Brisbane, Townsville and regional Queensland hit by median price falls in March quarter
Median house prices for the greater Brisbane market fell four percent to $480,000 and the Brisbane LGA median house price fell 2.4 percent to $620,000 during the March quarter according to the REIQ.
The REIQ's Market Monitor for the March quarter found property market conditions in the regional Queensland market remain 'challenging', small levels of quarterly growth in the southeast corner can be found.
"Small quarterly falls in the metro area are indicative of broader tightening economic conditions and it should be noted that within six weeks of these quarterly results, the Reserve Bank of Australia cut interest rates to historic lows of 1.75 percent," the report said.
"Looking at the quarterly data, Cairns, Townsville and Rockhampton felt the pinch in the March quarter with a drop in median house prices of 4.1 percent, 8.3 percent and 3.6 percent respectively. These are the three biggest quarter-on-quarter drops in the state.
"Other regional centres, such as Gladstone, Mackay and Toowoomba experienced smaller drops of just 1.4 percent, 1.9 percent and 1.6 percent respectively. This could be an indication that the bottom of the market is being met and these markets may stabilise."
