Domain House Price Report - March 2020
Domain has released their March 2020 House Price Report which details the latest property market movements.
In Brisbane, houses continue to provide homeowners with capital growth, nudging up 0.6 per cent over the first quarter of 2020 to a record $584,778. Prices are 2.1 per cent higher than last year.
Unit prices recorded the steepest annual fall in almost two decades, down 4.6 per cent to $374,054. Prices are now 9.8 per cent below the 2016 peak. An unprecedented number of developments built between 2015-16 have been at the core of Brisbane’s unit price falls. Values have been declining for almost three years in annual terms, with buyers now able to purchase at 2013 prices. The low cost of debt, improved credit access and borrowing capacity had helped to entice demand and absorb supply. That said, it appears that the depth of the price fall gained momentum in recent months.
New listings have dropped by more than 20 per cent in the four weeks to mid-April compared to last year (2019).The economic outlook has changed rapidly in recent weeks amid the coronavirus pandemic. Low interest rates, unprecedented government stimulus and mortgage repayment relief measures could shelter prices from the anticipated drop in market activity.
MEDIAN HOUSE PRICES BY CAPITAL CITY (as of March 2020)
Sydney $1,168,806 (up 2.6% QoQ)
Melbourne $918,350 (up 2% QoQ)
Canberra $779,050 (up 0.3% QoQ)
Brisbane $584,778 (up 0.6% QoQ)
Adelaide $542,418 (no change QoQ)
Perth $527,322 (no change QoQ)
Hobart $514,097 (up 2.2% QoQ)
Darwin $494,281 (up 1.2% QoQ)