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Queensland’s capital has overtaken Adelaide as the most affordable mainland capital city following a dip in values as a result of ongoing weakness in the Brisbane market, exacerbated by recent flooding.
Brisbane’s median house price fell by two per cent in the first quarter of the year, the third consecutive quarterly decline, Australian Property Monitors’ Quarterly Housing Report showed today.
The city’s median house price now stands at $448,669 compared to Adelaide’s $452,546.
Prices have fallen in most capital cities in the first quarter of the year with the national median house price falling -0.6 per cent to $550,946. National unit prices are down 1.2 per cent to $406,279.
Canberra was the only capital city to experience growth in house prices for the quarter, rising 0.2 per cent to $568,541.
Despite the weak result, Andrew Wilson, APM chief economist, said early signs of recovery were emerging in some markets.
“With high levels of stock on market and a continued decline in first home buyer and investor activity, most markets have struggled to rebalance from the buyers’ market conditions evident since late 2010,” said Dr Wilson.
Dr Wilson said the softening of house price growth reflected the ongoing hangover from the strong price growth generated between 2009 and 2010, driven particularly by record activity by first home buyers.