The latest CoreLogic stats reported in Property Update suggest we’re sitting pretty.
While median dwelling values in Sydney and Melbourne fell more than 10 per cent over the 12 months to April, Brisbane’s market stayed relatively stable.
On average, Brisbane dwelling values were down 1.9 per cent, with apartment values (-2.4 per cent) falling further than house values (-1.8 per cent).
This slight softening has translated to longer selling times. The average days to sell a home has risen in the past year from 34 days to 60 days and vendor discounting is 4.7 per cent, up from 4.2 per cent a year ago.
Should we be worried? In a word, no.
Brisbane has remained very affordable while southern capital city prices spiked, so while southern markets are now sliding dramatically downwards, Brisbane is holding reasonably firm.
Underlying conditions remain strong with high interstate migration, large infrastructure projects and investor interest all growing to keep Brisbane in a healthy zone of demand and supply.
And, as always, broad-brush averages never give you the real picture of what’s going on in local property markets. We think Terry Ryder of Hotspotting would get pretty hot tempered about any suggestion of an ‘overall’ decline in Brisbane property values.
In April he published in Property Observer an analysis of 269 suburbs across greater Brisbane and found that 83 had recorded price growth in excess of 5 per cent, while another 47 had growth below that, 47 had dropped by less than 5 per cent and 39 had dropped more than 5 per cent.
Want to talk to a local agent who can tell you what’s really going on in your suburb? Contact us for a chat.
