Brisbane’s home values rose greater than another state or territory capital in February while Sydney’s property market has tanked for the first time in 17 months, according to the latest CoreLogic data.
CoreLogic’s national Home Value Index (HVI) shows dwelling prices gained 0.6 per cent nationally, on average, in February.
It was the 17th consecutive monthly increase in the national HVI for dwelling values across the nation with Brisbane’s residential property prices jumping 1.8 per cent in February, with the median rising to $722,433.
Place auctioneer Paul Curtain Auctioneer holds court at an auction in Brisbane where the price or residential properties rose 1.8 per cent in February. Picture: Annette Dew
Even the HVI for regional Queensland rose 1.9 per cent on the back of strong performances on the Sunshine and Gold Coasts.
It’s taken the total increase in Brisbane’s dwelling prices to 29.5 per cent over the past 12 months, which is also greater than another other state or territory capital, according to the report.
Coming in a close second to Brisbane was Adelaide where property prices jumped 1.5 per cent in February while there was a 1.2 per cent rise in Hobart.
Coming in a close second to Brisbane was Adelaide where property prices jumped 1.5 per cent in February while there was a 1.2 per cent rise in Hobart.
However, the country’s two most expensive markets Melbourne and Sydney were the only city’s that failed to register an increase.
Sydney’s dwelling prices fell into negative territory with -0.1 per cent growth while Melbourne’s dwelling prices (zero per cent) flatlined.
CoreLogic’s head of research Tim Lawless says there has been a changing of guard with Brisbane the number city for real estate growth.
Brisbane’s emergence as a real estate powerhouse signifies a “changing of the guard”, said CoreLogic’s head of research.
“Sydney’s result is more of a levelling and it continues a trend we have seen in both of those very large cities, where the rate of growth has been very visibly easing since April last year.
“It’s been a real changing of the guard.
“At the beginning of the pandemic-related cycle Sydney and, to a lesser extent Melbourne, was really standing out and now its Brisbane.”
However, with a median of $1,116,219 Sydney remains the only city with a median above $1m. The next best are Melbourne $799,756 and Brisbane $722,433.
Queensland’s regional residential property (1.9 per cent was equal to regional Tasmania but slightly behind SA regional areas (2.3 per cent).
Auctioneer Justin Nickerson sells a house at Ascot. However, it’s not only Greater Brisbane that performed well with regional Queensland posting a 1.9 per cent increase. Pic Annette Dew
“Regional Queensland is very strong and Sunshine Coast and Gold are clearly the standouts,” Mr Lawless said.
“Sunshine Coast and Gold Coast grew 2.3 per cent in February over a month and they have seen values rise by more than 32 per cent over the last 12 months.”
While housing values are generally rising, the pace of growth in the national index has trended downwards since April last year, he said.
February’s growth of 0.6 per cent marks the lowest monthly growth reading since October 2020 and is down from 1.1 per cent in January and a cyclic peak of 2.8 per cent in March 2021, Mr Lawless said.
Change in dwelling values
Month Quarter Annual Total return Median value
Sydney -0.1% 0.8% 22.4% 25.0% $1,116,219
Melbourne 0.0% 0.2% 12.5% 15.4% $799,756
Brisbane 1.8% 7.2% 29.7% 34.2% $722,433
(Regional Qld 1.9% 6.4% 25.7% 31.9% $519,824)
Adelaide 1.5% 6.4% 25.8% 30.3% $593,883
Perth 0.3% 1.3% 8.6% 13.3% $535,335
Hobart 1.2% 3.5% 26.0% 31.1% $724,366
Darwin 0.4% 1.5% 12.3% 19.4% $495,573
Canberra 0.4% 3.1% 23.8% 28.2% $909,379
Combined capitals 0.3% 1.8% 19.2% 22.2% $808,792
Combined regional 1.6% 5.7% 25.5% 30.5% $564,496
National 0.6% 2.7% 20.6% 23.9% $728,034
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