Monday, June 2, 2008

Brisbane Apartment Prices Still Increasing

"The RP Data/Rismark International end of month indices report released today confirmed that capital growth in the key markets of Sydney and Melbourne has flattened considerably during 2008. ...

RPData's Research Director, Tim Lawless, is confident that the supply side imbalance in the national housing market will see further property value increases over the next five years. “We expect low levels of housing supply to continue placing upwards pressure on housing prices over the long term. However in the short to medium term, demand side constraints are acting to slow the market. Most importantly, the current high inflationary environment is causing a high degree of uncertainty in the market which translates to low buyer and investor confidence. Cashed up buyers now have a large amount of leverage as a result of current market conditions especially now that properties are taking longer to sell and there are fewer buyers,” Mr Lawless said. “The best immediate opportunities can be found in Adelaide, Brisbane and Darwin, not to mention many of Queensland’s regional areas.”

Brisbane is also continuing to show solid growth in property values with overall growth of around 3 percent for houses and units during the first four months of 2008. The value gap between Brisbane and Melbourne is becoming wider as growth in the Melbourne market has slowed considerably. At the start of 2007 house values in the two cities were virtually on par, however the stronger value growth in the Brisbane market has seen Brisbane house values g g now 5 percent or $24,000 higher than Melbourne’s."

March 2008 Median Unit Price Brisbane = $344,247
April 2008 Median Unit Price Brisbane = $346,184
April year to date increase = 3.14%
April 12 month (year on year) increase = 18.12%
Days on Market April Quarter = 16 days
Yield - Brisbane apartments - March Quarter = 4.76%

See Rismark - RP Data report.

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