Brisbane has trumped Australia’s other capital cities to record the biggest drop in property values over the last 12 months.
RP Data’s research analyst Cameron Kusher said the capital city managed to record a 6.9 per cent drop in property values in the year to now, with not one Brisbane region recording positive growth.
The magnitude of value falls varied from a 0.1 per cent fall in Inner Brisbane to a 13.9 per cent fall in values within the Beaudesert Shire, which comprises the southern suburbs of the Logan council region.
Perth wasn’t that far behind Brisbane with its values falling by 6.2 per cent over the past 12 months.
The best performer of all was the Sydney detached housing market where over the past year, home values declined by just 0.3 per cent.
“And in more good news for Sydney, there are a number of regions across the city which actually recorded positive value growth over the past year – a rarity in today’s market,” Mr Kusher said.
In the Sydney region, the strongest growth in values came from the Inner West with growth of 10 per cent over the year.
Mr Kusher said a surprise twist in the findings was the decline in values in the city’s trendy Eastern Suburbs where in some cases, houses in areas which have enjoyed a million dollar price tag have slumped by 7.7 per cent over the last year.
Melbourne turned out to be the best performing capital city housing market since 2007 however, today’s analysis shows that property value growth is quickly transitioning out of the market after values rose by almost 50 per cent since the beginning of 2007.
Overall, of the 60 capital city regions detailed, only 12 recorded positive growth in house values over the past 12 months; all of these are located in Sydney, Melbourne or Canberra.