Apartments under construction in Brisbane’s Newstead. Photo: Adam Armstrong.
IT’S been a long time coming, but Queensland’s embattled unit markets are finally at a turning point — and the only way is up from here.
The latest national property clock from Herron Todd White has revealed all regions affected by the mining boom hangover have either bottomed or are in the ‘start of recovery’ phase of the market cycle.
And Brisbane’s unit market is approaching the bottom, after years of being oversupplied, with new apartments ‘very frequently’ sold at prices exceeding their potential resale value, according to the report.
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Brisbane’s unit market is approaching the bottom, according to Herron Todd White. Image: AAP/Darren England.
The Sydney, Melbourne, Darwin and Canberra unit markets are all in decline.
The only unit market starting to decline in Queensland at the moment is the Gold Coast, according to Herron Todd White’s valuers.
Bundaberg is approaching the bottom, while Cairns, Mackay, Rockhampton and Toowoomba’s unit markets have already bottomed.
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The unit markets in regional areas impacted by the mining hangover are making a comeback, according to Herron Todd White. Image: AAP/Dan Peled.
Emerald, Gladstone, Hervey Bay, Ipswich and Townsville are all on the way up.
The November property report also reveals Brisbane, Canberra and Adelaide are the only capital cities with rising house markets.
The housing markets in Sydney and Melbourne are declining, Perth is at the bottom, Darwin is in recovery and Hobart is approaching its peak.
It comes as the latest national hedonic home value index from CoreLogic revealed home values continued to fall across Sydney, Melbourne and Perth in October, but held steady in Brisbane.