Brisbane property market begins to slide

According to fresh figures from the Real Estate Institute of Queensland, in September the median house price of $635,000 was 1.6 per cent below the June quarter result. The unit price of $430,000 was 2.7 per cent down on the previous quarter.

However, the results also showed that Brisbane’s annual median house price of $635,000 is 4.1 per cent higher than the same time last year and 22.7 per cent higher than five years ago.

Similarly, the annual median unit price of $440,000 may have dropped 1.1 per cent since 12 months ago, it remains 8.5 per cent higher than five years ago.

Commenting on the results, REIQ CEO Antonia Mercorella remarked that particularly with the news that the Adani Carmichael coal mine is close to completion, she is optimistic that it will boost the state’s real estate market.

“Our regions have been suffering enormously since the mining downturn, with rising vacancy rates and falling median house prices, so with the news that the Adani mine will create up to 4,000 jobs in the first year, the outlook in these areas is brighter,” Ms Mercorella said.

She added: “Jobs mean growth and the regional communities of Townsville, Mackay and Rockhampton have been declared as hubs for the Adani workforce, which is great news for those real estate markets.

“Workers need housing, both rental and owner-occupied, and for every base job created by the mine, another six indirect jobs are created in related industries.”

[Related: Housing growth cycle moderates]