BRISBANE NEWS QUEENSLAND
Brisbane home values rose 0.1 per cent in November, according to CoreLogic. Picture: Richard Walker.
BRISBANE is defying a national housing market slowdown led by Sydney, with new figures showing home prices rose in the Queensland capital in November.
The latest home value figures reveal national dwelling values slipped lower this month, falling 0.1 per cent over the past 28 days, dragged down by Sydney’s cooling market.
But Brisbane is bucking the trend, with home prices rising 0.1 per cent during the month on the back of a 0.2 per cent increase in October, according to property research firm CoreLogic.
Sydney home values have fallen 0.5 per cent over the month of November following a half a per cent fall the month prior.
CoreLogic research analyst Cameron Kusher said the slowdown in Sydney was impacting the national result.
“The heat is clearly coming out of the market, largely driven by Sydney,” he said.
Sunrise Must Jenny
Sydney’s slowing housing market is dragging down the rest of the capital cities. Picture: Jenny Evans.
“Because it’s the largest market, it does feed into confidence in housing elsewhere.”
Mr Kusher described Brisbane’s housing market as being on “a knife edge” when it came to its future direction.
“We know the unit market’s quite weak, but it’s significantly more affordable than Sydney and Melbourne and migration into the state is picking up,” he said.
Melbourne remains the most resilient capital city housing market, with values rising 0.5 per cent in November.
Mr Kusher put that down to the city being more affordable than Sydney, with stronger population growth and lower stock levels.
If the trend continues over the next few days, it will mark the first month on month fall in the national index since March 2016.
Mr Kusher said further falls in national dwelling values were likely in December, but it was difficult to predict how the housing market would perform next year.
“We think further slowing in Sydney is likely, but we’re certainly not forecasting a crash,” he said.
He’ll be watching what impact that slowdown in Sydney will have on the rest of the capital cities and whether it eats into confidence in other markets.
The latest monthly figures provide further evidence APRA’S tightening of standards on investment and interest-only loans is working as a cooling measure for the property market.
Elizabeth Tilley (29 NOV 2017). "Brisbane home prices still rising amid Sydney slowdown: CoreLogic ". Retrieved from