Brisbane house market at five o'clock and yet to bottom out: Experts

As the house price growth figures from RP Data show, Brisbane’s housing market continues to fall.

House prices were flat over the final quarter of 2011, according to figures compiled the Real Estate Institute of Queensland, which says that one year on from the floods, the housing market is showing signs of stabilising.

Michael Yardney, Louis Christopher and Charles Tarbey all believe Brisbane has some way to go before it bottoms out.

“House prices in Brisbane have dropped for the last two years. Brisbane buyers are lacking confidence to re-enter the market and are sitting on the sidelines waiting for signs that the market has bottomed before they make a purchase,” says Yardney.

“This may occur later this year as Brisbane prices stabilise. Prices are unlikely to start rising until the second half of this year or 2013.”

Time: 5 o'clock

Christopher says the market does not “not look as dark” as it did in mid-2011. “Stock levels have peaked a bit, but there is still a fair amount of stock on market. It’s not as bad as Melbourne, but not as good Sydney.”

“Brisbane still has an oversupply of properties over this time last year, which continue to linger. 

“Once mortgage repayments reach parity with rental payments, I suspect the market will move quickly to seven or eight o’clock [and into an upswing],” says Tarbey.

Population: 2 million 

Median house price: $435,000 

House price growth in February 2012: -0.4% 

Annual house price growth to December 2011: -6.8% 

Annual house price growth to July 2011: -7% 

Rental yield: 4.7%

To find out where your capital city's house or unit market is on the property clock, download our free eBook.

Property Observer also tracks Brisbane units on the property clock.

 

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

Comments

Be the first one to comment on this article
What would you like to say about this project?