REALESTATE.COM.AU
BRISBANE is the only capital city to report positive property price growth in the June quarter, with the upswing also extending to parts of regional Queensland.
The Australian Property Market Report July 2019 by realestate.com.au has revealed that Brisbane is “leading Australia’s recovery”, having weathered the downturn “very well” with prices only falling by 1 per cent over the past 12 months and recording 0.1 per cent growth in the June quarter.
Even Hobart, which has arguably been the nation’s top performing capital during the national downturn, recorded a 0.7 per cent drop in dwelling values over same quarter.
“(Brisbane) is the first capital city (of the eastern capitals) to see positive growth in June,” the report said. “The upswing is also extending to regional areas, with Mackay seeing the strongest price growth of any region in Australia over the past 12 months, and many smaller mining towns are roaring ahead.”
The sun is shining on the Brisbane and regional Queensland property markets. Pic Annette Dew
By comparison, values continued to fall over the same quarter in Sydney and Melbourne, with dwelling prices falling by 0.4 per cent in both cities.
To date, median prices have fallen by 7.2 per cent in Sydney and 5.8 per cent in Melbourne, the report said.
Brisbane was the only capital city to record price growth, with every other capital city, including Sydney (pictured), failing to record an uplift in to positive territory.
Renewed confidence in the mining sector, infrastructure spending and continue migration from NSW to Queensland were identified as the most likely reasons behind the upswing in the sunshine state.
“Searches (on realestate.com.au) in southeast Queensland out of Sydney suggest that population growth continues to come from an exodus from NSW,” the report said.
“While there is a clear affordability edge in southeast Queensland compared to Sydney, it is jobs that are making the move possible.”
This five bedroom house with city views in Paddington, Brisbane, is on the market, and even has a pool
Looking at houses and units, the biggest improvement has been in the apartment market, which has seen a 0.7 per cent jump quarter-on-quarter to $387,000.
House prices fell slightly over the same period, down 0.1 per cent to $530,000.
“The other more unique factor about Brisbane is that we are seeing some big jumps in offshore property seekers,” the report said.
“Chinese buyers are gone but property seekers from India have more than doubled over the past 12 months, perhaps suggesting that Indian born buyers may begin to have as big an influence on house and land sales as they have had in Melbourne and Sydney.”
While this rundown terrace in Sydney’s Paddington is listed with an auction guide of $1.7 million, and there is no pool
See, no pool!
So where are buyers focusing their search? Toowong, Windsor and Paddington were the most in demand suburbs for houses in Queensland during the quarter, with all of the top 10 suburbs located in Brisbane.
Source: 11 July 2019 – https://www.realestate.com.au/news/why-brisbane-and-queensland-is-leading-australias-property-recovery/