CoreLogic’s June Home Value index shows Brisbane home prices have grown 5.3 per cent year on year to $475,000 median price, but when you take in the Gold Coast local council area that number creeps as high as 5.7 per cent growth to $482,000 median price.
CoreLogic Asia Pacific research director Tim Lawless expects Brisbane to outperform the broader average over time.
Mr Lawless said despite a modest 0.1 per cent drop in Brisbane values in the month of June, he still thought it would overperfom the broader average over time.
“I think in Brisbane the trend is still one of modest growth,’’ he said.
“The monthly figure we look at is virtually flat mostly being pulled lower by apartments which were down by half a per cent whereas houses were down 0.1 per cent.
“We still think Brisbane is a market place that will continue to overperfom the broader average over time but it is still taking quite a bit of time to see the growth trend accelerate.
“If you break the Brisbane market down across smaller geographies it does look like the Brisbane local government area is showing a stronger price value growth trend than some of the fringing markets like Ipswich and Logan and Moreton.
“Which is surprising though as they are very affordable markets around the fringe. I think just the fact we are seeing a very small amount of development of detached housing across the Brisbane areas really does mean there is a shortage of housing outside of the inner city unit market.”
Original article published at www.couriermail.com.au by Alex Tilbury, News Corp Australia Network 1/7/2016