September’s CoreLogic dwelling values results posted a 1.8% decline for Brisbane, which was the third consecutive monthly fall in home values:
Third consecutive house price fall.
Brisbane’s quarterly decline was 4.2%, which was the fastest rate of decline in records dating back to 1980:
Biggest quarterly house price decline on record.
While Brisbane’s current house price decline has a way to go before it matches the 2010-12 bust (-10.8% over 21 months) or the 2008-09 correction (-8.6% over 10 months), it is easily the fastest on record at this stage of the downturn:
Fastest housing correction on record.
The steepness of Brisbane’s correction makes sense given the aggressiveness of the Reserve Bank of Australia’s (RBA) monetary tightening, alongside the fact that Brisbane dwelling values experienced the sharpest price growth in the nation (circa 40%) over the pandemic.
Brisbane dwelling values rose fastest when the RBA slashed rates to record lows over the pandemic. Now, prices are falling quickly in response to the sharp increase in interest rates.
