Brisbane home prices have taken a hit as a slide in demand and a flood of new units impact the city's property market, according to the latest data from Real Estate Institute Queensland (REIQ).
Median house prices fell 1.6 per cent in the September quarter, compared to the previous three months, though prices are still up 4.1 per cent compared to the same time last year.
However, the median unit price of $440,000 is down 1.1 per cent compared to 12 months earlier after dropping 2.7 per cent during the quarter.
Property analysts have been warning of price falls in unit and apartments for months due to a so-called “glut” of new buildings coming onto the market.
The performance of property markets elsewhere in Queensland has been mixed, with growth the Gold Coast and Cairns performing well while unemployment continued to affect cities in central and north Queensland.
REIQ CEO Antonia Mercorella hailed the announcement that the Adani Carmichael coal mine was set to proceed and would boost the real estate market in those areas.
“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,” Ms Mercorella said.
MEDIAN HOUSE PRICES SEPTEMBER 2016
- Greater Brisbane – $495,000 up 3.1 per cent from 12 months ago
- Gold Coast – $565,000 up 5.6 per cent from 12 months ago
- Cairns – $395,000 flat from 12 months ago
- Gladstone – $275,000 down 9.2 per cent from 12 months ago
- Mackay – $318,750 down 9.6 per cent from 12 months ago
- Townsville – $330,000 down 2.9 per cent from 12 months ago
MEDIAN UNIT PRICES SEPTEMBER 2016
- Greater Brisbane – $402,000 down 2 per cent from 12 months ago
- Gold Coast – $390,000 up 4.8 per cent from 12 months ago
- Cairns – $238,000 up 4.4 per cent from 12 months ago