It appears like Brisbane is being overshadowed, with other housing markets in Queensland posting more substantial gains in dwelling prices, according to the latest report from Domain.
Prices in Brisbane declined by 1.4% to $582,847 for houses and by 4.1% to $375,285 for units over the second quarter of the year. This was the first quarterly fall Brisbane recorded for the past year and the steepest decline in almost nine years.
Nicola Powell, senior research analyst at Domain, said a two-speed property market has developed across the Brisbane region. The capital city, Moreton Bay, Redland, Scenic Rim, and Somerset reported declines in values while prices in Ipswich grew and remained stable in Logan.
Furthermore, the coastal regions are faring better than the state capital amid the impacts of the COVID-19 outbreak.
"Sunshine Coast and Gold Coast housing values outperformed Greater Brisbane over the June quarter. Despite the devastating impact of the bushfires and the coronavirus pandemic housing values are steady, illustrating the desirability of a coastal lifestyle," Powell said.
House prices in Gold Coast pushed to a new record of $660,000, with Sunshine Coast nudging marginally lower. The two regions also reported steady unit values over the quarter.
Despite the decline in Brisbane, Powell said values in the city remained higher than a year ago, marking almost eight years of annual price growth.
"Prior to COVID-19, there was promising growth in prices for Greater Brisbane. Although this has reversed in the June quarter, the fall in prices to date has been minimal considering the economic aftermath of border closures and shutdowns," she said.
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