Brisbane house prices fall in September quarter
According to the latest report from Australian Property Monitors (APM), Brisbane house prices are -1.7% in the September quarter and +3.3% for the year to September. Unit prices are in worse shape at -2.8% in the September quarter and -5.3% in the year to September. Gross Rental Yield also appears to be under pressure, standing at 4.41% which is -4.4% over the year to September. Rents are flat in Brisbane both for houses and units.
If the next quarter is similar to this quarter for houses prices, then they’ll end up being flat year-on-year. This will confirm that the trend started in 2008 has reaffirmed itself. Last year with the boost to the First Home Owner’s Grant (FHOG), house prices rose 7.7% according to APM. However, in 2008, house prices were flat at 0.4%. With Consumer Price Inflation (CPI) running at about 3%, house prices are no longer keeping up with inflation i.e. they are falling in real terms.