Saturday, November 3, 2012

Brisbane Apartment Median Sale Price Down Slightly

The RP Data-Rismark Home Value index results for October recorded the first month-on-month decline since May 2012, with the eight capital city aggregate index falling by -1.0 per cent over the month. The fall was broad-based, with falls being experienced across each of the capital cities apart from Perth and Darwin. Both Sydney and Brisbane markets recorded a -0.9 per cent fall in values over the month, while Melbourne values experienced a larger -1.1 per cent fall.

On an annual basis, only Sydney (+0.6%), Perth (+3.5%) and Darwin (+8.6%) have shown a rise.

“Whether the October decline is a blip on the path to a recovering market, or a sign of further weakness is yet to be seen. Other indicators are suggesting the market has gathered some strength, with auction clearance rates holding firm around the 60% mark across the two major auction markets and owner occupier housing finance numbers showing steady improvements since February 2012, albeit from a very low base."

While unit markets showed a more resilient performance across the combined eight cities aggregate index, with values down -0.6 per cent in October, compared with a -1.0 per cent decline across the detached housing market, the cities of Melbourne and Adelaide both recorded a larger -3.2 per cent fall in unit values over the month. In particular, Melbourne unit values have shown a greater decline in values than any other mainland capital city over the past twelve months, recording a 6.0 per cent drop.

Brisbane apartment prices (to 31 October 2012):
October 2012 - down 0.3%
Quarter - up 1%
Year to Date - down 2.9%
Year on Year - down 4.4%
Median price based on settled sales of Brisbane apartments over the quarter - $363,000.

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