Domain Group data shows the median house price in Brisbane fell marginally by 0.7 per cent to $484,374 over the March quarter, contributing towards and annual increase of just 2.8 per cent.
Meanwhile, the median unit price fell sharply by 2.3 per cent over the quarter to $354,246. Over the year ending March, unit prices in Brisbane decreased by 3.8 per cent.
Dr Andrew Wilson, Senior Economist, Domain Group, commented; “Brisbane’s recent housing market revival stalled over the March quarter while unit prices continued their trajectory, falling for the third successive quarter.”
“Brisbane was not the only capital city to see a fall in the median price of units, Melbourne and Canberra also started to feel the impact of recent construction and new supply filtering through to the market.
“The underperforming local economy and some adjustment from recent strong prices growth in mid to upper price ranges may be a catalyst for weak house price growth over the March quarter despite lower interest rates.
“The prospect for a sustained economic revival in Brisbane remains positive which will act to revive prices growth sooner rather than later.”
The Domain Group House Price Report shows the national median house price increased by 1.8 per cent over the quarter, contributing to an annual increase of 8.0 per cent. The national median unit price increased by 0.4 per cent over the quarter and 5.2 per cent over the year to end March.
“Reflecting the local economic environment and supply and demand drivers, capital cities around Australia recorded mixed results for house and unit price growth over the March quarter,” said Dr Wilson.
Sydney continues to stride ahead, recording another strong quarterly increase of 3.6 per cent, taking the median house price to yet again a new record of $914,056. Over the March quarter, the median unit price also increased – by 1.2 per cent to $609,800.
Adelaide and Darwin were the only two other capital cities to record increases in both house and unit prices over the quarter.
Melbourne and Canberra both saw an increase in the median house price and falls in unit prices.
Brisbane saw falls in house and unit prices over the March quarter. The median house price fell marginally by 0.7 per cent while units fell sharply by 2.3 per cent.
In Perth, the median house price fell steeply by 2.1 per cent while units were flat over the quarter.
Hobart saw house price growth weaken with the median falling by 0.6 per cent while unit prices increased strongly by 5.0 per cent over the quarter.
Dr Wilson continued; “Capital city prices growth is likely to track local economic performance with the prospect of lower interest rates now diminishing as early signs continue to emerge of an improvement in national economic activity.”