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Unstoppable force, immovable object: Brisbane leads nation in house price growth but few want to sell

Brisbane house prices have so far proved unstoppable, rising another 6 per cent in the past three months as Sydney and Melbourne prices decline.

Apr 05, 2022, updated Apr 05, 2022
Brisbane property prices have slumped by more than 10 per cent - the largest drop on record, in the second half of 2022, latest figures have revealed.. (Pic The Firm)

Brisbane property prices have slumped by more than 10 per cent - the largest drop on record, in the second half of 2022, latest figures have revealed.. (Pic The Firm)

The price is being held up by a continued reluctance from Brisbane residents to sell despite the boom in values that added about 30 per cent to homes last year.

Even though some heat has come out of the Brisbane market, the annualised rate of growth in Brisbane is 24 per cent.

The analysis from CoreLogic came as the Reserve Bank appeared to be shifting closer to hiking interest rates.

Economists interpreted the RBA’s monetary policy statement on Tuesday as a much clearer sign of the move to hike rates, possibly in June.

The RBA said it was looking for “important additional evidence” on labour costs and inflation “over coming months” to support case for a rate hike. It noted inflation “has picked up” and “a further increase is expected” but that it needed to see labour costs do the same.

If interest rates do rise it was expected to dampen demand for housing.

CoreLogic said advertised stock levels in Brisbane and Adelaide were more than 40 per cent below the five-year average and down 20 to 25 per cent on a year ago.

Similar stock level declines were being felt in regional Australia while Sydney and Melbourne stocks were growing.

The median price for Brisbane is now just under $750,000 having risen by 2 per cent a month recently. Brisbane price growth is are now leading the nation with Adelaide just behind. Sydney and Melbourne posted slight declines for the past month.

CoreLogic said rents were also continuing to rise at 8.7 per cent for the past year, although they are off their peak of 9.7 per cent late last year.

Capital city house rents were up 13.8 per cent since the start of the pandemic compared with only 3.4 per cent for units.

At a national level, CoreLogic said dwelling prices were up 2.4 per cent, adding about $17,000 to cost of a home.

 

 

 

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