Brisbane’s house costs have fallen for the primary time in additional than two years, however it should do little to ease the housing affordability disaster.
The newest PropTrack House Worth Index revealed that Brisbane’s median house value fell 0.04 per cent in December after 25 months of relentless development.
Home values fell 0.02 per cent whereas models decreased 0.12 per cent in December.
However the Queensland areas proceed to energy forward, recording a mixed house value enhance of 0.05 per cent, with homes rising 0.17 per cent and unit values falling 0.38 per cent.
Brisbane’s house costs have dropped for the primary time in 25 months, with a small 0.04 per cent dip in December.
REA Group senior economist and report writer Anne Flaherty stated that whereas December may be an uncommon time of 12 months for property costs, the outcomes could point out a slower price of value development going into 2025.
“I believe there’s a whole lot of elements behind that,” she stated.
“Rates of interest have been very excessive for over a 12 months now – they’ve been at that 4.35 per cent money price and that’s impacting borrowing capacities.
“After which, in fact, we’re seeing the price of residing is persistently excessive.
“Plenty of consumers are reaching that time at which they’ll’t actually supply any extra.”
Ms Flaherty stated regardless of a bigger lower in unit costs in December, unit value development vastly outperformed home efficiency in 2024.
Over the previous 12 months, home costs in Brisbane had elevated by 10.63 per cent to a median worth of $972,000 whereas unit costs have shot up by 15.36 per cent, to a median worth of $666,000.
“Increasingly persons are being priced out of buying a home so we’re seeing extra folks seeking to buy models,” Ms Flaherty stated.
“It’s really fairly uncommon. We usually see homes outperform models for value development, and in most capital cities, we now have seen homes do higher than models.
“However Brisbane is likely one of the exceptions.”
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PropTrack economist Anne Flaherty stated house costs remained aggressive within the extra inexpensive suburbs, with the worth drop originating in a few of Brisbane’s costlier spots.
Of the capital cities, solely Perth and Hobart recorded house value will increase in December, up 0.39 per cent and 0.03 per cent respectively.
The most important month-to-month falls had been in Melbourne (-0.53%) and Sydney (-0.29%).
Nationally, house costs fell 0.17 per cent in December, the report revealed.
However will probably be chilly consolation for consumers, with Brisbane house costs hovering 11.35 per cent in 2024 and a whopping 78 per cent because the begin of the Covid-19 pandemic in March 2020.
The median house value within the River Metropolis is now $863,000 — $83,000 greater than Melbourne and $243,000 lower than Sydney.
The median house value – models and homes mixed – throughout the mixed areas is now $705,000.
And it’s not the Gold Coast and Sunshine Coast that’s main the pack, with house values in Townsville up 26.25 per cent in 12 months to $499,000.
Scorching on its heels was Central Queensland, the place house values have elevated 22.86 per cent in a 12 months to $493,000.
The Mackay-Isaac-Whitsunday area can be clawing its manner again after being caught within the mining downturn doldrums, with house values up 15.97 per cent to $516,000.
Rounding out the highest 5 areas for value development was Ipswich, up 15.62 per cent to $718,000, and Darling Downs-Maranoa, up 13.12 per cent to $456,000.
Annual value development in Cairns has additionally exceeded that of the Gold Coast (+9.54 per cent) and Sunshine Coast (+6.69 per cent), with house values there up 10.05 per cent to $565,000.
Townsville is the area now main the way in which when it comes to rising house costs, having elevated by 26.25 per cent yearly.
Ms Flaherty stated that most of the locations that recorded house worth decreases in December had been discovered within the wealthier markets, with extra inexpensive areas remaining aggressive.
However she stated Brisbane had proven extremely sturdy development because the Covid-19 pandemic, because of a rising and migrating inhabitants inflicting larger demand.
“I believe that inhabitants development has coincided with a interval by which the pace at which we’re constructing new housing is beginning to decelerate,” Ms Flaherty stated.
“Which implies that we now have a problem the place demand has been exceeding the availability of houses on the market.
“And that’s, I believe, been the important thing issue that’s pushed the costs up.”
***Qld’s Prime Performers of 2024***
Annual Progress/Median house value now
Townsville 26.25% $499,000
Central Queensland 22.86% $493,000
Mackay-Isaac-Whitsunday 15.97% $516,000
Ipswich 15.62% $718,000
Darling Downs-Maranoa 13.12% $456,000
Brisbane 11.35% $863,000
Cairns 10.05% $565,000
Gold Coast 9.54% $958,000
Sunshine Coast 6.69% $994,000
(PropTrack)