Brisbane Hammered Hardest by Declines
Brisbane has earned the dubious distinction of recording the largest property declines of any Australian capital city.
RP Data's newest Property Pulse has indicated Brisbane led capital cities in median value declines over the 12 months to June, falling 6.9% overall. RP Data analyst Cameron Kusher said none of Brisbane's regions recorded positive growth in value over the past 12 months, varying from a modest 0.1% decline in Inner Brisbane to a 13.9% drop-off in Beaudesert Shire.
Perth followed Brisbane's poor performance, with values declining 6.2% over the past year. Once again, every region in the city saw declining values, with the upper end of the market recording the largest drops.
Sydney performed strongest of capital cities, with the Inner West region gaining 10% in value over the year. The city's Eastern Suburbs, however, fell 7.7%.
Of the 60 capital city regions examined by RP Data, only 12 showed positive growth for the year. All of the areas were located in Sydney, Melbourne or Canberra.
Kusher said units had continued to outperform detached houses over both the past 12 months and the past five years. Capital city unit values saw average annual growth of 6.2% over the past five years, compared to 5.2% growth for houses.
"The subdued capital growth across the detached house market compared with units is reflective of the changing lifestyle patterns as well as home buyers seeking more affordable alternatives, such as units over houses," Kusher said.