising market: RP Data
Brisbane house prices registered the biggest fall in dwelling prices nationally over October with values down 2.9% for the month and 9.3% compared with a year ago, according to the RP Data-Rismark October Hedonic Home Value Index Results.
Canberra was the only capital city to register an increase in dwelling values over the month, up 1.6%.
Brisbane units have proved far more resilient, with values up 1.1% for October to be down only 1.4% over the past 12 months.
The average dwelling price in Brisbane declined by 1.6% in October to be down 8% year-on-year with the median price declining to $402,000
The median price for a Brisbane house now stands at $425,000 and at $360,000 for a unit.
The declining in Brisbane dwelling values in October was triple the overall capital city home values decline of 0.5% in the month before the RBA’s decision to cut interest rates.
For the year to date, dwelling prices are down 4% for capital cities.
Regional dwelling prices declined by 0.8% to be down 3.4% over the past 12 months.
Sydney and Canberra were the most resilient capital city markets, with dwelling values unchanged in Sydney over October to be down just 1.4% off their peaks while Canberra dwelling prices increased by 1.6% over the month to be 1.1% off peak prices.
Dwelling prices fell 0.6% in Melbourne over October to be down 5.4% year-on-year and 5.8% off the peak.
RP Data director of research Tim Lawless says the year-to-date results highlight the divergent outcomes more clearly.
“Over the 10 months to October, Canberra and Sydney dwelling values have not moved a great deal: up 0.9% and down 1.4% respectively.”
“In contrast, Brisbane home values have been hit hard and are now off 7.5% while Melbourne dwellings have corrected 5.8% after very strong 25-30% capital growth over 2009-10.”
“The combination of lower interest rates, cheaper homes, and rising incomes is generating a welcome boost to housing affordability, particularly in those markets where value falls have been more significant,” he says.
For property investors, the 2.8% decline in house prices over 2011 has been offset by solid growth in rents.
