If you have a touch of vertigo, don’t worry, we may well have reached the top of the run for this growth spurt.
“ …there is mounting evidence that the steepest upswing in 18 years for houses and 14 years for units has lost some momentum,” reports Domain. “House price growth virtually stalled over the June quarter and unit price growth was roughly half of the previous quarter, slowing down the annual rate of growth.”
Domain says the peak rate of quarterly annual price growth occurred in December last year and the peak rate of annual price growth was March this year.
The data also shows it’s getting hard to pick a winner in the house vs unit debate.
Demand has been focused on houses through much of the most recent growth spurt, and house prices are still growing stronger than units. However unit price growth is catching up.
It’s not hard to understand why.
Median house prices in Brisbane are now at a record $840,594 and unit prices are at $448,383.
“Units are being placed in the spotlight for a combination of reasons: affordability constraints, increased investment activity and reduced borrowing capacity,” reports Domain.
Overall, the latest report shows our Brissie market remains in a solid position with some easing to the pace of growth.