It appears Brisbane is being eclipsed, with other housing markets in Queensland showing more substantial gains in house prices, according to the latest Domain report.
Prices in Brisbane fell 1.4% to $ 582,847 for homes and 4.1% to $ 375,285 for units during the second quarter of the year. This was the first quarterly drop recorded by Brisbane in the past year and the biggest drop in almost nine years.
Nicola Powell, senior research analyst at Domain, said that a two-tier real estate market has developed in the Brisbane area. The capital, Moreton Bay, Redland, Scenic Rim and Somerset reported declines in value while prices in Ipswich rose and remained stable in Logan.
Additionally, the coastal regions are faring better than the state capital in the face of the impacts of the COVID-19 outbreak.
"The Sunshine Coast and Gold Coast housing values ??outperformed Greater Brisbane during the June quarter. Despite the devastating impact of the bushfires and the coronavirus pandemic, the values ??of the accommodations are stable, illustrating the rationale for a coastal lifestyle, ”said Powell.
Home prices in Gold Coast hit a new record high of $ 660,000, with Sunshine Coast slightly lower. Both regions also reported stable unit values ??during the quarter.
Despite the decline in Brisbane, Powell said values ??in the city remained higher than a year ago, marking nearly eight years of annual price growth.
“Prior to COVID-19, there was promising price growth for Greater Brisbane. Although this reversed in the June quarter, the drop in prices to date has been minimal given the economic consequences of border closures and closures, ”she said.
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