Useful Facts Without Opinions: Brisbane home prices
Brisbane home prices slipped in COVID-impacted August but the rate of decline has eased, according to the latest Core Logic Hedonic Home Value Index.
- Last month saw home prices down 0.4% across the nation.
- Brisbane’s dwellings slid 0.1% in August (following a 0.4% drop in July). That’s down 0.9% over the past quarter but still up 3.5% on the same time last year.
- The Index reports Brisbane’s median apartment prices dropped 0.3% during the month of July (another slight improvement on July’s 0.5% dip), while our houses were flat, improving from the 0.3% drop the previous month.
- Brisbane again outperformed the big capitals with home prices down 1.2% in Melbourne and 0.5% in Sydney. Darwin, Canberra and Adelaide recorded small price rises.
- Rental yields for a Brisbane apartment are reported at 5.2%, well ahead of the national average of 4.1%. Sydney investors have the lowest of the capital cities with a 3.4% rental yield.
COVID restrictions are creating a varied housing market across Australia. CoreLogic’s Tim Lawless: “The performance of housing markets are intrinsically linked with the extent of social distancing policies and border closures which also have a direct effect on labour market conditions and sentiment. It’s not surprising to see Melbourne as the weakest housing market considering the extent of the virus outbreak, and subsequent restrictions, which have weakened the economic performance of Victoria.”
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