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  • Breakthrough for buyers as home values drop in Brisbane

    first_imgNational Dec. -1.1%; Qtr -2.3%; Year -4.8% Median value $532,327 Darwin Dec. -1.8%; Qtr -1.2%; Year -1.5% Median value $416,149 Canberra Dec. 0.0%; Qtr 0.6%; Year 3.3% Median value $601,275 Hobart Dec. 0.4%; Qtr 2.0%; Year 8.7% Median value $457,523 Melbourne Dec. -1.5%; Qtr -3.2%; Year -7.0% Median value $645,123 Adelaide Dec. 0.2%; Qtr 0.5%; Year 1.3% Median value $434,924 Perth Dec. -1.0%; Qtr -2.5%; Year -4.7% Median value $446,011 “Housing is more affordable and Brisbane never had the run up in prices that Sydney and Melbourne did, so it remains a lot more stable.”“The economy is also not linked to the resources sector like it is in Perth and Darwin so it is continuing to attract (workers) from other states.” Brisbane’s housing market has not had the runup in prices that dogged Sydney and Melbourne buyers. Picture: AAP Image/Darren England. CoreLogic head of research Tim Lawless said it showed that the housing market slowdown was not just restricted to price corrections in Sydney and Melbourne.“Although Australia’s two largest cities are the primary drivers for the weaker national reading, most regions around the country have reacted to tighter credit conditions by recording weaker housing market results relative to 2017.”CoreLogic researcher Cameron Kusher said “the market in Brisbane has been flat, much like it has been for many years”.The flat conditions in Brisbane, at a time when prices were falling by record margins in Sydney and Melbourne reflected Brisbane’s better affordability and diverse economy. It is also attracting a lot of interstate migration, which is pushing up housing demand. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:51Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:51 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD576p576p432p432p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenStarting your hunt for a dream home00:51 CoreLogic Hedonic Home Value Index, December 2018 Results More from newsParks and wildlife the new lust-haves post coronavirus15 hours agoNoosa’s best beachfront penthouse is about to hit the market15 hours agoSydney Dec. -1.8%; Qtr -3.9%; Year -8.9% Median value $808,494 Combined capitals Dec. -1.3%; Qtr -2.8%; Year -6.1% Median value $612,737 Brisbane Dec. -0.2%; Qtr -0.1%; Year 0.2% Median value $493,568 Combined regional Dec. -0.2%; Qtr -0.5%; Year -0.2% Median value $377,661 The last time the national falls were this large was over the 12 months to March 2009. Picture: Penny Stephens.Buyers have had a breakthrough in Brisbane with home values dropping simultaneously over the month and the quarter for the first time in over a year.But it’s a small chink in the armour after a year in which Brisbane held its steady golden glow while Sydney and Melbourne were hammered by the credit crunch and restrictions on offshore buyers.The CoreLogic December home value index found Brisbane dwelling values fell -0.2 per cent over December to a median of $493,568.The result was just enough to also tip the Queensland capital into negative territory over the quarter as well at -0.1 per cent growth.National dwelling values were down by a cumulative 5.2 per cent since peaking in October 2017, while Sydney values were now 11.1 per cent lower than their July 2017 peak and Melbourne values 7.2 per cent below their November 2017 peak.The last time the national falls were this large was over the 12 months to March 2009. The price drops over December were not only seasonal, with the market much weaker than it was at the same time last year and substantially weaker over the same period in 2016. (Source: CoreLogic) FOLLOW SOPHIE FOSTER ON FACEBOOK — With Aidan Devinelast_img read more

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