Brisbane home values inch higher as Sydney prices fall for first time in over a year

first_imgHome values edged 0.2 per cent higher across the country in September, according to CoreLogic. Picture: Mitch Bear.“This slowing in the combined capitals growth trend is heavily influenced by conditions across the Sydney market where capital gains have stalled,” he said.Brisbane home values rose 0.3 per cent in September, 0.5 per cent during the quarter and are up 2.9 per cent on the same time last year. GET THE LATEST REAL ESTATE NEWS DIRECT TO YOUR INBOX HERE House values gained 0.2 per cent during the month, while unit values rose 0.4 per cent but are down 0.6 per cent for the year to date.“Brisbane’s still seeing growth, but it’s pretty sluggish,” CoreLogic senior research analyst Cameron Kusher told The Courier-Mail. Brisbane home values edge higher as housing markets lose steam, according to CoreLogic. Picture: Darren England.BRISBANE home values edged slightly higher in September amid further signs the nation’s east coast housing markets are losing steam.Dwelling values in Sydney fell for the first time in more than a year last month — dragging the overall growth of capital city markets down with it, according to the latest CoreLogic data.Values edged just 0.2 per cent higher around the country last month and added 0.5 per cent in the September quarter, the slowest rate of quarterly growth since June 2016.CoreLogic head of research Tim Lawless said the combined capital city trend growth rate was clearly coming off the boil. CoreLogic senior research analyst Cameron Kusher. Picture supplied.“The unit market is dragging its overall performance down and will continue to do so. “Interstate migration is picking up, so looking ahead will depend on that. The figures would seem to suggest the Gold Coast and Sunshine Coast are benefiting more from migration.”More from newsMould, age, not enough to stop 17 bidders fighting for this homeless than 1 hour agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investorless than 1 hour agoThe Sunshine Coast was the strongest regional performer in Queensland last month, with dwelling values rising 6.6 per cent.Mr Kusher said Brisbane still had a big affordability advantage over its southern rivals. “If we continue to see job growth (in Queensland), we might see more people leave Sydney and Melbourne for Brisbane.” he said. Houses in Hobart, which is currently the best performing market in the country, according to CoreLogic.Mr Kusher said growth in the Tasmanian capital had been driven by a combination of interstate migration and affordability, with a median home price of just $391,618.The latest figures from the CoreLogic Hedonic Home Value Index come amid a regulatory crackdown on lending to investors and interest-only borrowers in a bid to take some heat out of the markets, which appears to be having an impact.Mr Kusher said the threat of rising interest rates could further slow the national housing market down.“People are heavily indebted and they’ve not had higher interest rates for some time, so even the threat will start to take some of the exuberance out of the market,” he said. The latest figures from CoreLogic show the capital city housing markets are cooling. Picture: AAP/Troy Snook.“If the population growth really ramps up, you can eat into that (unit) oversupply pretty quickly.” It’s a bleaker picture for Sydney, where home values fell 0.1 per cent last month, driven by a 0.3 per cent fall in detached house values, while unit values rose 0.2 per cent.“In Sydney, houses are dragging down the market, not units — it’s the affordability story,” Mr Kusher said. Tenants from hell on the rise Swim star buys on the Goldie Home building boss sells up Melbourne’s housing market was also slowing but not as fast as Sydney.“The rapid rate of population growth is fuelling house demand,” Mr Kusher said.Hobart was the best performing capital city market, with home values rising a solid 1.7 per cent in September to be up 14.3 per cent annually — higher than Melbourne’s 12.1 per cent.last_img