Property Development

Australia’s House Prices Dropped 6.5% in 2018: Report

Written by The ReReport
As seen in the Source link, written by on 2019-01-24 16:27:00

Credit curbs are not only impacting the larger states but Brisbane’s stoic housing market too.

Domain notes greater Brisbane’s house price growth “evaporated by the end of 2018” with “prices ultimately flattening over the quarter and year”.

“[Credit restrictions] is now having a marked effect on housing markets that would otherwise be growing,” Powell said.

The sunshine state capital was the nation’s fourth-best performing capital city, behind Hobart, Adelaide and Canberra.

Positives for the region include greater job prospects and strong interstate migration which is at a 12-year high. Domain notes it has recorded an increase in the number of views per listing.

While greater Brisbane unit prices recorded the steepest annual fall in roughly 17 years thanks to increasing levels of supply.

The positives, Powell notes this has created a window for buyers to purchase at 2013 prices,” she said.

But Powell anticipates this surplus unit supply will be absorbed.

“The number of developments under construction, apartment completions and multi-unit building approvals are all shrinking. However, for now the stricter lending environment is stalling a recovery.”

Related: Property Market Woes No Boon for Affordability