Our property values were up half a per cent over the past month – and it wasn’t just houses doing the heavy lifting. Unit values also saw some growth.
This comes after a four-month period where COVID uncertainty softened prices slightly.
But now, Brisbane housing values are only half a per cent lower than their pre-COVID high, reports Core Logic RP Data head of research Tim Lawless for Property Update.
Unit values still have some way to climb, still recovering from the oversupply that has plagued the unit market for some years now.
Rents for houses remain solid, climbing slightly, by 0.2 per cent. Unit rents dropped 1.6 per cent.
“The trend towards weaker unit rents can be seen across other capital cities and can be attributed to both higher supply levels and a demand shock from less migration,” Lawless writes.
In other words, when this COVID thing is over and people start moving interstate and internationally again, rents will firm up.
Til then, renters in some markets – like the inner city – are enjoying lower prices, and Brissie landlords are still enjoying far better rental yields than southern capital city counterparts.
Check out the stats for September:
- Median house value $559,646
- Median unit value $388,505
- Median weekly rent for houses: $430
- Gross rental yield for houses: 4.2%
- Median weekly rent for unit: $400
- Gross rental yield for units: 5.2%
- Selling time on market: 45 days (compared to 48 days the same time last year)
- Vendor discounting: -3.2% (compared to -3.6% the same time last year)