Regional home prices still up 50%
HOME prices in regional areas – which are now starting to fall widely in eastern states – are still up almost 50 per cent on where prices sat before the pandemic, while capital city prices are still sitting almost 30 per cent higher than pre Covid-19.
Brisbane home prices have fallen for the second month in a row but their drop has been overtaken by bigger falls across the region, including the Gold and Sunshine coasts.
The PropTrack Home Price Index for July saw Qld’s two biggest coastal cities record significantly higher falls of -0.13 per cent on the Gold Coast, -0.6 on the Sunshine Coast than Brisbane’s -0.09 per cent.
Both coastal cities have higher median dwelling prices $879,000 and $969,000 respectively than Brisbane ($757,000) mirroring a national trend where higher priced markets are dropping the hardest across the country as interest rates increase.
Queensland is still the strongest market annually in Australia, with Brisbane’s median price rising by $160,938 in the past year, followed closely by Adelaide with a $134,598 lift and Qld regions have the third highest jump of $125,830.
So far, Queensland regions have seen a fall of -0.54 per cent in prices since their peak in April, while Brisbane has dropped at about half that rate down -0.21 since its peak in May
PropTrack senior economist Paul Ryan said in dollar terms, the price falls since their peak in Qld were still small compared to the surge seen in the past year, dropping by $1,590 since May in Brisbane and down by $3,532 in the rest of Qld.
He said some of the falls could be linked to reduced buying power of Sydney and Melbourne buyers as home values there fall for the fifth and fourth months in a row respectively.
The areas showing the highest quarterly falls in Queensland were Brisbane South (-2pc), Sunshine Coast (-1.22pc), Central Qld (-1pc), Gold Coast (-0.97pc) and Mackay/ Isaac/Whitsundays (-.94pc
The Gold Coast has seen its median price grow a massive 21.41 per cent in the past 12 months to $879,000, while the Sunshine Coast is even higher at $969,000.