Brisbane house prices fall 5.2%, housing market is expected to make a comeback
Sydney Today, February 2th, Australian Eastern Time According to a recent survey, Brisbane’s house prices fell by 19% last year, bringing considerable buying opportunities to buyers who want to enter the property market and making it a place to visit. The preferred place of residence for the miners working in this job.
According to data released by the Real Estate Institute of Queensland (REIQ) today, house prices in Queensland fell by 0.2% in the last quarter of last year, with an average house price of 499,000 yuan. This is the first time in two years that the average house price has fallen below 50 yuan, while the average house price in Melbourne during the same period. It is 551,000 yuan and Sydney is 637,000 yuan.
Unlike the decline in housing prices in most cities in southeastern Queensland, New Farm housing prices have seen rapid growth. The price of a 3-bedroom Linhe property in the area can reach 124 million yuan, a 12% increase in 21 months.
REIQ director Anton Kardash said the 0.2% reduction in the last three months of last year was “insignificant” for Brisbane and claimed that the city’s real estate industry was ready for a comeback. Kardash said: "Although it is too early to say that the two interest rate cuts in November and December last year had an impact on housing prices, we expect more positive news in the real estate market in the coming months. "
At the same time, the mining area of Queensland still dominated the housing price increase last year, and the resource industry has an increasing influence on the real estate market. Brokers at New Farm said that most of the demand is driven by mining and energy companies that are relocating to Queensland.