Revealed: Brisbane one of the most expensive cities to build a home<\/a><\/p>\nPropTrack senior economist Anne Flaherty said the changes signalled a shift in the city\u2019s property market in favour of buyers.<\/p>\n
\u201cI think that it\u2019s absolutely been a seller\u2019s market for quite a long time in Brisbane [and] the Gold Coast,\u201d she said.<\/p>\n
\u201cWe\u2019re starting to see the tables turn. It looks like we\u2019re starting to transition to more of a buyer\u2019s market.\u201d<\/p>\n
The change has come after the Reserve Bank of Australia rose the national interest rate three times this year, now sitting at 4.35 per cent.<\/p>\n
Meanwhile, the federal government announced changes to negative gearing and the Capital Gains Tax in April, designed to steer investors away from buying existing homes.<\/p>\n
Ms Flaherty said these factors, along with continued cost of living pressures, had likely scared buyers out of the market.<\/p>\n
\u201cThere are still a healthy amount of homes going on the market,\u201d she said. \u201cWe\u2019re seeing vendors have to adjust their price expectations downwards, so I think there\u2019s a lot of opportunity out there.\u201d<\/p>\n
The last time the Gold Coast dropped in median home price was in August 2022, when it shrank by 0.3 per cent. <\/p>\n
Today, the city\u2019s annual growth has risen by 8.46 per cent, with a median home price larger than Brisbane\u2019s.<\/p>\n
Brisbane\u2019s home price also dipped 0.2 per cent to $1.073m \u2013 the first drop since November 2022.<\/p>\n
Meanwhile, Queensland\u2019s regional markets continued to rise. The median home price in Cairns managed to rise 0.01 per cent, while Townsville performed best at a 0.12 per cent jump.<\/p>\n
Ms Flaherty said the full impact of the federal budget remained to be seen, as investors and owner-occupiers could start to look outside of Brisbane for new properties.<\/p>\n
\u201cRegional markets outperformed capitals over both the month and the year,\u201d she said.<\/p>\n
\u201cSimilarly, units have recorded smaller declines over the month compared to houses, and have seen stronger growth over the year.<\/p>\n
\u201cLooking ahead, affordability is likely to remain a key driver of market performance, with the share of buyers looking to purchase in more affordable areas, such as regional markets, expected to increase.\u201d<\/p>\n
CEO of buyers agency Happy Buyers Club Sam Hunter said the news marked a positive change for the housing market.<\/p>\n
\u201cThe latest data suggests we\u2019re heading back towards something that resembles a normal market,\u201d he said.<\/p>\n
\u201cPrices are finally stabilising. That\u2019s not bad news.<\/p>\n
\u201cEight weeks ago people were happy to pay a five per cent premium just because there was competition, and now they\u2019re cautious to buy something for what it\u2019s worth because they\u2019re the only offer. That\u2019s just human nature, and this market feels more like 2022 than 2009.\u201d<\/p>\n
Prices fell for the third month in a row nationally, dipping by 0.3 per cent in June.<\/p>\n
The nation\u2019s median price is now $903,000 \u2013 0.9 per cent lower than its peak in March, when the year\u2019s second interest rate hike was announced.<\/p>\n
Prices across all capital cities have dropped by 0.4 per cent, with Sydney and Perth seeing the largest dip at 0.5 per cent.<\/p>\n
Darwin was the only capital city to see its median rise, going up 0.2 per cent.<\/p>\n
Originally published as Gold Coast home prices fall for first time in almost four years<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Gold Coast home prices are officially down for the first time in almost four years, with global uncertainty,…\n","protected":false},"author":2,"featured_media":41698,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[99,17496,8168,1898],"class_list":["post-41697","post","type-post","status-publish","format-standard","has-post-thumbnail","category-brisbane","tag-brisbane","tag-nicholas-finch","tag-qldre","tag-reqld"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/posts\/41697","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/comments?post=41697"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/posts\/41697\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/media\/41698"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/media?parent=41697"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/categories?post=41697"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/tags?post=41697"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}