Brisbane’s house price correction has hit a new milestone according to CoreLogic’s daily dwelling values index, with prices now down 8% from their mid-June peak:
Brisbane house prices have plummeted since mid-June.
Brisbane prices continue to fall at the fastest pace in the nation, down 5.6% over the quarter:
Brisbane is now leading Australia’s house price correction.
Brisbane housing values soared by 42.7% between August 2020 and June of this year, according to CoreLogic, which was the fastest price growth in decades.
Therefore, it makes sense for Brisbane house prices to experience a form of ‘mean reversion’ in response to the Reserve Bank of Australia’s hyper aggressive interest rate hikes.
CoreLogic’s regional market update also reported sharp declines in house prices across Queensland, with values across the combined regions down 5% from their June peak. This regional decline was led by the Sunshine Coast, where values were down 7.1%, followed by the Gold Coast (down 6.4%).
Nevertheless, values across regional Queensland as at the end of October were still 36% higher than they were at the onset of pandemic, whereas Brisbane values are currently still 34% above their February 2020 pre-pandemic level.
Thus, Queensland house prices have only given back a small fraction of their pandemic gains.
