Median house and unit prices slip in Brisbane during the September quarter

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The quarterly median house price and quarterly median unit price in Brisbane LGA slipped fractionally in the September quarter. These were the direct result of the oversupply of new units and falling demand, states the latest property data from the Real Estate Institute Queensland (REIQ).

The Brisbane LGA September median house price of $635,000 was just 1.6% below the June quarter, and the unit price of $430,000 was just 2.7% down from the previous quarter.

While there were small quarterly declines, the annual figures show a housing market that is continuing to hold its own. Brisbane’s annual median of $635,000 is 4.1% higher than September 2015 and 22.7% higher than five years ago, when the median house price was $517,500.

Similarly, the annual median unit price of $440,000 (while it is 1.1% below 12 months ago), is still an encouraging 8.5% higher than five years ago (when it was $405,500).

Antonia Mercorella, chief executive officer of REIQ, said it was encouraging that the markets were holding onto the gains that were made over the past five years.

“With the news released last week that the Adani Carmichael coal mine is very close to becoming a reality, we are optimistic that our state’s real estate market will get a boost. Jobs mean growth and the regional communities of Townsville, Mackay and Rockhampton have been declared as hubs for the Adani workforce, which is great news for those real estate markets,” she said.

“Workers need housing, both rental and owner-occupied, and for every base job created by the mine, another six indirect jobs are created in related industries.”

Median house prices (September 2016):
  • Greater Brisbane – $495,000 (up 3.1% from 12 months ago)
  • Gold Coast – $565,000 (up 5.6% from 12 months ago)
  • Cairns – $395,000 (flat from 12 months ago)
  • Gladstone – $275,000 (down 9.2% from 12 months ago)
  • Mackay – $318,750 (down 9.6% from 12 months ago)
  • Townsville – $330,000 (down 2.9% from 12 months ago)
Median unit prices (September 2016):
  • Greater Brisbane – $402,000 (down 2% from 12 months ago)
  • Gold Coast – $390,000 (up 4.8% from 12 months ago)
  • Cairns – $238,000 (up 4.4% from 12 months ago)

Related stories:
QLD Excerpt From The 2016 October Market Report
Brisbane’s Median House Price Reaches New High

 

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