According to CoreLogic’s daily dwelling values index, Brisbane house prices have taken a giant dump in October.
As at 29 October 2022, Brisbane house prices had fallen by 1.78%, easily the largest price drop in the nation:
Brisbane’s quarterly decline has also accelerated to -5.4%, overtaking Sydney (-5.3%) as the nation’s fastest declining property market:
Brisbane house prices experienced the nation’s largest increase over the pandemic, with CoreLogic recording 45% growth between February 2020 to the peak in June 2022.
It, therefore, makes sense that Brisbane house prices will experience sharp falls in response to the Reserve Bank of Australia’s (RBA) aggressive monetary tightening.
Already, Brisbane’s current 6.4% fall from peak is the fastest rate of price decline in CoreLogic records dating back to 1980:
So, with the RBA expected to hike the official cash rate another 0.25% on Tuesday followed by another 0.25% rise in December, Brisbane house prices will continue to fall as borrowing capacity shrinks.
