RP Data Quartley Report - Brisbane

Over the past 12 months, home values in Brisbane have fallen by -2.8 percent for houses and units declined by a greater -5.0 percent, underperforming the ten year average annual growth rates of 7.4 percent and 6.6 percent respectively.

Although the combined capital cities began to record some growth in values post GFC, property market was not able to recover to the same extent as other cities and has recorded limited growth in home values over the past five years.

Over the past decade, Brisbane’s housing market has recorded distinct cycles with annual capital gains recording a historic high in November 2003 and then consolidating over 2004 to 2006.

While Brisbane’s housing market showed some of the highest capital gains of any capital city prior to the GFC, overall Brisbane values have been underperforming post-2007.

Since the beginning of 2009, Brisbane’s property market has been underperforming compared to the combined capital cities.Brisbane has experienced a much stronger housing market performance over the last five and ten years than it has over the past year.

Vendors are currently discounting their initial asking prices at an average rate of -9.1 percent for houses and -8.9 percent for units.  In June 2011, vendor discount rates were recorded at -9.7 percent for houses and -9.1 percent for units.

In June 2012, Brisbane houses and units were typically listed on the market for an average of 69 days and 81 days respectively.  At the same time the previous year, both houses and units took an average of 73 days to sell, highlighting a slight improvement in conditions for house vendors.

Vendors who sold their dwellings over the past year had owned their houses for 9.2 years on average and units for 7.4 years.