Guest The Pom Queen Posted February 19, 2012 Share Posted February 19, 2012 House prices in Brisbane have dived 5.2 per cent in the past year, presenting buying opportunities to those wanting to enter the market. It also makes the state capital an attractive destination for interstate workers chasing jobs in the booming mining industry. A 0.2 per cent fall in the last quarter pushed the median house price to $499,000, the first time it has been below $500,000 for two years, according to exclusive new figures being released by the Real Estate Institute of Queensland today. Brisbane's median price compares with $551,000 in Melbourne and $637,000 in Sydney. While most property markets in southeast Queensland experienced price falls, one Brisbane suburb bucked the trend and gifted sellers a spectacular capital gain. House prices in trendy New Farm have soared over the past year, with the median value of a three-bedroom house in the riverside suburb hitting $1.24 million, a 21 per cent rise in 12 months. REIQ chief executive Anton Kardash said the 0.2 per cent fall in Brisbane prices in the three months to the end of December was "negligible" and suggested the city's property market was ready for a comeback. "While it was too soon for the two interest rate reductions in November and December last year to be reflected in these results, we anticipate more positive news on our property market in the months ahead as these rate cuts flow through to our wider economy," Mr Kardash said. Quote Link to comment Share on other sites More sharing options...
pintpot Posted February 19, 2012 Share Posted February 19, 2012 "While it was too soon for the two interest rate reductions in November and December last year to be reflected in these results, we anticipate more positive news on our property market in the months ahead as these rate cuts flow through to our wider economy," Mr Kardash said. Not if the big banks put their interest rates up regardless of what the RBA's doing (as they did last week), it won't! Quote Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted February 19, 2012 Share Posted February 19, 2012 Not if the big banks put their interest rates up regardless of what the RBA's doing (as they did last week), it won't! This is very true, I wonder when they are going to stop? I just hope people buying property are factoring in these rate rises. Quote Link to comment Share on other sites More sharing options...
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