New data that shows property prices in Queensland’s capital have fallen by over 12 per cent could actually be a good sign for the market and investors.
A new report by the Housing Industry of Australia (HIA) shows that Brisbane property prices have fallen 12.3 per cent since 2010, but risen 7.6 per cent since 2005.
Coronis managing director Andrew Coronis said the data put talk of a ‘property boom’ in context and contained the most informative and accurate data the market had released in a long time.
“The alarmist headlines and figures we regularly see in the media just don’t paint the full picture, so I am glad to see more reliable data coming out,” he said.
“The HIA figures show that we are still experiencing the ripples of the GFC, but prices overall have been rising at a normal rate over the past 10 years.
“A 7.6 per cent increase in prices in Brisbane since 2005 is in fact consistent with what we have seen on the market.”
Mr Coronis said this has implications for investors, who should understand that property is a long-term game.
“It’s a sticky, illiquid investment so people need to look at the long-term view to make informed decisions,” he said.
“Just like any other investment, people need to ensure that property can achieve the kind of return that makes sense for their portfolio, their situation and their personal preferences.”