Apartment prices weaken in Brisbane in last quarter 2016

The housing market in Queensland grew moderately in 2016 with Q4 results showing a weaker result for units, according to the REIQ.


The REIQ Queensland Market Monitor: December 2016 quarter report found the Brisbane LGA median house price grew 1.6 percent this quarter, to a new high of $655,000.


The annual median house price grew 4.1 percent over the past 12 months. The unit market performed less well, falling 4 percent this quarter. CoreLogic has Brisbane's unit median price currently at $488,000.


Antonia Mercorella, chief executive officer, REIQ  said this is the consistent, sustainable growth that the Brisbane house market has become known for and it is great that it’s such a solid performer.


"The unit market performed less well, falling 4 per cent this quarter, with supply issues finally gaining traction that many had forecast.  
"However, over the past 12 months the unit market has only fallen 1.1 percent and over the past five years the market is still in positive territory, having grown 11.3 percent.


“These supply issues have, as expected, had a small impact on prices, however, we know that the market is an excellent self-regulator and developers are already scaling back projects scheduled for this year and in 2018," she said.

​Source: REIQ