Brisbane property market leads nation as only city to record house price growth
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Dec 3, 2018
Brisbane property market leads nation as only city to record house price growth
Brisbane's housing market is leaving the rest of the nation in the dust, as it was the only city to see home values grow over the month, according to CoreLogic's Hedonic Home Value Index.
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PlacePictured: 18N/39 Castlebar Street, Kangaroo Point. For sale by Simon Caulfield and Courtney Maguire of Place. As seen on Luxury List.
Brisbane's housing market is leading the nation, with the city the only major state capital to see home values grow this month.
Falling property prices in Sydney and Melbourne have dragged the national market into the biggest slump since the start of the global financial crisis, but Brisbane continues to defy the downturn, according to the latest CoreLogic Hedonic Home Value Index.
Figures from CoreLogic’s Hedonic Home Value Index show Brisbane was the only major capital city to record growth in prices in November — albeit a modest 0.1 per cent.
It marks the second month in a row that Brisbane has recorded growth in property values at a time when seemingly every other capital city remains stagnant or is going backwards.
CoreLogic Head of Research Tim Lawless attributes Brisbane's resilience to its stable home prices and growth.
Mr Lawless says better housing affordability means Brisbane is also not as exposed to the current lending climate.
Universal Buyers Agents property expert Darren Piper says the signs of recovery in the Brisbane apartment market is instilling confidence in investors.
“We’re seeing the first signs of a turn around in the apartment market and property buyers should take notice,” Mr Pipe said.
“After so much doom and gloom we’re already seeing a huge uplift in the number of enquiries we receive for Brisbane.
“Sydney and Melbourne's prices are falling but they are still well out of reach for the average buyer.
Pictured: 30 Macrossan Street, Brisbane. For sale by Joe Macalino of Remax as seen on Luxury List.
“But Brisbane’s more affordable market puts property buying squarely in the reach of first home buyers, investors and people looking for a location change.”
Apartment values are expected to grow 0.8 per cent this year as well, after backsliding -2.9 per cent last year.
Mr Piper told WILLIAMS MEDIA he has experienced one of his biggest months on record in October and is confident of seeing further lifts throughout the rest of the year.
“We’re seeing a lot of buyers attracted by the lifestyle, great schools, weather and prices of course,” he said.
“There’s also a renewed confidence in the market so we’re seeing more people upgrading that we haven’t seen for the last 12 months.
“They’re more confident that their home will sell and see the opportunities elsewhere in the market.”
Mr Piper said buyers agents are the best resource to ensure buyers get the best deal for their money and don’t fall into property traps.
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