This mega mansion at 106-110 Virginia Avenue in Hawthorne was among the houses sold in the 12 months to July this year
BRISBANE’S powerhouse property market chalked up one of the highest property turnover rates in the country, eclipsing the rate of sales in the southern capitals.
The river city tied with Adelaide to record a turnover rate of 5.6 per cent over the past 12 months, well ahead of Sydney (4.1 per cent) and Melbourne (4 per cent).
This mega mansion at 106-110 Virginia Avenue in Hawthorne sold for a jaw-dropping $11.128 million
But property data analysis firm CoreLogic said all four capital cities were showing signs of a slow down, with Brisbane’s turnover down from 8.1 per cent last year.
Overall, the latest CoreLogic Property Pulse report has revealed that the number of dwelling sales nationally has fallen from 5.3 per cent in July last year to 4.6 per cent this year.
That decline was largely attributed to the softening of dwelling values in Sydney and Melbourne and reduced new stock.
“Dwelling sales are tracking 20 per cent below the decade average in Sydney and 15 per cent below average in Melbourne, while Brisbane sale numbers are only 1.5 per cent below the decade average,” CoreLogic head of research Tim Lawless said.
CoreLogic director of research Tim Lawless
As for regional Queensland, the turnover rate was 5.5 per cent, with rising values in lifestyle coastal regions leading the charge.
“Noosa saw the largest proportion of housing turnover over the 12 months to July 2018 (7.4 per cent), while further south on the Gold Coast, 7.2 per cent of housing sold over the same period,” the report said.
“However the Gold Coast council area covers a much larger geographical area with over 253,045 dwellings in the region. The Sunshine Coast where housing stock is also considerably higher saw a 6.9 per cent rate of turnover.”
A Noosa Heads penthouse with its own private beach, sky terrace and designer furniture sold for $4.05 million in July.
The Gympie and Douglas shires also made the top five, with each one recording a 6.3 per cent turnover.
“The Greater Brisbane council region of Moreton Bay saw the highest turnover rate with 6.2 per cent of dwellings transacting over the year to July, however there wasn’t a material difference between the Brisbane council regions with all recording around the mid-high 5 per cent range,” Mr Lawless said.
And thsi one bedroom unit in Brisbane sold for a staggering $2.625 million
The Pulse report comes as Shane Oliver, the chief economist at AMP Capital Investors, warned that property prices in Sydney and Melbourne could fall by as much as 20 per cent by 2020 due to a number of factors but including the tightening of credit conditions, the rise in housing supply and the “negative feedback loop from falling prices risks developing”.
In his latest report, Mr Oliver said property investors should remain wary of Sydney and Melbourne for now and focus on higher yielding markets.
Brisbane, and the smaller capitals, are expected to fare much better due.
“Prices are likely to perform a lot better in Adelaide, Brisbane, Canberra and Hobart along with regional centres as they have not seen anything like the boom in Sydney and Melbourne,” he said.