Although housing prices in Brisbane had been going up all year — to the point where the gap between us and Sydney had almost disappeared — the trend has started to reverse everywhere in Australia.
After hitting their peak in March, prices nationally, especially in Sydney and Brisbane, have been falling steadily. In fact, overall prices for houses and apartments in Brisbane dropped a full 1.5% just in September, and every single suburb has lower prices than it did back in June. The median price for a house, for example, is down $59,000 since May.
Having already gone down 5.2% percent, nationaly prices could still decrease as much as 10%. Part of the reason behind this significant fall is the fourth RBA price hike announced on Tuesday, which may result in pushing more buyers out of the market, as loans get higher interest rates.
These rates are estimated to have cut almost $50,000 in borrowing capacity from someone earning the national average annual wage, which is $108,650. This means that, in order to compete with the rising interest rates, prices would have to fall the predicted 10%, but this has not been the case anywhere in the country yet.
It’s important to note that, despite the decrease in housing prices, they are still almost double what they were 10 years ago, making them inaccessible to many first-time buyers, despite the 5% deposit scheme, which has supported around 8,400 buyers a month this year.
The 10 QLD suburbs with the biggest price change
- Kuraby: price change of -8.6%, median price of $1,295,031
- Sunnybank: price change of -8.4%, median price of $1,383,131
- Brookfield: price change of -8.1%, median price of $2,087,717
- Sunnybank Hills: price change of -8.0%, median price of $1,299,118
- Chelmer: price change of -7.9%, median price of $1,806,514
- Gumdale: price change of -7.9%, median price of $2,113,768
- Belmont: price change of -7.9%, median price of $1,445,029
- Cannon Hill: price change of -7.6%, median price of $1,464,051
- Runcorn: price change of -7.6%, median price of $1,051,949
- Nundah: price change of -7.5%, median price of $840,208
